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Nigeria Urges U.S. To Return More Stolen Funds
The Nigerian Government has called upon the United States to repatriate additional illicit funds channeled through its banking system by Nigerian officials.
Minister of Foreign Affairs, Yusuf Tuggar made the appeal during the 6th Session of the Nigeria-US Bi-National Commission in Abuja on Monday.
Tuggar, represented by Adamu Lamuwa, the Permanent Secretary of the Ministry of Foreign Affairs, stressed the significance of increased U.S. assistance, noting that the $308 million returned thus far is inadequate compared to Nigeria’s cumulative losses from illegal fund transfers.
He reaffirmed the Nigerian government’s dedication to leveraging these funds for the collective welfare of its citizens, consistent with agreements with development partners.
Notably, the funds are earmarked for infrastructure development, prioritizing projects such as roads, schools, education, and other critical sectors in need of significant investment.
The Perm. Sec. said, “I would like to appreciate the fallout of the Democratic National Convention held in February 2020 in Washington, DC. The governments of Nigeria, the United States, and Jersey signed a tripartite agreement to return to Nigeria the sum of over $308 million of funds stolen from the country.
“I would also urge the U.S. to do more because $308 million is a meagre amount when you look at the resources that Nigeria has lost over the years due to illegal transfers of funds from the country.
“The Nigerian government has committed to using these funds for the benefit of all Nigerians, as agreed with development partners. These funds are aimed at developing infrastructure, particularly projects in roads, schools, education, and other sectors of the economy that require this substantial return.”
Lamuwa underscored the significance and timeliness of this year’s theme, ‘Partnership for Mutual Benefit and Development,’ stressing the urgent necessity for collaborative efforts.
He emphasized that strengthening ties between two major democracies holds potential for a more robust partnership, fostering peace, prosperity, and advancement not only in Africa but globally.
In her address, Assistant Secretary for African Affairs, Molly Phee emphasized the pivotal role of security cooperation in the Nigeria-U.S. partnership.
Phee emphasized that without security, the pursuit of prosperity becomes arduous and human rights are jeopardized.
She underscored the collaborative endeavors aimed at addressing Nigeria’s multifaceted security challenges, including terrorism, banditry, and piracy, which pose significant threats to its populace.
She said, “Security cooperation is another crucial aspect of our relationship. Without security, prosperity will be elusive and human rights threatened. Together, we are working to address the broad security challenges facing Nigeria, terrorism; banditry and piracy threaten its people.
“The U.S. is committed to helping Nigeria build more capable, professional and accountable security forces while ensuring respect for human rights, and fundamental freedoms, including for religious minorities.”
Recall that on February 3, 2020, the Government of Jersey, Nigeria, and the U.S. government finalized an Asset Recovery Agreement, aiming to repatriate over $308 million of forfeited assets to Nigeria.
According to a statement released on the website of the United States Embassy and Consulate in Nigeria, the funds were laundered through the U.S. banking system and subsequently held in bank accounts in Jersey under the name of Doraville Properties Corporation, a BVI company, and the son of former Head of State of Nigeria, General Sani Abacha.
The statement further elaborated, stating, ‘General Abacha and his associates stole and laundered many hundreds of millions of dollars of public money during his military regime, causing significant harm to the futures of his people.
The illicit funds were reportedly laundered by General Abacha’s family, including his sons Ibrahim and Mohammed, along with several close associates.
This laundering operation spanned across various jurisdictions, including the United States and European countries such as the UK, France, Germany, Switzerland, Liechtenstein, and Luxembourg.
Furthermore, on January 16, 2024, a Royal Court in Jersey, Channel Islands, purportedly ruled for the repatriation of stolen assets valued at £6.9 million ($8.9 million) back to Nigeria.
These assets were allegedly diverted by Nigerian government officials in 2014, under the pretext of purchasing arms to combat Boko Haram terrorists.
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
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