Nigeria And U.S. Sign $52.88M Corruption Proceeds Repatriation Deal

The Nigerian Federal Government has finalized an agreement with the U.S. Government to repatriate approximately $52.88 million in forfeited corruption proceeds back to Nigeria.

Kimiebi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, announced this development in a statement released in Abuja. The official agreement was signed by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, alongside U.S. Ambassador to Nigeria, Richard Mills Jr.

This collaboration signifies a strengthened partnership and shared commitment between both nations in promoting Nigeria’s development and tackling financial crimes. The forfeited assets were recovered under the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative, aimed at retrieving funds obtained through corruption and financial misconduct.

The repatriated assets, confiscated through court proceedings that concluded in 2023, include high-value items such as the luxury yacht Galactica Star and prime properties located in California and New York. These assets were reportedly acquired with laundered funds linked to bribery and corruption involving Nigeria’s former Petroleum Resources Minister, Diezani Alison-Madueke.

Nigerian authorities played a crucial role in assisting U.S. investigators during the asset recovery process. Both governments have emphasized the importance of using the recovered funds responsibly, ensuring transparency and accountability.

Under the terms of the agreement, the funds will be directed towards electrification projects in Nigeria and international efforts to combat terrorism. The U.S. Government reaffirmed its commitment to fighting corruption and money laundering, while Nigeria pledged to uphold accountability and good governance.

This collaboration underscores the importance of international cooperation in combating corruption and ensuring the responsible use of recovered assets for the benefit of Nigerian citizens.