Repatriate Nigeria's Stolen Wealth Before Expecting Nigeria toRepatriate Profits of Foreign Countries Operating in Nigeria

I have continued to read with interest, threats by some foreign Airlines that they will stop flying into Nigeria as a result of their inability to remit their earnings from Nigeria. I say I read the threats with interest because some of these foreign nations still harbour illicit funds stolen from Nigeria. They have contributed substantially to the economic misfortunes of Nigeria as accomplices of thieves that stole funds from the Federal Government of Nigeria to lodge them in the vaults of some other nations, particularly the United Kingdom and the West.

I wish to advise the federal government of Nigeria not to take the threats of these foreign nations on repatriation of profits from Nigeria seriously. Nigeria should only consider the requests of foreign companies wishing to repatriate their profits out of Nigeria only if it is ascertained that such foreign countries are not illegally holding in their economies, illicit funds transferred from Nigeria's into their countries.

Specifically, all nations, specifically the United Kingdom that have proven to be accomplices in illegal transfer of Nigeria's stolen funds to develop their economies should be prepared to help Nigeria by returning our stolen ealth. Therefore, British Airways should not be allowed to repatriate profits from Nigeria. All British companies should be similarly affected. Let our country enter into an agreement with the United. Kingdom and its tax havens, Switzerland, the United States, as well as other nations that have held on to stolen funds that should ideally be returned to Nigeria to use part of the stolen funds being held in UK banks and vaults to settle IATA bills and similar issues. NIgeria should be allowed to reconcile such funds and ask for interest payable on the withheld funds.

All Nigeria needs to do is to write to the British Prime Minister to authorise him to settle the remittances that are due to British Airways from Nigeria's funds held in Britain by David Cameron and co since it has been established that Britain is holding funds that legitimately belong to Nigeria, and some of these funds have been in the economy of Britain for about 3 decades.

The same approach should be used to settle Airlines from the United States from Nigeria's funds being held in that country. To me, this makes sense since Nigeria has the right to spend its hard-earned foreign currency the way it pleases. It will also go a long way in easing the current bottlenecks occasioned by scarcity of foreign currency in Nigeria.

These foreign nations should not attempt to intimidate Nigeria with the threats of halting Overseas Development Assistance. The assistance that they are bragging about is by far smaller than funds illegally taken out of Nigeria to Western nations.

The Federal Government must act in public interest. They cannot be holding Nigeria's proven legitimate funds for decades to develop their economies while Nigeria is suffering as a result of illicit funds now resting in banks and financial institutions of foreign countries. Foreign governments holding Nigeria's funds must realize that continued holding on to funds legitimately belonging to Nigerians is illegal and painful to Nigeria's economy.

These nations should respect sovereignty and international conventions and regulations. Efficient and immediate repatriation of funds belonging to Nigeria are very critical for Nigeria to be able to settle its creditors and obligations. It is not reasonable for foreign nations to seize Nigeria's funds illegally in their vaults and yet expect Nigeria to source for foreign currencies to settle IATA bills and related demands. Blocked funds in Europe and the United States are causing very significant economic challenges to Nigeria while the West, particularly Britain are using Nigeria's funds to develop their economies.

This is one of the causes of the current forex problems that Nigeria is battling. It is definitely in the interest of both Nigeria and the developed world to ensure that Nigeria's funds illicitly moved abroad are returned urgently and without conditionalities. The major point is: how can foreign nations illegally holding huge funds belonging to Nigeria in their economies expect that Nigeria will be comfortable at this period of economic crunch?.

Let all those foreign airlines and IATA boycott Nigeria and let all Nigerians resolve to stay at home to build our country. This is the price we must pay for a better tomorrow. Already, Liverpool Street Market in London is already feeling the impact of the noose on the neck of illicit funds traffickers. The situation is the same in Dubai and New-York. The West must not be allowed to continue to fantastically rape our nation.

Akin Babajide contributed this piece from Abuja, Nigeria.