Nigeria, U.S. Sign Agreement on Repatriation of $52.88 Million Corruption Proceeds.
By Caroline Ameh
The Federal Government of Nigeria and the United States Government have reached an agreement for the prompt repatriation of $52.88 million in forfeited corruption proceeds, according to a statement issued by the Ministry of Foreign Affairs on Saturday, January 11, 2025.
The funds, which were seized as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative, include assets illegally acquired using money linked to former Petroleum Resources Minister, Diezani Alison-Madueke. These assets include the luxury superyacht Galactica Star and prime real estate properties in California and New York.
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 were instrumental in the successful forfeiture of the assets through court proceedings that concluded in 2023.
The statement highlighted Nigeria’s significant role in assisting U.S. authorities with the investigation.
Under the agreement, the recovered funds will be channeled toward critical development projects in Nigeria, including electrification programs, while also supporting international efforts to combat terrorism. Both governments stressed the importance of ensuring transparency and accountability in the disbursement of the funds.
