The United States government has returned $52.88 million traced to former Petroleum Resources Minister Diezani Madueke.
The US Ambassador to Nigeria, Richard M. Mills Jr., led a delegation to execute the Assets Return Agreement at the Federal Ministry of Justice Headquarters in Abuja on Friday.
Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, signed the agreement on behalf of Nigeria. He revealed that the $52.88 million stemmed from the forfeiture of Galactica assets tied to the ex-Minister and her associates.
Fagbemi described the development as a strong demonstration of the commitment of both nations to combat corruption. He further highlighted the USA’s dedication to ensuring restitution, 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,” Fagbemi stated.
He added that this framework would ensure the funds are used effectively for the benefit of the Nigerian people, aligning with the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
The returned funds, according to officials, are earmarked for projects designed to improve the lives of Nigerians, with stringent oversight mechanisms in place to prevent misuse. The agreement underscores a shared vision between Nigeria and the USA to promote good governance and fight financial crimes.
