The government of the United States has repatriated $52.88 million connected to former Petroleum Resources Minister, Diezani Alison-Madueke.
The funds stemmed from the forfeiture of Galactica assets tied to Alison-Madueke and her associates. On Friday, US Ambassador to Nigeria, Richard Mills Jr., signed an Asset Return Agreement at the Federal Ministry of Justice in Abuja.
United States Signs Asset Return Agreement
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, signed on behalf of Nigeria. He described the development as a testament to President Tinubu’s commitment to fighting corruption.
“Today’s execution of the Asset Return Agreement between Nigeria and the United States of America formalizes the repatriation of approximately $52.88 million. These funds stem from the forfeiture of Galactica assets linked to Diezani Alison-Madueke and her associates.”
Lateef Fagbemi, Attorney-General of the Federation and Minister of Justice
United States Funds to Support Developmental Projects
Fagbemi further explained that $50 million would fund Nigeria’s Rural Electrification Project through the World Bank to boost renewable energy reliability. The remaining $2.88 million will go to the International Institute for Justice (IIJ) to support the Rule of Law and Counter-Terrorism Project, benefiting East, West, and North Africa.
He added that measures are in place to ensure transparent and accountable disbursement of the funds. The World Bank and IIJ will provide periodic implementation reports to both Nigeria and the United States.
US Expresses Confidence in Nigeria’s Accountability
US Ambassador Richard Mills Jr. praised Nigeria’s efforts, stating his confidence in the government’s adherence to the agreed-upon terms.
“We just returned nearly $53 million of funds corruptly taken from Nigeria, now directed to benefit its people,” Mills noted. He emphasized that the US would not have signed the agreement without trust in Nigeria’s ability to manage the funds effectively.
