In a landmark agreement, the Federal Government of Nigeria has received $52.88 million in recovered assets connected to former Minister of Petroleum Resources, Diezani Alison-Madueke. The funds were repatriated from the United States following collaborative anti-corruption efforts between the two nations.
The formal signing ceremony for the asset return agreement took place on Friday in Abuja, with Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announcing the development. According to Fagbemi, $50 million of the recovered funds will be allocated through the World Bank to support rural electrification projects across Nigeria. The remaining $2 million is designated for the International Institute of Justice to strengthen the justice system and bolster anti-corruption initiatives.
Fagbemi described the event as a major milestone in the ongoing partnership between Nigeria and the United States to combat corruption and promote transparency. He also lauded the initiative as a significant demonstration of President Bola Tinubu’s commitment to addressing corruption and enhancing governance.
“This asset return is a tangible result of international cooperation to combat financial crimes and uphold the rule of law,” Fagbemi remarked during the ceremony, as reported by Channels Television.
United States Ambassador to Nigeria, Richard Mills, also addressed the gathering, emphasizing the importance of transparency in utilizing the recovered funds. Mills urged the Ministry of Justice to ensure that the assets are effectively monitored and used to deliver tangible benefits to the Nigerian people.
The recovered assets mark another chapter in Nigeria’s efforts to reclaim funds looted by public officials and redirect them towards developmental projects. Both nations reiterated their commitment to sustaining collaborative efforts in tackling corruption and strengthening institutional frameworks for accountability.
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