Nigeria, U.S. Sign Agreement on Repatriation of $52.88 Million Corruption Proceeds

By Iyojo Ameh

The Federal Government of Nigeria and the United States Government have finalized an agreement for the repatriation of $52.88 million in forfeited proceeds linked to corruption, according to a statement issued by the Ministry of Foreign Affairs on Saturday, January 11, 2025.

The funds were seized as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative, which targets assets acquired through illicit means. Among the seized assets are the luxury superyacht Galactica Star and prime real estate properties in California and New York. These properties were allegedly acquired with funds linked to former Petroleum Resources Minister, Diezani Alison-Madueke.

According to the statement, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service – Criminal Investigation played key roles in securing the forfeitures through court proceedings that concluded in 2023.

The Nigerian Government provided substantial assistance during the investigation, underscoring the importance of international cooperation in the fight against corruption.

Under the new agreement, the repatriated funds will be allocated to critical projects in Nigeria, including electrification initiatives aimed at improving power supply in rural areas. Additionally, part of the funds will be used to support global efforts to combat terrorism.

Both governments stressed the need for transparency and accountability in managing the recovered funds. The agreement includes mechanisms to ensure that the funds are used responsibly to benefit the Nigerian populace.

“This agreement marks a milestone in our collective fight against corruption,” the statement read. “The recovered funds represent a shared investment in Nigeria’s development.”

The U.S. Government reaffirmed its commitment to combating corruption and money laundering globally, while the Nigerian Government reiterated its dedication to promoting good governance and accountability.

Kimiebi Imomotimi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, who signed the statement, emphasized that both countries remain committed to ongoing collaboration in recovering stolen assets and fighting corruption.

The repatriation of the funds is expected to further strengthen the longstanding partnership between Nigeria and the United States.