Mr Nicholas Hildyard, an expert on asset recovery, has advised the Nigerian government to be resolute in its quest to recover stolen money by politicians stashed in foreign bank accounts.
He cited the case of funds stolen by the former dictator, Gen. Sani Abacha, regretting that it had taken Nigeria over twenty years – and millions in legal fees - for just a small proportion of $5billion or more looted by Abacha to be returned. He said even where funds had been frozen and recovered, some Western nations insisted on taking their share.
“Of course, it would be a very different matter if the boot had been on the other foot. If American politician looted billions of dollars from the US treasury and salted away the proceeds in Nigerian banks, it is inconceivable that the US would have waited for over 20 years for just a small proportion of that looted money to be returned.
He bemoaned the regulations in western countries that are supposed to prevent money laundering and enable the recoveries of funds are simply not fit for purpose.
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