The United States has officially returned $53 million in stolen funds to Nigeria. The money, which is linked to the Galactica asset associated with former Nigerian Petroleum Minister Diezani Alison-Madueke, marks a significant step in the fight against corruption.
At the signing ceremony, Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi (SAN), announced that $50 million of the repatriated funds would be used to support Nigeria’s rural electrification project, aimed at enhancing the country’s renewable energy infrastructure. The goal is to improve both the reliability and availability of energy in rural areas.
Fagbemi expressed his pleasure at the successful conclusion of the agreement, highlighting the importance of the partnership between Nigeria and the U.S. in tackling corruption and ensuring that forfeited assets are returned for the public good. He remarked, “This collaboration underscores our commitment to integrity and accountability, with both nations working together to fight corruption and transnational crime, in line with international agreements such as the United Nations Convention Against Corruption (UNCAC).”
The Asset Return Agreement ensures that the returned funds will directly benefit development projects. In addition to the $50 million allocated for rural electrification, $2.88 million will go towards a grant to the International Institute for Justice (IIJ) to enhance rule of law and counter-terrorism efforts across Africa.
To ensure transparency and accountability, the World Bank and IIJ will oversee the funds, with regular progress reports submitted to both the Nigerian and U.S. governments. This rigorous oversight will ensure that the funds are used effectively and in the best interests of the Nigerian people.
In his statement, U.S. Ambassador to Nigeria, Richard Mills, reaffirmed his government’s confidence in Nigeria’s commitment to transparency in handling the returned assets, emphasizing that this was a key factor in the successful repatriation agreement.