The Nigerian government and the United States have signed an asset return agreement to repatriate $52.88 million in assets forfeited by former minister of petroleum resources, Diezani Alison-Madueke, and her associates.
The agreement was signed on Friday in Abuja by Nigeria’s attorney general and minister of justice, Lateef Fagbemi, and the U.S. ambassador to Nigeria, Richard Mills Jr.
Mr. Fagbemi confirmed that the recovered funds stemmed from the forfeiture of the Galactica assets, which were linked to Alison-Madueke and her network of collaborators.
“The execution of this agreement concretises the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets linked to the former petroleum resources minister Diezani Alison-Madueke and her associates,” he said.
According to the terms of the agreement, $50 million of the recovered assets will be allocated to Nigeria’s rural electrification project through the World Bank, aimed at expanding access to renewable energy across the country.
The remaining $2.88 million will be disbursed as a grant to the International Institute for Justice (IIJ) to support counter-terrorism capacity-building initiatives for criminal justice sector practitioners in East, West, and North Africa.
Fagbemi emphasized that strict measures have been implemented to ensure the transparent and accountable use of the funds.
“Measures have also been put in place 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 U.S. on the implementation of the projects,” he added.
On his part, the U.S. ambassador Mills lauded Nigeria’s commitment to using the returned assets for developmental projects.
“Your commitment to justice and the rule of law has been instrumental in making this agreement a reality,” Mills said, encouraging Nigeria to maintain transparency in the disbursement of the funds.
Background of asset recovery
The recovery follows a 2017 civil complaint filed by the U.S. Department of Justice (DOJ) to seize approximately $144 million in assets allegedly obtained through bribery and corruption involving Alison-Madueke.
The lawsuit claimed that Nigerian businessmen Olajide Omokore and Kolawole Aluko conspired with others to pay bribes to Alison-Madueke in exchange for lucrative oil contracts from the Nigerian National Petroleum Corporation (NNPC).
The illicit profits, exceeding $100 million, were reportedly laundered through the U.S. financial system and used to acquire luxury assets, including prime real estate in California and New York, as well as the Galactica Star superyacht.
Alison-Madueke, who served as petroleum minister from 2010 to 2015 under former president Goodluck Jonathan, has repeatedly denied allegations of corruption. She is believed to be residing in the United Kingdom.
In October 2022, a Nigerian court ordered the final forfeiture of two properties and luxury cars linked to Alison-Madueke.
Fagbemi attributed the successful recovery to the unwavering commitment of both nations to fight corruption.
“This agreement reflects president Tinubu’s mission 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,” Fagbemi stated.
He further called on the U.S. government to expedite similar asset recovery cases involving Nigerian funds.
“Nigeria is in dire need of these refunds. We urge the U.S. to continue supporting us in recovering other pending assets,” he added.
The asset return is part of broader international cooperation under the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles, aimed at ensuring that recovered assets benefit citizens.
