The Federal Republic of Nigeria (FRN) and the United States of America (USA) have signed an agreement to return the sum of USD 52.88 looted by former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
The event took place today 10th January, 2025 at the conference room of the Honourable Attorney General of the Federation and Minister of Justice (HAGF).
In his opening remarks at the much-anticipated event, the Honourable Attorney General of the Federation and Minister of Justice (HAGF), Lateef Fagbemi, SAN revealed that the occasion was a culmination of efforts by the stakeholders to return forfeited assets to the Federal Republic of Nigeria.
“The execution of the Asset Return Agreement between the Federal Republic of Nigeria and the United States of America 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”. Fagbemi stated.
“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”. He stated further.
The Agreement stipulated that USD 50 Million of the repatriated funds, would 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 would 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.
Fagbemi also assured that measures have been put in place to ensure that the repatriated funds were 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 was to guarantee that the funds were effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles.
The HAGF restated the unwavering commitment of both nations to fight corruption; and also praised the USA for her commitment of facilitating restitution, and supporting integrity and accountability in governance. He equally used the occasion to implore the United States to continue to demonstrate the usual cooperation and understanding so that agreements in relation to other pending cases could be concluded as soon as possible.
Also speaking at the event, the Ambassador of the United States in Nigeria, His Excellency Richard M. Mills, Jr. exuded confidence in the ability of the HAGF and his team to effectively monitor and ensure that the funds were used for the benefit of the Nigerian people. He restated that the repatriation would boost rural electrification in renewable energy, expand regional capacity in Nigeria to use the justice system to fight terrorism, strengthen transparency, and counter corruption.
The signing ceremony was witnessed by the Solicitor General of the Federation and Permanent Secretary, Mrs. Beatrice Jedy-Agba, OON mni, Ambassador Janet Olisa OON, representing the Honourable Minister of Foreign Affairs, Christine Harbaugh, Counsellor for Economic Affairs at the US Embassy, other officials and staff of both Federal Ministry of Justice and the Embassy of the United States in Nigeria.
Signed
Aderemi Adelabu
For: Director (Information & Public Relations)
