President Trump also barred transactions with its authorities due to the “continued usurpation of power” by President Nicolas Maduro.

An executive order released by the White House reads “All property and interests in property of the Government of Venezuela that are in the United States … are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.”

Prof Osinbajo gave the explanation when he received at the Presidential Villa, Venezuelan Vice President, Aristobulo Isturiz, who is leading his country’s delegation to Nigeria’s Democracy Day. Isturiz is among world leaders at the head of their countries’ delegation attending the maiden June 12 Democracy Day activities in Abuja.

He said “One of the principal issues, politically, was the recognition of that election in 1993 which was won by, now late, Chief MKO Abiola, an important progressive opposition leader. That is why we are celebrating June 12 as our new Democracy Day. So, we are really very happy that you are able to share with us a very special event – the celebration of our new democracy day.”