Nigeria, U.S agree to repatriate $52.88m in corruption proceeds

Abdullateef Fowewe

The Federal Government of Nigeria and the United States Government have announced a landmark agreement to repatriate approximately $52.88 million linked to former Petroleum Minister Diezani Alison-Madueke.

Dailyeconomy obtained this on Saturday, in a statement issued by Kimiebi Imomotimi Ebienfa, the Acting Spokesperson of the Ministry of Foreign Affairs.

This initiative, part of the U.S. Kleptocracy Asset Recovery Initiative, aims to combat corruption and ensure transparency in asset recovery.

The funds will finance electrification projects in Nigeria and support counter-terrorism efforts, marking a significant step in international cooperation against corruption.

The statement said, “The Federal Government of Nigeria and the United States Government 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 marks a significant milestone in the ongoing
collaboration between Nigeria and the United States to combat corruption and recover misappropriated assets.

“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, including the superyacht Galactica Star and prime real estate in California and New York. The forfeited assets had been illegally acquired using funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister Diezani Alison-Madueke. Nigerian authorities played a vital role by providing substantial assistance to the U.S. investigation.

“Both nations emphasize 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 combatting corruption and money laundering. Similarly, the Federal Government of Nigeria
accountabity and god governance, undersioning he importance of
international cooperation in the fight against corruption.
The repatriated assets signify a shared investment in Nigeria’s development, strengthening the enduring partnership between the two nations. Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.”