FG, US sign agreement to return $52.88m of Diezani’s loot

THE Federal Government on Friday signed an agreement with the United States for the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets linked to former Minister of Petroleum Resources, Diezani Alison-Madueke and her associates.

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, who signed on behalf of the Federal Government, said the signing ceremony was not only a testament to the unwavering commitment of Nigeria and the US to fighting corruption, but it also signified the commitment of the US to facilitating restitution and supporting integrity and accountability in governance.

He said the asset return agreement being executed ensures that the returned assets are applied directly to developmental projects.

“As agreed, USD50 million of the repatriated funds will be utilised 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 USD2.88 million 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,” he said.

These projects, according to the AGF, will contribute to creating the enabling environment for socio-economic growth and development.

Prince Fagbemi added that measures have been taken to ensure that the repatriated funds are not only disbursed but also utilised transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
He said, “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.

“This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.

“It underscores the obligations and commitments enshrined in the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens.”

The robust framework, Fagbemi noted, will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles.

He commended the United States government for their steadfast support and cooperation in the endeavour, adding that their commitment to justice and the rule of law was instrumental in making the agreement a reality.

Fagbemi, however, implored the US government to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation so that the agreements in relation thereto could be concluded as soon as possible, as Nigeria is in dire need of these refunds.

He said 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 the socio-economic development of “our nation.”

“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,” he said.

The Ambassador of the United States, Richard M. Mills, Jr., who signed on behalf of his country, said the over $50 million corruptly stolen from Nigeria would be returned for the benefit of the Nigerian people.

Mills said the signing of the agreement for the return of the stolen funds was a remarkable achievement in the ongoing efforts between the two countries in curbing corruption, upholding the rule of law and recovering of stolen funds so that they can be returned for the benefit of Nigerians.

He expressed confidence that the Minister of Justice and his team would effectively monitor and ensure that the funds are used as spelt out in the agreement for the benefit of Nigerians.

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