AGF, Fagbemi reveals how Diezani’s recovered loot from US will be spent

The Federal Government has signed an agreement with the United States for the return of $52.88m (N81.4bn) in assets linked to former Minister of Petroleum, Diezani Alison-Madueke, and her associates.

The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, disclosed this while speaking at an event on Friday in Abuja, adding that the agreement was the culmination of efforts by the stakeholders to return forfeited assets to the country.

Fagbemi revealed that $50m of the recovered assets will be deployed through the World Bank for the rural electrification project and the remaining $2.88m will be made available to the International Institute of Justice to strengthen the country’s justice system.

The AGF thanked the United States for its commitment to the fight against corruption, noting that it strengthens the partnership and mutual respect between both nations.

Fagbemi said “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 $52.88m 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.

“The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects.

“As agreed, $50m 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.

“While the balance of $2.88m 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.”

The AGF assured that the funds would be disbursed transparently and accountably while periodic reports would be forwarded to Nigeria and the US on the implementation of the projects.

He called on the US to demonstrate the same cooperation in other pending repatriation cases and hopes both countries can also reach an agreement on them as soon as possible.