US Govt Returns $52.88m Linked to ex-Petroleum Minister, Diezani, Associates to Nigeria

This followed the execution of an Asset Return Agreement (ARA) signed by the two countries.

Nigeria and the United States on Friday executed an Asset Return Agreement (ARA) for the repatriation of approximately $52.88million arising from the forfeiture of the Galactica assets, linked to Diezani and her associates.

The US Ambassador to Nigeria, Mr. Richard M. Mills, Jr, led a delegation that executed the ARA at the Federal Ministry of Justice Headquarters in Abuja, Nigeria.

Signing the agreement on behalf of the Federal Government of Nigeria, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, disclosed that the $52.88m arose from the forfeiture of Galactica assets, linked to the ex-Minister and her associates.

The AGF stated that the fund repatriation was a testament to the unwavering commitment of both nations to fight corruption and signified the commitment of the USA to facilitate restitution and support integrity and accountability in governance.

The AGF said: “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.”

According to the AGF, $50m of the repatriated funds would be utilized through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.

The balance of $2.88m would 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.

The AGF added: “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 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.”

He commended the US government for its efforts, urged the country to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation, so that the agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.