US repatriates $52.88m linked to Diezani Madueke

The United States has repatriated $52.88 million tied to former Nigerian Petroleum Resources Minister, Diezani Alison-Madueke.

The US Ambassador to Nigeria, Richard M. Mills Jr., led a delegation to execute the Assets Return Agreement on Friday at the Federal Ministry of Justice Headquarters in Abuja.

Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, signed the agreement on behalf of Nigeria. He disclosed that the recovered funds stemmed from the forfeiture of Galactica assets linked to Alison-Madueke and her associates.

Fagbemi hailed the development as a reflection of the robust partnership between Nigeria and the US in combating corruption.

“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,” the AGF added.

More details soon…