WASHINGTON, USA – The U.S. government and the Federal Government of Nigeria have announced a landmark agreement to repatriate approximately $52.88 million in forfeited corruption proceeds. This significant sum was seized as part of the Kleptocracy Asset Recovery Initiative by the U.S. Department of Justice.
This development marks a crucial step in the ongoing partnership between Nigeria and the United States aimed at combating corruption and recovering misappropriated assets. In 2023, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, along with the FBI’s International Corruption Unit and the IRS Criminal Investigation, successfully forfeited a range of high-value assets. These include luxury items like the superyacht Galactica Star, as well as prime real estate in California and New York. The forfeited assets were illicitly acquired through funds associated with money laundering and a conspiracy involving former petroleum resources minister Diezani Alison-Madueke. The Nigerian authorities provided critical support during the investigation.
Both nations underscore the necessity for responsible and transparent use of the repatriated funds. Under the newly signed agreement, these resources will be allocated to electrification projects in Nigeria and support international terrorism combat efforts.
The U.S. government reiterates its strong commitment to fighting corruption and money laundering. Concurrently, the Nigerian federal government emphasizes its dedication to accountability and good governance, highlighting the vital role of international collaboration in tackling corruption.
The repatriated assets represent a shared investment in Nigeria’s development and further solidify the enduring partnership between the two nations. Both governments reaffirm their commitment to transparency and the effective use of recovered assets for the benefit of the Nigerian populace.
