The United States government has repatriated $52.88 million linked to former Petroleum Resources Minister, Diezani Alison-Madueke. The funds were forfeited as part of the seizure of assets, including the Galactica assets, tied to Alison-Madueke and her associates.
US Ambassador to Nigeria, Richard Mills Jr., led a delegation that signed the Asset Return Agreement at the Federal Ministry of Justice in Abuja on Friday.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, who signed on behalf of the Nigerian government, emphasized that the repatriation marks a significant step in President Bola Tinubu’s commitment to eradicating corruption and promoting transparency in 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 United States government has officially repatriated $52.88 million linked to former Petroleum Resources Minister Diezani Alison-Madueke. The funds, seized as part of the forfeiture of the Galactica assets associated with Alison-Madueke and her network, were returned in a ceremony led by US Ambassador to Nigeria, Richard Mills Jr.
Speaking at the signing of the Asset Return Agreement at the Federal Ministry of Justice in Abuja, Attorney-General and Minister of Justice, Lateef Fagbemi, highlighted that the repatriated funds will be directly applied to development initiatives.
“USD 50 million of the returned funds will be used through the World Bank to partially fund the Rural Electrification Project, aimed at improving the availability and reliability of renewable energy across Nigeria,” Fagbemi explained. “The remaining USD 2.88 million will be granted to the International Institute for Justice to support the Rule of Law and Counter-Terrorism Project, focusing on capacity building for Criminal Justice Sector practitioners across East, West, and North Africa.”
This move is seen as a significant step in Nigeria’s efforts to tackle corruption and promote socio-economic development.
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.”
