The governments of Nigeria and the United States have formalized an agreement for the repatriation of $52.88 million forfeited from the Galactica assets associated with former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
The deal was signed on Friday in Abuja by Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and Richard Mills Jr., representing the U.S.
Speaking during the signing ceremony, Mr. Fagbemi emphasized that the agreement underscores Nigeria’s determination to combat corruption and reflects U.S. support for restitution, integrity, and accountability in governance.
According to Mr Fagbemi, the agreement aligns with President Bola Tinubu’s vision of a corruption-free Nigeria, where public resources are directed toward socio-economic development.
“This partnership demonstrates the necessity of international cooperation in tackling corruption, which is often linked to transnational crimes,” he said, adding that the agreement adheres to the United Nations Convention against Corruption (UNCAC) and Nigeria’s Proceeds of Crime (Recovery and Management) Act (POCA).
He further disclosed that $50 million of the recovered funds will be allocated through the World Bank to support Nigeria’s Rural Electrification Project, aimed at boosting renewable energy reliability.
The remaining $2.88 million will be granted to the International Institute for Justice (IIJ) to enhance counter-terrorism efforts through capacity-building programs for criminal justice practitioners across Africa.
“These initiatives will foster an enabling environment for socio-economic growth and development,” Mr. Fagbemi stated.
He assured that stringent measures have been established to guarantee transparency and accountability in the disbursement and utilization of the funds, with periodic implementation reports to be shared with both nations.
He thanked the U.S. for its unwavering support and urged continued collaboration to expedite pending repatriation cases, noting that Nigeria urgently requires these funds to address critical needs.
The minister described the agreement as a call to action for all stakeholders to uphold the principles of transparency, integrity, and accountability in governance.
