The Nigerian government and United States have signed an asset return agreement on $52.88 million recovered from the Galactica assets.
The assets were linked to Diezani Alison-Madueke, a former
minister of petroleum in Nigeria, and her associates.
Fagbemi spoke on Friday during the formal signing ceremony
of the asset agreement between Nigeria and representatives of the US government
in Abuja.
In March 2023, the US department of justice announced the
final resolution of two civil cases seeking the forfeiture of the luxury assets
that were laundered in and through the country in a case involving
Alison-Madueke and her associates.
Diezani’s associates who were named in the forfeiture case
are Kola Aluko, a Nigerian businessman, and Jide Omokore, chairman of Atlantic
Energy Drilling Concepts Nigeria Limited.
The US government had said Diezani and her associates
purchased luxury real estate in California and New York as well as the
Galactica Star, a 65-meter superyacht using “proceeds of those illicitly
awarded contracts”.
Diezani was the minister of petroleum resources from 2010
and 2015.
She has been facing litigation on alleged corruption
perpetrated during her stint as minister.
Speaking during the ceremony, Fagbemi said the event
“concretizes the repatriation of approximately USD 52.88 million” from the
forfeiture of Galactica assets linked to Diezani and associates.
The AGF said $50 million of the repatriated fund will be
“utilized through” the World Bank “to partly fund” the rural electrification
project
He added that the remaining part of the fund will be
disbursed as a grant to the International Institute for Justice (IIJ) to
support the ‘rule of law and counter-terrorism’ project.
“Today, the execution of the asset return agreement between
the Federal Republic of Nigeria and the United States of America concretizes
the repatriation of approximately USD 52.88 million arising from the forfeiture
of the Galactica assets, linked to the former Petroleum Resources Minister
Diezani Alison-Madueke and her associates,” he said.
“The asset return agreement being executed today also
ensures that the returned assets are applied directly to developmental
projects.
“As agreed, USD 50 Million of the repatriated funds, will be
utilized through the World Bank, to partly fund the Rural Electrification
Project to increase the reliability and availability of renewable energy in
Nigeria.
“While the balance of USD 2.88 Million will be disbursed as
a grant by Nigeria to the International Institute for Justice (IIJ) to support
‘the Rule of Law and Counter-Terrorism Project’, through counter-terrorism
capacity building for Criminal Justice Sector Practitioners in East, West, and
North Africa.
“These projects will no doubt contribute in no small measure
to creating the enabling environment for socio-economic growth and
development.”
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Grant by Nigeria to the international institute of justice ? Sounds like a charge to return the money. The money should be fully returned to nigeria and not disbursed at the discretion of the world bank. They are hiding under the rural electrification grant. It's Nigerians money and we should have full autonomy of how to use it. I understand corruptionnis endemic, and the funds might be misappropriated, however, the funds will be better accounted for by using it to pay our existing debt. That way, it's obvious where the .money was allocated to. All this rural electrification alleviation scheme are all a very orchestrated scam. No one can identify any community in nigeria where this rural electrification program has made a tangible impact in the community. Our electricity grid remains epileptic.
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