The Federal Government of Nigeria and the Government of the United States are pleased to announce an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds. These funds were forfeited to the United States as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.
This milestone underscores the ongoing collaboration between Nigeria and the United States in combating corruption and recovering misappropriated assets.
Through court proceedings that concluded in 2023, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service – Criminal Investigation successfully forfeited high-value assets. These include the superyacht Galactica Star and prime real estate in California and New York. The assets were illegally acquired using funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister, Diezani Alison-Madueke. Nigerian authorities played a critical role by providing substantial assistance to the U.S. investigation.
Both nations emphasize the importance of the responsible and effective use of these funds, with mechanisms in place to ensure transparency and accountability. Under the agreement signed today, the recovered funds will be allocated to electrification projects in Nigeria and international efforts to combat terrorism.
The U.S. Government remains resolute in its commitment to combating corruption and money laundering. Similarly, the Federal Government of Nigeria reaffirms its dedication to promoting accountability and good governance, highlighting the importance of international cooperation in the fight against corruption.
The repatriated assets symbolize a shared investment in Nigeria’s development and further strengthen the enduring partnership between the two nations. Both governments reiterate their commitment to transparency and the responsible utilization of recovered assets to benefit the Nigerian people.
Signed:
Kimiebi Imomotimi Ebienfa
Acting Spokesperson
Ministry of Foreign Affairs, Abuja
