The United States government on Friday returned $52.88 million linked to former Nigerian Petroleum Minister Diezani Madueke.
This amount was reportedly traced to assets forfeited by Galactica, connected to Madueke and her associates.
US Ambassador, Richard M. Mills Jr. and Nigerian officials, led by Attorney-General Prince Lateef Fagbemi, SAN, formalized the agreement at the Ministry of Justice in Abuja.
The funds, as agreed, would be managed with transparency, under the supervision of the World Bank and IIJ, to ensure their proper use in projects benefiting Nigeria, and in adherence to international anti-corruption standards.
“Measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilized transparently and accountability by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
“This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles,” the AGF declared at the meeting.
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