KEY POINTS
- U.S. to return $52.88 million in forfeited Nigerian assets.
- Funds will support renewable energy and counter-terrorism efforts.
- The agreement highlights joint commitment to combating corruption.
Nigeria and the United States have signed a historic agreement to repatriate $52.88 million in assets linked to former Nigerian oil minister Diezani Alison-Madueke.
The money retrieved from the embezzlement charges will be channeled into the electrical development of rural areas and fighting terrorism in Nigeria.
Nigerian Justice Minister details the agreement
Speaking during the signing ceremony, Nigerian Justice Minister Lateef Fagbemi said the assets stemmed from the forfeiture of properties linked to Alison-Madueke and her associates.
The funds were recovered following a 2017 U.S. Justice Department complaint, which alleged that Alison-Madueke accepted bribes while serving as Petroleum Resources Minister from 2010 to 2015 under President Goodluck Jonathan.
“This agreement enables the repatriation of approximately $52.88 million tied to the Galactica assets,” Fagbemi said.
According to Reuters, he added that $50 million of the funds will be allocated to renewable energy projects in rural areas through the World Bank, while the remaining $2.88 million will support counter-terrorism capacity-building efforts across Africa.
History of the forfeited assets
The US lawsuit stated that Alison-Madueke and her acquaintances, which include two Nigerian businessmen offered bribe to get some of the juicy contracts during her time in office.
Though she has denied the charges, Alison-Madueke has faced mounting legal troubles, including a Nigerian court order in October 2022 to seize two of her properties and vehicles.
The return of these funds is the first time that assets connected to Alison-Madueke have been returned to Nigeria.
The deal shows that both countries are standing together as one in the fight against this menace and to ensure that the received funds are well utilized for the development of Nigeria.
Effects on Nigeria’s development
The amount of money to be repatriated will be used to finance the extension of the electricity network, particularly renewable sources, in the countryside.
According to Minister Fagbemi, these accomplishments are indeed in support of the nation’s vision for sustainable development and economic growth of Nigeria.
However, more are evident as reflected in the current allocation of $2.88 million as a grant for the International Institute for Justice as part of the battle against regional security menace. The funds will be used in counter-terrorism initiatives as well as improving justice institutions in Africa.
