The Federal Government of Nigeria and the United States Government have formalized an agreement for the repatriation of $52.88 million, proceeds from the forfeiture of assets linked to former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
The agreement was signed on Friday in Abuja by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador Richard Mills, Jr.
Fagbemi highlighted the significance of the agreement, emphasizing that it represents Nigeria’s unwavering commitment to fighting corruption. He stated,
“This event is not only a testament to the unwavering commitment of the nation’s fight against corruption but also signifies the commitment of the U.S. to facilitate the restitution and supporting integrity and accountability in governance.
“The signing ceremony was a significant affirmation of the resolve of President Bola 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,” he said.
Allocation of repatriated funds
- The $52.88 million repatriated assets will be used for developmental projects aimed at improving Nigeria’s socio-economic landscape.
- $50 million will be allocated through the World Bank to fund the Rural Electrification Project, aimed at increasing the reliability and availability of renewable energy in Nigeria.
- The remaining $2.88 million will be used as a grant to the International Institute for Justice (IIJ) to support the “Rule of Law and Counter-Terrorism Project.” This initiative will focus on building counter-terrorism capacity for criminal justice sector practitioners in East, West, and North Africa.
Fagbemi assured that measures have been put in place to ensure the transparent and accountable use of the repatriated funds.
“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,” he said.
He emphasized that this framework is designed to ensure the effective use of the funds for the benefit of the Nigerian people in line with the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
Fagbemi praised the collaboration between Nigeria and the U.S., noting that it is based on shared values and mutual respect.
“The collaboration between Nigeria and the U.S. is underpinned by our shared values and mutual respect, and this has been pivotal in facilitating this agreement.
This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes,” he said.
The Minister expressed gratitude to the U.S. government for its support and cooperation in making the agreement a reality.
