U.S. and Nigeria Sign Agreement for Return of $53 Million in Misappropriated Funds

U.S. and Nigeria Sign Agreement for Return of $53 Million in Misappropriated Funds

The United States and the Federal Republic of Nigeria have reached a significant memorandum of understanding that facilitates the return of $53 million in misappropriated funds linked to the former Minister of Petroleum, Diezani Alison-Madueke. 

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced that out of the returned funds, $50 million (approximately N77 billion) will be allocated to a rural electrification project aimed at improving the reliability and accessibility of renewable energy in Nigeria.

Fagbemi expressed his appreciation during a recent event, stating, “It is with great pleasure that I welcome the United States Ambassador and his team to this much-anticipated event, which signifies the culmination of efforts by the stakeholders to return forfeited assets to the Federal Republic of Nigeria.”

He further emphasized the importance of the Asset Return Agreement, noting that it solidifies the repatriation of approximately $52.88 million associated with the Galactica assets linked to Alison-Madueke and her associates.