US returns $52.88 million in corruption funds to Nigeria
The Federal Government of Nigeria and the United States have officially agreed to repatriate over $52.88 million in assets recovered from corruption cases.
Kimiebi Ebienfa, Acting Spokesperson for Nigeria’s Ministry of Foreign Affairs, confirmed the development in a statement issued on Saturday in Abuja.
According to the News Agency of Nigeria, the agreement was signed by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador to Nigeria, Richard Mills Jr.
Ebienfa highlighted that the agreement reflects the strong partnership between both nations and their shared commitment to Nigeria’s progress and development.
According to reports, the repatriated funds were secured through extensive legal proceedings under the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative.
The legal process, which concluded in 2023, resulted in the forfeiture of assets linked to corruption, including the superyacht Galactica Star and luxury properties in California and New York.
These assets were tied to cases of money laundering and alleged bribery involving former Nigerian Petroleum Resources Minister Diezani Alison-Madueke. “These funds were forfeited as part of the Kleptocracy Asset Recovery Initiative by the U.S. Department of Justice,” the statement read.
The funds will be allocated to critical electrification projects in Nigeria and international counter-terrorism efforts, with both nations emphasizing transparency and accountability in their management.
Ebienfa noted that Nigeria played a key role in assisting U.S. investigations that led to the recovery of the assets.
“The U.S. government remains committed to combating corruption and money laundering,” the statement continued. “Similarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international collaboration in the fight against corruption.”
Both governments stressed that the repatriated funds will be responsibly managed and directed toward projects that benefit the Nigerian people.
“Under the agreement, mechanisms have been established to ensure transparency and effective use of these funds. This marks another milestone in the partnership between Nigeria and the U.S. in addressing corruption and recovering misappropriated assets,” the statement concluded.
