Nigeria has received a total of $52.88 million arising from the forfeiture of the Galactica assets linked to the former Petroleum Resources Minister, Diezani Alison-Madueke and her associates.
The return of the fund forfeited assets followed the signing of the Asset Return Agreement between Nigeria represented by Attorney General of the Federation and Minister of Justice, Lateef Fagbemi and the U.S. government represented by its Ambassador to Nigeria, Richard M. Mills, Jr.
Under the agreement between both nations, $50 million of the repatriated funds will be utilized through the World Bank to partly fund the Rural Electrification Project while the balance of $2.88 million will be disbursed as grant by Nigeria to the International Institute for Justice (IIJ) to support “the Rule of Law and Counter-Terrorism Project.” This will help counter-terrorism capacity building for Criminal Justice Sector Practitioners in East, West, and North Africa.
The $50 million would help Nigeria increase the reliability and availability of renewable energy in Nigeria.
Speaking at the signing ceremony held at the Federal Ministry of Justice headquarters, Abuja, Prince Fagbemi assured that “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.
“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.”
He added that the “event is not only a testament to the unwavering commitment of our nations to fight corruption, but also signifies the commitment of the United States of America to facilitating restitution and supporting integrity and accountability in governance.
“The collaboration between Nigeria and the United States is underpinned by our shared values and mutual respect, and this has been pivotal in facilitating this agreement. This 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.”