The Federal Government of Nigeria and the United States Government have sealed a deal for the prompt repatriation of $52.88 million in forfeited corruption proceeds, a move that is expected to further strengthen the longstanding partnership between both countries.
The Ministry of Foreign Affairs said in a statement on Saturday that the funds, which were seized as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative, include assets illegally acquired using money linked to former Petroleum Resources Minister, Diezani Alison-Madueke. These assets include the luxury superyacht Galactica Star and prime real estate properties in California and New York.
The U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service – Criminal Investigation were instrumental in the successful forfeiture of the assets through court proceedings that concluded in 2023.
The statement highlighted Nigeria’s significant role in assisting U.S. authorities with the investigation.
Under the agreement, the recovered funds will be channelled toward critical development projects in Nigeria, including electrification programmes, while also supporting international efforts to combat terrorism.
Both governments stressed the importance of ensuring transparency and accountability in the disbursement of the funds.
“This agreement marks a milestone in our collective fight against corruption,” the statement read. “The recovered funds represent a shared investment in Nigeria’s development and will be utilized to benefit the Nigerian people.”
The U.S. Government reaffirmed its commitment to tackling global corruption and money laundering, while the Nigerian Government reiterated its dedication to promoting accountability and good governance.
Acting Spokesperson for Nigeria’s Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, who signed the statement, emphasized that both countries will continue to collaborate in the fight against corruption and the recovery of stolen assets.
The repatriation of the funds is expected to further strengthen the longstanding partnership between Nigeria and the United States.
