In a significant milestone in the fight against corruption, Nigeria and the United States have signed an Asset Return Agreement, facilitating the repatriation of $52.88 million. The funds, proceeds from the forfeiture of the Galactica assets linked to former Petroleum Resources Minister Diezani Alison-Madueke and her associates, will be utilized for developmental projects in Nigeria.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, signed on behalf of the federal government, while Amb. Richard Mills, Jr. signed for the USA. Fagbemi emphasized that this agreement demonstrates the commitment of the Nigerian government to fighting corruption and ensuring that stolen assets are returned to benefit the citizens.
“This agreement is a testament to the unwavering commitment of the Nigerian government to the fight against corruption,” Fagbemi said. “It signifies our resolve to build a Nigeria that is free from the shackles of corruption, and to ensure that available resources are devoted to socio-economic development of our nation.”
The returned funds will be utilized for developmental projects, with $50 million allocated to the Rural Electrification Project through the World Bank. This project aims to increase the reliability and availability of renewable energy in Nigeria, promoting economic growth and reducing poverty. The remaining $2.88 million will be disbursed as a grant to the International Institute for Justice (IIJ) to support counter-terrorism capacity building in East, West, and North Africa.
This agreement underscores the importance of international cooperation in addressing corruption and ensuring that stolen assets are returned to their rightful owners. The Nigerian government has expressed gratitude to the U.S. government for its support and cooperation in this endeavor.
“The collaboration between Nigeria and the U.S. is underpinned by our shared values and mutual respect, and this has been pivotal in facilitating this agreement,” Fagbemi said. “This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.”
The agreement also demonstrates Nigeria’s commitment to transparency and accountability in the management of returned assets. Measures have 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,” Fagbemi said.
The signing of this agreement is a significant step forward in Nigeria’s efforts to recover stolen assets and promote transparency and accountability in governance. It is expected to serve as a model for future collaborations between Nigeria and other countries in the fight against corruption.
