Nigeria and the United States government have signed an agreement to return $52.88 million recovered from former Petroleum Resources Minister Diezani Alison-Madueke and associates.
The Assets Return Agreement was executed on Friday at the Federal Ministry of Justice Headquarters in Abuja, with US Ambassador to Nigeria, Richard Mills, Jr.
Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, who signed the agreement on behalf of Nigeria, said the funds were recovered from the forfeiture of Galactica assets linked to Diezani and her associates.
In his opening remarks, Fagbemi said the execution of the Asset Return Agreement concretizes “the repatriation of approximately USD 52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.”
He said “The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects.
“As agreed, USD 50 Million of the repatriated funds, will be utilized 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 2.88 Million will be disbursed as a grant by Nigeria to the International Institute for Justice (IIJ) 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.
“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.
“Measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilized 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.
“This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles.”
The AGF expressed gratitude to the United States Government, “for their steadfast support and cooperation in this endeavour. Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.
“However, I implore you to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation, so that the Agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.”
He also described the agreement as “a significant affirmation of the resolve of President Bola Ahmed Tinubu to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to socio-economic development of our nation.”
