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ABUJA — The United States and Nigeria have reached an agreement to repatriate approximately $52.88 million in forfeited corruption proceeds, marking a major milestone in their joint efforts to combat corruption and recover misappropriated assets.
“This agreement underscores our commitment to holding corrupt individuals accountable and returning stolen assets to benefit the people of Nigeria,” the U.S. and Nigerian governments said in a joint statement on Friday.
The funds, seized under the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice, stem from court proceedings concluded in 2023. Assets forfeited include the luxury yacht Galactica Star and prime real estate in California and New York. These assets were linked to money laundering and bribery involving former Nigerian Petroleum Resources Minister Diezani Alison-Madueke.
The U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the FBI’s International Corruption Unit, and the IRS-Criminal Investigation division led the recovery efforts with substantial assistance from Nigerian authorities.
Both nations stressed the need for transparency and accountability in the use of the recovered funds. The agreement stipulates that the funds will support electrification projects in Nigeria and international counter-terrorism initiatives.
“The U.S. Government remains steadfast in its commitment to combatting corruption and money laundering,” the statement said.
Nigeria’s government reaffirmed its dedication to accountability and good governance, emphasizing the importance of international partnerships in addressing corruption.
“These repatriated assets are an investment in Nigeria’s development and reflect the enduring collaboration between our two nations,” the statement concluded.
Editor: Gabriel Ani
