The Federal Government of Nigeria and the United States have signed an agreement to repatriate $52.88 million in forfeited corruption proceeds to Nigeria. The agreement, announced by Kimiebi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, was formalized on Saturday in Abuja.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador to Nigeria, Richard Mills Jr., signed the agreement, symbolising a strengthened partnership between the two nations.
The repatriation marks a significant step in the ongoing collaboration between Nigeria and the U.S., aimed at promoting transparency and reinvesting recovered assets into Nigeria’s development. “These funds were forfeited to the U.S. as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.
“Through court proceedings ending in 2023, 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 successfully forfeited various high-value assets', Ebienfa said.
“These include the super yacht Galactica Star and prime real estate in California and New York.”
He explained that the forfeited assets were illegally acquired through funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister, Diezani Alison-Madueke.
He noted that Nigerian authorities played a vital role by providing substantial assistance to the U.S. investigation.
“Both nations emphasise the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability.
“Under the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism. “The U.S. government remains steadfast in its commitment to combating corruption and money laundering.
“Similarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.
“Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.”
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