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Why Nigeria cannot repatriate $480m looted funds trapped in US

Why Nigeria cannot repatriate $480m looted funds trapped in US
The Minister of Foreign Affairs, Geoffrey Onyeama yesterday gave insight into why the $480 million looted by fraudulent Nigerians and warehoused in the United States of Ameri­ca has not been repatri­ated.
According to him, a certain Nigerian law­yer who is assisting the country in identifying the looted funds in the US claimed that the Federal Government was owing him for ren­dering such service.
Onyeama who dis­closed this yester­day while briefing the pressmen on the United Nations Gen­eral Assembly in New York, US billed to start from September 13-26 said the Federal Gov­ernment is working as­siduously in recovering such funds.
“Our Nigerian lawyer who has been assisting the country to identi­fying the looted funds in US came forward to say that some amount of money owned him by the previous gov­ernment have not been paid and that put the arrangement to stop.”
“There is work in progress but we are al­ready there,” he said.
Commenting on the United Nations General Assembly, Onyeama said they will be dis­cussing on ‘one vision, one Africa’ where all African nations would have a voice on issues that have direct impact on the continent.
He stated the EU would be putting 31 bil­lion Euros on the table to address certain issues affecting the Middle East and parts of Africa.
He said that Nigeria was the only one in­vited for the meeting to look into how to spend the money adding that this will give Nigeria opportunity to access the fund.
The Minister said that the president would also use the opportunity to look for foreign market for Nigerian’s products
According to him Mr. Pres­ident will also use the opportu­nity to garner support for the economy, looking for foreign markets for Nigerian prod­ucts, attracting Foreign Direct Investment.
He said that the president would also use the opportu­nity to canvass for the repa­triation of the Nigerian stolen money stashed in various for­eign banks.
According to him Mr. Pres­ident will use the opportunity to canvass for support for the recharge of Lake Chad.
“There will be a discus­sion on Lake Chad basin and how to recharge the Lake Chad through the Central Africa which will cost about 15 bil­lion dollars.
“Mr President will engage and push for investors on the project. He will be looking at Public, Private Partnership to mobilize that kind of funding for Lake Chad.
“Such investment will have direct impact on at least five million people,” he said.



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Sydney Chesterfield

Poet, Playwright, Philosopher, Humanitarian, mad lover of children and unflinching fighter for equality on all grounds viz. Women's rights, child rights, sine die.

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