FG To Use $52.88 million Recovered from Ex Petroleum Minister, Diezani Allison Madueke for Rural Electrification

The Federal Government has announced that it has recovered $52.88 million from the Unites States of America, the money was part of public funds looted by former Minister of Petroleum Resources, Mrs.Diezani Alison Madueke.

The Minister of Justice and Attorney General of the Federation (AGF), Prince Lateef Fagbemi made the disclosure at the formal signing ceremony of the asset agreement between Nigeria and the United States of America in Abuja on Friday.

The money was recovered from Galactica assets limited, a company linked to the former Petroleum Minister.

Fagbemi also announced that the government would deploy $50 million through the World Bank for the rural electrification project, while the remaining $2.88 million will be deployed to the International Institute of Justice to expand the justice system and also counter corruption.

The MoU was signed by Fagbemi on behalf of the Federal Government of Nigeria while the American Ambassador to Nigeria, Mr. Richard M. Mills Jr., signed on behalf of his country.

In his address at the ceremony, the US Ambassador tasked the Federal Government of Nigeria to expand its fight against corruption while he promised that the US  will not relent on her support to Nigeria and its fight against corruption.

In his own address the AGF stated:

“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.

“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

“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

“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.

“I would like to express our gratitude to the United States Government, for their steadfast support and cooperation in this endeavour. Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.

“However, I implore you 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.

“In conclusion, today’s signing ceremony is a significant affirmation of the resolve of President Bola Ahmed Tinubu, to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to socio-economic development of our nation.

“It is a clarion call to all stakeholders—both domestic and international—to continue working together to uphold the principles of integrity, transparency, and accountability.”