The United States has repatriated $52.88 million to Nigeria, funds traced to former Petroleum Resources Minister Diezani Madueke and her associates. This development is part of a broader international effort to recover stolen assets and combat corruption.
The US Ambassador to Nigeria, Richard M. Mills, Jr., led a delegation to sign the Assets Return Agreement at the Federal Ministry of Justice Headquarters in Abuja on Friday. Representing Nigeria, Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, confirmed that the funds originated from the forfeiture of Galactica assets linked to Diezani and her network.
Fagbemi emphasized that the return of the funds underscores the strong commitment of both the United States and Nigeria to fight corruption and promote accountability in governance. He lauded the US for its cooperation in ensuring restitution and transparency in the handling of recovered assets.
Transparency in Fund Utilization
The Attorney-General assured the public that strict measures have been implemented to guarantee the transparent and accountable use of the repatriated funds. The disbursement and utilization will be managed by the World Bank and the International Institute for Justice (IIJ), with periodic reports provided to both Nigeria and the US.
“This robust framework will ensure that the funds are effectively used for the benefit of the Nigerian people, aligning with the principles of the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR),” Fagbemi stated.
The repatriated funds are expected to support projects aimed at improving governance, public infrastructure, and social services in Nigeria, providing tangible benefits to citizens and reinforcing the fight against corruption.
This marks another milestone in the ongoing efforts to recover looted assets and build a system of accountability, integrity, and good governance in Nigeria. Further details on the implementation of these funds and the associated projects will be released in due course.
