Nigeria is set to receive over $53m from the United States recovered from its former oil minister Diezani Alison-Madueke.
American authorities allege that Alison-Madueke enriched herself, and others, while leading Nigeria’s state oil firm by awarding contracts in exchange for bribes.
It is also believed that the money was then used to buy a 65-metre superyacht called the Galactica Star plus multiple luxury properties in California and New York.
Alison-Madueke, 64, has always denied all allegations of wrongdoing.
On Friday, the US and Nigeria confirmed that the sum of $52.88m would be repatriated to the West African nation.
This will be the first repatriation to Nigeria of assets outside the West African country linked to Alison-Madueke, the Reuters news agency reports.
Speaking at the formal signing ceremony in the Nigerian capital, Abuja, Attorney-General and Minister of Justice, Lateef Fagbemi, said the return of the funds marks a significant step in the ongoing efforts to combat corruption.
Fagbemi said $50m of the money will go through the World Bank to support rural electrification projects, and the remaining $2.88m will be directed to the International Institute of Justice to strengthen the justice system and promote anti-corruption efforts.
Meanwhile the US Ambassador to Nigeria, Richard Mills, has emphasised the need for accountability as well as the careful monitoring of the returned funds.
“The ministry of justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians,” he said.
In November 2022, the US government repatriated to Nigeria, $20.6m in assets allegedly stolen by former Nigerian military leader Gen Sani Abacha.
Five years ago, Washington transferred $311.8m to the Nigerian government as part of a previous agreement to repatriate assets that traced back to the Abacha regime.
Source: Africafeeds.com
