The federal government and the U.S. government on Friday signed an agreement for the repatriation of $52.88 million being proceeds from the forfeiture of the Galactica assets linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), signed on behalf of the federal government, while Richard Mills Jr. signed for the U.S. in an event on Friday in Abuja.

Mr Fagbemi, in his speech, noted that the event was a testament to the unwavering commitment of the nation’s fight against corruption and signifies the commitment of the U.S. to facilitate restitution and support integrity and accountability in governance.

He said the signing ceremony was a significant affirmation of President Bola Tinubu’s resolve to build a Nigeria free from the shackles of corruption and ensure that available resources are devoted to the socio-economic development of our nation.

“This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.

“It underscores the obligations and commitments enshrined in the UN Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens,” he said.

He said the agreement would ensure the returned assets are applied directly to developmental projects.

“As agreed, 50 million dollars of the repatriated funds will be utilised through the World Bank to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.

“The balance of 2.88 million dollars 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”.
The minister added that measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilised transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the U.S. 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,” Mr Fagbemi said.

He thanked the U.S. government for its steadfast support and cooperation.

The AGF said their commitment to justice and the rule of law has been instrumental in making the agreement a reality.

He urged the U.S. to continue demonstrating the usual cooperation and understanding in other pending repatriation cases so that the agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.

Mr Fagbemi said it was a clarion call to all stakeholders to continue working together to uphold the principles of integrity, transparency, and accountability.

(NAN)