- Funds to Support Rural Electrification and Counter-Terrorism
- Nigeria and US Strengthen Anti-Corruption Partnership
- Strict Measures in Place for Transparent Utilization
The United States government has returned $52.88 million linked to former Petroleum Resources Minister, Diezani Alison-Madueke, marking a significant step in Nigeria’s efforts to recover stolen assets.
The funds, forfeited from the Galactica assets tied to Alison-Madueke and her associates, were repatriated through an Asset Return Agreement signed on Friday at the Federal Ministry of Justice in Abuja.
The agreement was formalized by Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and US Ambassador to Nigeria, Richard Mills Jr. Speaking at the event, Fagbemi highlighted the return as a milestone in President Bola Tinubu’s commitment to eradicating corruption and channeling resources toward national development.
Allocation of Returned Funds
Fagbemi explained that $50 million of the repatriated funds would be deployed through the World Bank to finance the Rural Electrification Project, aimed at enhancing the reliability and availability of renewable energy across Nigeria.
The remaining $2.88 million will be granted to the International Institute for Justice (IIJ) to bolster counter-terrorism capacity for criminal justice practitioners in East, West, and North Africa.
“The returned funds will be applied directly to developmental projects, ensuring transparency and accountability. Periodic implementation reports will be submitted to both Nigeria and the US to ensure compliance,” Fagbemi stated.
US Confidence in Nigeria’s Commitment
Ambassador Mills Jr. expressed confidence in the Nigerian government’s ability to ensure the funds are utilized effectively. He noted that the return underscores the partnership between the two nations in combating corruption and recovering stolen assets for the benefit of Nigerian citizens.
“As you heard, we’ve returned nearly $53 million of funds corruptly taken from Nigeria. These funds will now benefit the Nigerian people,” Mills said. “We trust that the Nigerian government will honor the agreed-upon commitments, and this confidence is the basis for signing this agreement.”
Anti-Corruption Efforts Strengthened
The agreement reflects a shared commitment to transparency and accountability. With the funds targeted at rural electrification and counter-terrorism efforts, both governments have emphasized their determination to combat corruption, uphold the rule of law, and advance socio-economic development.
The repatriation of these funds signifies a pivotal moment in Nigeria’s journey toward greater transparency and justice for its citizens.
