Nigeria Receives $52.88M in Recovered Assets Linked to Diezani
Fagbemi says $50 million will fund rural electrification through the World Bank, with $2 million supporting justice reforms.
The Nigerian government has officially received $52.88 million in recovered Galactica assets tied to former Minister of Petroleum, Diezani Alison-Madueke, from the United States. The announcement was made by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, during a formal signing ceremony of the asset repatriation agreement in Abuja on Friday.
Fagbemi explained that $50 million of the recovered funds will be channeled through the World Bank for a rural electrification project aimed at improving power supply in Nigeria’s rural areas. The remaining $2 million will be allocated to the International Institute of Justice to bolster the country’s justice system and support anti-corruption efforts.
Fagbemi stated that the repatriation of the assets marks a significant achievement in the ongoing collaboration between Nigeria and the United States to combat corruption and uphold the rule of law. He also emphasized that this development aligns with President Bola Tinubu’s commitment to addressing corruption as part of his broader governance agenda.
The U.S. Ambassador to Nigeria, Richard Mills, stressed the importance of monitoring and ensuring that the recovered assets are utilized effectively for the benefit of the Nigerian people. Mills emphasized the collaborative nature of the asset return, underscoring the United States’ continued support for Nigeria’s efforts in strengthening its justice system and tackling corruption.
Enjoyed this? Get the morning brief.
News from Nigeria and Africa, in one free email every day.
