Nigeria and the United States of America have signed an agreement to return the sum of $52.88 million looted by former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
The event took place today at the conference room of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi
In his opening remarks at the event, Fagbemi revealed that the occasion was a culmination of efforts by the stakeholders to return forfeited assets to the Nigeria.
“The execution of the Asset Return Agreement between the Federal Republic of Nigeria and the United States of America concretises 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.
He added: “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.”
The agreement stipulates that $50 million of the repatriated funds would be utilised 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 $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 utilised transparently and accountably by the World Bank and the IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
“This is to 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 said.
The minister restated the unwavering commitment of both nations to fight corruption and also praised the US for its commitment to facilitating restitution and supporting integrity and accountability in governance.
He equally used the occasion to implore the US 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 US Ambassador in Nigeria, Richard M. Mills, Jr., exuded confidence in the ability of the minister and his team to effectively monitor and ensure that the funds are 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; Ambassador Janet Olisa, representing the Minister of Foreign Affairs; Christine Harbaugh, Counsellor for Economic Affairs at the US Embassy, other officials and staff of both the Federal Ministry of Justice and the US Embassy.
