The Government of Nigeria and the United States of America have formally executed the Asset Return Agreement, thereby concluding the repatriation of approximately USD 52.88 million derived from the forfeiture of Galactica assets linked to former Minister of Petroleum Resources, Diezani Alison-Madueke, and her associates.
The Minister of Justice in Nigeria and the Attorney General of the federation, Lateef Fagbemi and the United States Ambassador to Nigeria signed the documents on Friday at the Ministry of Justice headquarters in Abuja the nation’s capital.
The Minister said, “The Asset Return Agreement being executed also ensures that the returned assets are applied directly to developmental projects, as agreed, Fifty USD Million of the repatriated funds, will be utilized through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.”
He added that the balance of USD 2.88 Million will be disbursed as a grant by Nigeria to the International Institute for Justice (IIJ) to support the Rule of Law and Counter-Terrorism Project, through counter-terrorism capacity building for Criminal Justice Sector Practitioners in East, West, and North Africa.
Fagbemi stated that the event not only reflects Nigeria’s unwavering commitment to combating corruption but also underscores the United States’ dedication to facilitating restitution and promoting integrity and accountability in governance.
“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.
“This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles.”
According to the AGF, “the collaboration between Nigeria and the United States is underpinned by shared values and mutual respect which has been pivotal in facilitating the agreement.”
He further revealed that the partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.
“It underscores the obligations and commitments enshrined in the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens,” he added.
While speaking, the U.S. Ambassador to Nigeria Richard Mills praised the Nigerian government for directing funds to benefit the masses and called for proper monitoring of the funds.
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