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No less than $52.88 million, reportedly associated with former Petroleum Resources Minister Diezani Alison-Madueke, has been repatriated by the United States government. The funds represent a fraction of the assets under scrutiny in ongoing corruption investigations.
The funds in question were reportedly derived from the forfeiture of the Galactica assets, which have been linked to Alison-Madueke and her close associates. These assets, tied to allegations of corruption, represent a significant portion of the investigations into financial improprieties involving the former minister and her network.
On Friday, U.S. Ambassador to Nigeria, Mr. Richard Mills Jnr., led a delegation to the Federal Ministry of Justice headquarters in Abuja, where they formalized the Asset Return Agreement in a move symbolizing deepened collaboration between the two nations.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, signed the return agreement on behalf of the Federal Government, emphasizing that the event marked a significant milestone in President Bola Tinubu’s commitment to eradicating corruption and fostering a more transparent Nigeria.
Fagbemi added that while the event signified the culmination of efforts by stakeholders to return forfeited assets to Nigeria, it was also a testament to ensure available resources were devoted to the socio-economic development of the nation.
“Today, the execution of the Asset Return Agreement between the Federal Republic of Nigeria and the United States of America concretises the repatriation of approximately USD 52.88m arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
“The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects. As agreed, USD 50m of the repatriated funds will be utilised through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria, while the balance of USD 2.88m will be disbursed as a grant by Nigeria to the International Institute for Justice to support the Rule of Law and Counter-Terrorism Project, through counter-terrorism capacity building for Criminal Justice Sector Practitioners in East, West, and North Africa Africa,” Fagbemi said.
Read also: Nigerian Govt Receives Another $52m Diezani Loot From US
The AGF also disclosed that measures had been put in place to ensure that the repatriated funds were not only disbursed but also utilised transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
In his remarks, Mills Jnr, said he had great confidence in the Nigerian government to adhere to the conclusions agreed upon on how the funds would be used, else the US government would not have returned the funds.
He said, “As you just heard, we just returned nearly $53m of funds corruptly taken from Nigeria, and they will be returned now to the benefit of the Nigerian people. This agreement marks a significant milestone as the minister said, in the ongoing collaboration between the two governments, in combating corruption, upholding the rule of law and recovering the stolen funds from the Nigerian people so that they can be returned to the benefits of the Nigerian people.”
“I have great confidence in the minister and his team to effectively monitor and ensure that indeed these funds are being used for the benefits of the Nigerian people we would not be signing this agreement if we do not have this confidence that this is how this returned funds will be used.”
