Korede Abdullah in Lagos
Nigeria and the United States have signed an Asset Return Agreement, marking a significant milestone in the fight against corruption.
The agreement facilitates the repatriation of approximately $52.88 million in assets linked to former Petroleum Resources Minister Diezani Alison-Madueke and her associates, known as the Galactica assets.
According to Lateef Fagbemi, SAN, Attorney General of the Federation and Minister of Justice on Friday, Today’s signing ceremony is a significant affirmation of the resolve of President Bola Tinubu, to build a strong Nigeria.
In a statement made available to Africa Health Report, AHR, Friday, by the special assistant, media to the minister, Fagbemi emphasized the importance of international cooperation in addressing corruption, highlighting the partnership between Nigeria and the United States as a testament to their shared commitment to fighting corruption.
The repatriated funds will be utilized for developmental projects, with $50 million allocated to the Rural Electrification Project to increase renewable energy in Nigeria, and $2.88 million disbursed as a grant to support counter-terrorism capacity building in Africa.
Measures have been put in place to ensure transparent and accountable use of the funds, with periodic reports to be submitted to Nigeria and the US.
Fagbemi expressed gratitude to the United States Government for their support and cooperation, urging them to continue demonstrating cooperation in other pending cases of repatriation. This agreement is a significant step towards ensuring that stolen assets are returned and used for the benefit of the Nigerian people.
“This event is not only a testament to the unwavering commitment of the nation’s fight against corruption but also signifies the commitment of the U.S. to facilitate the restitution and supporting integrity and accountability in governance.
“The signing ceremony was a significant affirmation of the resolve of President Bola 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,” he said.
The signing of the Asset Return Agreement is a positive development in the fight against corruption, demonstrating the commitment of the Nigerian government to transparency and accountability.
As Fagbemi noted, “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.”
This agreement is not the first instance of cooperation between Nigeria and the US in recovering stolen assets. In 2022, the US entered into an agreement with Nigeria to repatriate over $23 million in assets stolen by former Nigerian dictator General Sani Abacha.
