Nigeria receives $52.88m recovered loot linked Diezani

Former OPEC president Diezani Alison-Madueke arrives at Westminster Magistrates’ Court in London on October 2, 2023. (Photo by HENRY NICHOLLS / AFP)

The Nigerian government has received $52.88m recovered Galactica assets, linked to a former Minister of Petroleum Diezani Alison-Madueke from the USA.

The Attorney-General of the Federation and Minister of Justice Lateef Fagbemi disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the United States of America in Abuja on Friday.

Delivering his remarks Fagbemi explained that $50m of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2m will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.

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Speaking further, Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between nigeria and the United States in combating corruption and upholding the rule of law

He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.

Meanwhile, in his remarks, the United States Ambassador to Nigeria Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.