Britain said yesterday that over £1.5 billion (about N315.53 billion) of Nigeria’s looted funds are frozen in various British banks.

United Kingdom (U.K.) Minister for Africa, Mr. Chris Mullin, disclosed this just as he said Nigeria’s quest for debt cancellation would be a mirage if corruption persisted in the country.

Speaking with newsmen at the British Council Hall, Abuja yesterday, Mullin gave the breakdown of the looted funds frozen in British banks to include £920,000 traced to Gov. Joshua Dariye of Plateau State, £30 million from the Abacha family and $650 million found in a Jersey Bank, among others which are yet to be returned to the country.

He said Britain is no longer interested in keeping the money, “but will only return them when the court cases on most of them were over and the Nigerian government shows resolve to put things in proper shape.”

On debt forgiveness, he said while the U.K. may be sympathetic to Nigeria’s debt profile, the true nature of the debt makes it impossible to actually forgive it.

Noting that the debt comes in bilateral and multilateral forms, Mullin urged the Federal Government to intensify efforts at appealing to other members of the Paris Club on the issue.

He, however, said other members of the Club will eventually find it hard to forgive Nigeria’s debts, if they still nurse the fear that proceeds from the relief may end up in another Swiss Bank account or personal pockets.

“Nigeria must assure these countries that debt relief proceeds will be channelled towards education, health and welfare development of the citizen.”

The fear that they may end up in another Swiss bank account will make it hard to be granted. There must be transparency, accountability before that will be agreed to,” Mullin said.

He noted that the most important thing for the country now is installation of good government because “it will be needless trying to attract foreign aids and investment without transparency, accountability and good government.

Mullin said there is no way Britain will unilaterally take up the corruption war in the country if the Nigerian Government continues to foot-drag on the issue, lamenting that the U.K. needs evidence from Nigeria to help get looters arrested.

He called on both the Federal and state governments to improve on the welfare of the citizens of the Niger Delta because they (the people of the region) sit on the seventh largest oil reserve in the world.

He said his two-day visit to the region made him to see that the people need to get the basic things in life, adding that “most of the governors from the Niger Delta needs to do more about transparency and accountability.”

Erasmus Alaneme, Daily Champion (Lagos), February 3, 2005