The United Kingdom has confirmed the return of £70 million recovered from a Nigerian to the Federal Government.
British High Commissioner to Nigeria, Mr Paul Arkwright, disclosed this in a chat with journalists in Abuja on Monday, saying the individual was convicted of fraud in an Italian court.
Arkwright, who refused to disclose the identity of the Nigerian, said more funds would be repatriated.
He said, “There was an Italian court case with a particular person involved.
“A portion of the fund has been in the UK and that was the portion that was returned recently from the UK to Nigeria.
“So, it’s in that context that the 70 million (pounds) was returned.”
He added that the British government has no intention of keeping one kobo of Nigerian funds in the UK.
“It all must come back to Nigeria.
“Just as in Nigeria, the UK feels that the judicial process is important, and we have to go through those processes before the money can be returned.”
About 60% of the over 700 billion dollars Nigeria has earned from oil export since independence ended up in private pockets, with most of the moeny stashed away in foreign banks.