The United States Government has repatriated the sum of $53 million stolen funds to Nigeria.
“It is with great pleasure that I welcome the United States Ambassador and his team to this much-anticipated event, which signifies the culmination of efforts by the stakeholders to return forfeited assets to the Federal Republic of Nigeria,” Fagbemi said.
“Today, the execution of the Asset Return Agreement between the Federal Republic of Nigeria and the United States of America concretizes 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.”
“This event is not only a testament to the unwavering commitment of our nations to fight corruption, but also signifies the commitment of the United States of America to facilitating restitution and supporting integrity and accountability in governance.
“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 Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects. As agreed, USD 50 Million of the repatriated funds, will be utilized 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 USD 2.88 Million will 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.
“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.
“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.”
In his response, the US Ambassador to Nigeria, Richard Mills expressed the government’s trust in the Nigerian government’s determination to apply the funds transparently, adding that, without it, they would not have signed the repatriation agreement.
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