Visiting British Foreign and Commonwealth Secretary Jack Straw, while addressing a select gathering of Nigerians in Abuja, said that the U.K. would soon release more of stolen assets back to their respective countries. Straw said that U.K. signed the UN Convention on corruption, few days back. This would allow Britain to seize and return illicit looted funds to their countries of origin.

Straw, during his address, also touched on issues concerning Nigeria's development, governance, conflict, terrorism, migration, crime and drugs, energy, security, environment and Islam. Straw said that the British government was now committed to returning to the Nigerian government assets stolen from Nigeria in accordance with U.K. law. President Olusegun Obasanjo has on several past occasions accused past leaders of the country of corruption culture. Obasanjo has assured that all the money that has been looted in the past would be recovered and utilized for the welfare of the people.

Nigeria has already received some funds from Swiss authorities. Earlier Nigerian newspaper Thisday reported that these looted funds are currently lying in accounts in London branches of ANZ Banking, Banque Nationale de Paris, Barclays, Citibank, First Bank of Boston, HSBC, NatWest and Standard Bank of South Africa.