The United States has repatriated $52.88 million traced to former Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke. The fund, linked to forfeited assets known as “Galactica,” was handed over in Abuja on Friday during an Assets Return Agreement signing at the Federal Ministry of Justice Headquarters.
U.S. Ambassador to Nigeria, Richard M. Mills, Jr., led the delegation that formalized the agreement. Representing the Federal Government, Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, signed the deal, highlighting the collaborative efforts of both nations in the fight against corruption.
Commitment to Accountability
Prince Fagbemi noted that the repatriation underscores the United States’ dedication to promoting accountability and governance in Nigeria. He assured that measures have been put in place to ensure the transparent and effective utilization of the funds.
“The funds will be managed by the World Bank and the International Institute for Justice (IIJ), with periodic reports provided to both Nigeria and the United States on the implementation of designated projects,” the AGF stated.
This arrangement aligns with principles outlined by the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR), ensuring the repatriated funds directly benefit the Nigerian people.
The development reaffirms the shared commitment of Nigeria and the U.S. to combat corruption and strengthen integrity in governance, fostering a robust framework for future collaborations.
