The United States has signed an agreement with Nigeria to return $53 million linked to former Petroleum Minister Diezani Alison-Madueke. The funds, part of the Galactica asset, were identified as stolen and will now be repatriated to Nigeria under a memorandum of understanding signed by both governments.
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced during the signing ceremony that $50 million (approximately ₦77 billion) will be allocated to rural electrification projects in Nigeria. These projects aim to improve the availability and reliability of renewable energy across the country.
The remaining $2.88 million will serve as a grant to the International Institute for Justice (IIJ). The grant will support the “Rule of Law and Counter-Terrorism Project,” focusing on capacity building for criminal justice professionals in East, West, and North Africa.
“This agreement is a significant milestone in our collective effort to recover stolen assets and ensure they are used for the benefit of the Nigerian people,” Fagbemi said.
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Nigeria Promises Transparency
Fagbemi assured that measures have been implemented to guarantee transparency in the use of the recovered funds. He also commended the U.S. government for its cooperation in facilitating the repatriation process.
“I would like to express our gratitude to the United States Government for their steadfast support and cooperation in this endeavour,” Fagbemi said. “Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.”
He further urged the U.S. to expedite the return of other funds tied to pending cases, emphasizing Nigeria’s urgent need for these resources.
U.S. Ambassador Affirms Confidence in Nigeria
Speaking at the event, U.S. Ambassador to Nigeria Richard Mills expressed confidence in Nigeria’s commitment to utilizing the funds transparently. He highlighted that this trust was critical in finalizing the repatriation agreement.
“We would not have signed this agreement if we did not trust in the Nigerian government’s determination to apply these funds transparently,” Mills said.
The repatriation of the $53 million represents another effort to recover assets tied to corruption and ensure they are redirected toward developmental projects in Nigeria. As both governments pledge ongoing collaboration, Nigerians await the impact of these funds on critical sectors like rural electrification and counter-terrorism.