The Federal Government of Nigeria and the United States Government have signed an agreement for the repatriation of $52.88 million in forfeited corruption proceeds to Nigeria.
The announcement was made on Saturday by Kimiebi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, in a statement issued in Abuja.
The agreement, signed by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador to Nigeria, Richard Mills Jr., underscores the strong partnership between the two nations in combating corruption and fostering development.
The funds were forfeited as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice. The assets, including the luxury yacht Galactica Star and prime properties in California and New York, were linked to money laundering and bribery allegations involving Nigeria's former Petroleum Minister, Diezani Alison-Madueke.
Key Highlights of the Agreement:
- Purpose of Recovered Funds: The $52.88 million will be used to finance electrification projects in Nigeria and bolster international counter-terrorism efforts.
- Transparency and Accountability: Both governments have emphasized mechanisms to ensure the responsible use of the recovered funds to benefit Nigerians directly.
- Collaborative Efforts: Nigerian authorities provided crucial assistance to the U.S. investigation, leading to the successful forfeiture of high-value assets.
“This agreement represents a shared commitment to promoting accountability, good governance, and responsible asset utilization,” the statement read.
The U.S. government reaffirmed its dedication to fighting corruption and money laundering, while the Nigerian government pledged to use the funds to drive development and improve the lives of its citizens.
