From Victor Osula, Abuja
The United States Government has repatriated $52.88 million in illicit funds recovered from former Nigeria’s Petroleum Resources Minister, Diezani Madueke, and her associates.
US Ambassador to Nigeria, Richard M. Mills Jr., led a delegation to execute the Assets Return Agreement at the Federal Ministry of Justice Headquarters in Abuja on Friday.
The agreement is part of diplomatic efforts by the Federal Government, to initiate recovery of looted funds stashed in foreign lands.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), signed the agreement on behalf of Nigeria, revealing that the funds resulted from the forfeiture of Galactica assets linked to the former minister and her associates.
Fagbemi highlighted the agreement as a testament to the shared commitment of Nigeria and the US to combat corruption and promote accountability in governance.
He assured that the repatriated funds would be transparently and effectively utilized for the benefit of Nigerians under a robust framework managed by the World Bank and IIJ, with regular implementation reports shared with both nations.
“Measures have also been put in place to ensure that the repatriated funds are 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 robust framework will 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 added.
