The Federal Government of Nigeria has urged the United States to expedite the repatriation of illicit funds that were transferred from Nigerian officials through the U.S. banking system.
During the 6th Session of the Nigeria-US Bi-National Commission in Abuja on April 29, 2024, Minister of Foreign Affairs Yusuf Tuggar emphasized the necessity for increased support from the U.S.
The Minister highlighted that the $308 million already repatriated is inadequate compared to Nigeria’s losses from illegal fund transfers over the years.
According to him, the government’s commitment to utilizing these funds for the collective benefit of its citizens, focusing on infrastructure development including roads, schools, education, and other vital sectors.
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The call for collaboration, themed “Partnership for Mutual Benefit and Development,” underscores the importance of bolstering ties between Nigeria and the U.S. for peace, prosperity, and advancement.
Deputy Secretary of State Kurt Campbell emphasized the critical role of security cooperation in the partnership, particularly in addressing Nigeria’s security challenges such as terrorism, banditry, and piracy.
The repatriation efforts stem from a February 3, 2020, Asset Recovery Agreement involving Nigeria, the U.S., and the Government of Jersey, targeting over $308 million laundered through the U.S. banking system.
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Additionally, on January 16, 2024, a Royal Court in Jersey ruled for the repatriation of stolen assets worth £6.9m ($8.9m) diverted by Nigerian government officials in 2014 under the guise of purchasing arms to fight Boko Haram terrorists.