US returns $52.88m stolen funds to Nigeria

The Federal Government and the U.S. Government on Friday signed an agreement for the repatriation of 52.88 million dollars being proceeds from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN signed on behalf of the federal government while Amb. Richard Mills, Jr. signed for the USA in an event on Friday in Abuja.

Fagbemi in his speech noted that the event was not only a testament to the unwavering commitment of the nation’s fight against corruption, but also signifies the commitment of the U.S. to facilitate the restitution and supporting integrity and accountability in governance.

He said the signing ceremony was a significant affirmation of the resolve of President Bola Tinubu 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 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.

“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 UN 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,” he said.

He said the agreement would ensure that the returned assets are applied directly to developmental projects.

“As agreed, 50million dollars 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.

“The balance of 2.88 million dollars 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”.

The minister added 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 expressed his gratitude to the U.S. government for its steadfast support and cooperation in this endeavour.

He said their commitment to justice and the rule of law has been instrumental in making the agreement a reality.

He urged the U.S. to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation, so that the agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.

He said it was a clarion call to all stakeholders to continue working together to uphold the principles of integrity, transparency, and accountability.