$52.88 million in stolen monies connected to former Petroleum Resources Minister Diezani Alison-Madueke and her cronies have been formally returned by the Federal Government through the Attorney General of the Federation (AGF) and Minister of Justice Lateef Fagbemi (SAN).

At the Federal Ministry of Justice in Abuja, the asset return agreement was signed on Friday. Richard M. Mills, U.S. Ambassador to Nigeria, represented the U.S. Government. During his speech, Fagbemi praised the two countries’ cooperation and emphasized their common dedication to honesty, responsibility, and the rule of law.

He acknowledged the U.S.’s unwavering support for restitution and good governance and called the repatriation a crucial milestone in Nigeria’s continued efforts to restore stolen assets.

The seized money, referred to as the Galactica assets, will be used for two important development projects, the AGF revealed.To improve access to renewable energy, $50 million of the total is set aside for the World Bank-managed Nigeria Rural Electrification Project. The International Institute for Justice (IIJ) will organize a counterterrorism training program for criminal justice professionals throughout Africa with the remaining $2.88 million.

Fagbemi assured stakeholders of stringent measures to ensure transparency and accountability in the utilisation of the funds. He further promised periodic progress reports to both governments to track the implementation of the projects.

“This agreement underscores President Bola Ahmed Tinubu’s unwavering resolve to fight corruption and utilise recovered resources for socio-economic development.

“It is a call to all stakeholders, both domestic and international, to uphold the principles of integrity and accountability,” Fagbemi said. He emphasised that the agreement reaffirms Nigeria’s commitments under the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), ensuring that the funds directly benefit Nigerian citizens.

On his part, Ambassador Mills expressed optimism about the judicious use of the repatriated funds.  He reiterated the allocation of $50 million for rural electrification and $2.88 million for counter-terrorism training, describing the partnership as a testament to the strong ties between the two nations.

In order to support Nigeria’s development goal even more, Mills also called for ongoing cooperation to speed up the collection of other outstanding assets.