The United State government Friday returned $52.88m linked to Ex-Petroleum Minister, Diezani Allison-Madueke to Nigerian government.
The illegal proceeds were traced to the former Petroleum Resources Minister, who held the position in the former President Goodluck Jonathan government.
The US Ambassador to Nigeria, Mr. Richard Mills, Jr, led the delegation that executed the Assets Return Agreement.Prince Lateef Fagbemi, SAN,the Minister of Justice and Attorney General of the Federation signed the documents on behalf of the federal government of Nigeria.
Speaking at the ceremony, Prince Lateef Fagbemi, SAN, noted that the $52.88m was the proceeds from the forfeiture of Galactica assets, linked to the ex-Minister and associates.
Fagbemi described the signing ceremony as a significant affirmation of the resolve of President Bola Ahmed Tinubu, GCFR to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to socio-economic development of our nation.
The execution of the Asset Return Agreement between the Federal Republic of Nigeria and the United States of America, according to him, concretizes the repatriation of approximately USD 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 AGF stated further: “This 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.
“The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects. As agreed, USD 50 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.
“While 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.
“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.
“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 said.
The minister expressed federal government gratitude to the United States Government, for their steadfast support and cooperation, it’s commitment to the rule of law, and for making the agreement a reality.
In his terse remark, the United States Ambassador to Nigeria Richard Mills called for the monitoring and effective utilization of the recovered assets by the Ministry of Justice to benefit Nigerians.