FG Receives $52.88m Recovered Galactica Assets Linked to Diezani Alison-Madueke from U.S.

The Federal Government of Nigeria has officially received $52.88 million in recovered Galactica assets linked to former Minister of Petroleum Resources, Diezani Alison-Madueke, from the United States of America.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed this development during the formal signing ceremony of the asset recovery agreement between Nigeria and the U.S. government in Abuja on Friday.

In his address, Fagbemi revealed that $50 million of the recovered funds will be channeled through the World Bank to finance rural electrification projects across the country.

The remaining $2.88 million will be allocated to the International Institute of Justice to strengthen Nigeria’s justice system and bolster anti-corruption initiatives.

“This asset return represents a significant milestone in the ongoing collaboration between Nigeria and the United States in combating corruption and upholding the rule of law,” Fagbemi stated.

He further emphasised that the recovery aligns with President Bola Ahmed Tinubu’s administration’s commitment to tackling corruption and promoting accountability in governance.

The Attorney-General commended the efforts of both nations in ensuring the successful recovery and transparent management of the funds, noting that it sets a precedent for future partnerships in asset recovery and anti-corruption efforts.

Also speaking at the event, the United States Ambassador to Nigeria, Richard Mills, stressed the importance of accountability and transparency in the management of the recovered assets.

He urged Nigerian authorities to ensure that the funds are effectively utilised for the benefit of the Nigerian people.

Ambassador Mills reiterated the U.S. government’s continued support for Nigeria’s anti-corruption drive and called for the diligent monitoring of how the recovered funds are deployed to foster sustainable development.