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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 Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
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PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.
Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.
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Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.
“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.
The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.
“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.
Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.
“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”
With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.
He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.
The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.
In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
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Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.
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