Nigeria and the United States governments have announced an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds.
Acting spokesperson of Nigeria’s Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, stated in a press release today that the funds were forfeited to the US as part of the Kleptocracy Asset Recovery Initiative of the US Department of Justice.
Ebienfa said: “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 US 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 US investigation.
Both nations emphasise 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 spokesperson said: “The US 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 symbolise 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 utilisation of recovered assets to benefit the Nigerian people.