Britain and Switzerland promise to return all of Nigeria's wealth stashed in their banks

BRITAIN and Switzerland have promised to return all of Nigeria's looted funds that have been stashed away in various personal bank accounts in their countries in response to the recent arrest of former petroleum minister Diezani Alison-Madueke.

 

Last week, Ms Alison-Madueke was arrested at her west London home by the UK's National Crime Agency (NCA) and taken to Charing Cross Police Station, where she was quizzed for several hours. She was later released on bail to appear in court where an injunction was obtained to seize £27,000 from her on Monday.

 

Ms Alison-Madueke, who is being accused of corruption, money laundering and bribery, is alleged to have stolen as much as £13bn of Nigeria's oil wealth. Under international money laundering rules a country can prosecute any Nigerian if stolen money passes through their banks and financial institutions.

 

With Ms Alison-Madueke embarrassing the UK by laundering her ill-gotten wealth through London, the government has pledged to work with Nigeria’s Economic and Financial Crimes Commission (EFCC) and other anti-graft agencies in the fight against official corruption and theft. Switzerland too has been a haven for looted Nigerian funds with former military dictator General Sani Abacha reported to have stashed as much as $5bn there.

 

Yesterday, the new British high commissioner to Nigeria Paul Arkwright and the Swiss ambassador, Eric Mayoraz, made promises to help Nigeria from henceforth at separate audiences with President Muhammadu Buhari at the presidential villa. President Buhari called for the speeding up of the processes of investigation, prosecution and repatriation of public funds stolen by past corrupt public officials and their accomplices.

 

He said: "Switzerland and Britain have been very helpful, indeed, in the recovery of our assets but we must build on what we have started. It is also important to send a signal to the elite that it is no longer business as usual and I appreciate the efforts of Prime Minister David Cameron on this issue.”

 

Mr Arkwright assured the president of Britain’s preparedness to give Nigeria the fullest support and assistance in the recovery of its looted resources. He added that Britain has a good team at the National Crime Agency, working with the EFCC.

 

President Buhari told Mr Mayoraz: “We will get our ministry of justice and the ministry of foreign affairs to work with you to ensure that all the stolen funds are returned safely to government coffers as quickly as possible.”