FG has finalized an agreement to repatriate $52.88 million in corruption funds with the US.
NewsOnline Nigeria reports that the Federal Government of Nigeria and the United States have formally agreed to repatriate over $52.88 million in assets forfeited from corruption cases.
The Acting Spokesperson for Nigeria’s Ministry of Foreign Affairs, Kimiebi Ebienfa, confirmed the agreement in a statement issued on Saturday in Abuja.
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According to the News Agency of Nigeria, the pact was signed by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador to Nigeria, Richard Mills Jr.
Ebienfa noted that this agreement underscores the strong, collaborative relationship between the two nations and represents a shared commitment to advancing Nigeria’s development.
The repatriated funds were seized following extensive legal action under the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative.
These proceedings culminated in 2023, during which the U.S. successfully forfeited assets tied to money laundering, including the superyacht Galactica Star and luxury properties in California and New York.
The funds were found to be linked to corrupt activities involving money laundering and the alleged bribery of former Nigerian Petroleum Resources Minister Diezani Alison-Madueke.
“These funds were forfeited to the U.S. as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.
“This marks a significant milestone in the ongoing collaboration between Nigeria and the U.S to combat corruption and recover misappropriated assets.
“Also, through court proceedings ending 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 various high-value assets.
“These include the super yacht Galactica Star and prime real estate in California and New York,” the statement partly read.
Ebienfa emphasized Nigeria’s instrumental role in supporting U.S. investigations, which led to the recovery of these assets.
The agreement specifies that the repatriated funds will be allocated to crucial electrification projects in Nigeria and global efforts to counter-terrorism.
Both governments have emphasized the need for transparency and responsible management of these funds to benefit the Nigerian population.
The U.S. reaffirms its ongoing commitment to tackling corruption and financial crimes, while Nigeria remains dedicated to fostering good governance and accountability.
“Both nations emphasise the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability.
“Under the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism.
“The U.S. government remains steadfast in its commitment to combating corruption and money laundering.
“Similarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.
“Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people,” the statement concluded.
