Historic Deal: Nigeria And U.S. Agree On Return of $52.88M Alison-Madueke Funds

The Federal Government of Nigeria and the United States have signed an agreement to repatriate $52.88 million in forfeited corruption proceeds back to Nigeria.....KINDLY READ THE FULL STORY HERE▶

This was revealed in a statement issued on Saturday by Kimiebi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, in Abuja.

The agreement was formalized by Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and the U.S. Ambassador to Nigeria, Richard Mills Jr. According to Ebienfa, the pact symbolizes a significant investment in Nigeria’s development and underscores the deepening partnership between the two nations.

The statement noted: “The Federal Government of Nigeria and the U.S. Government are pleased to announce an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds.”

The funds were forfeited under the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice. They include proceeds from high-value assets such as the superyacht Galactica Star and prime real estate in California and New York. These assets were acquired using funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister, Diezani Alison-Madueke.

The U.S. investigation, which concluded in 2023, was conducted by the Department of Justice’s Money Laundering and Asset Recovery Section, the FBI’s International Corruption Unit, and the IRS-Criminal Investigation, with substantial assistance from Nigerian authorities.

Both nations have emphasized the importance of transparency and accountability in the use of the recovered funds. The agreement outlines that the repatriated funds will be allocated to electrification projects in Nigeria and international efforts to combat terrorism.

The statement reiterated the U.S. government’s unwavering commitment to fighting corruption and money laundering, as well as Nigeria’s dedication to accountability and good governance. Both governments affirmed their shared resolve to ensure the responsible use of recovered assets for the benefit of the Nigerian people.