Kehinde Fajobi
The Nigerian government has formally received $52.88 million in recovered Galactica assets, linked to former Petroleum Minister Diezani Alison-Madueke, from the United States.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, revealed the news at the signing ceremony of the asset agreement between Nigeria and the US in Abuja on Friday.
Fagbemi explained that $50 million of the recovered funds will be allocated to rural electrification projects via the World Bank, while the remaining $2 million will support the International Institute of Justice in expanding the justice system and combating corruption.
He highlighted that the asset return marks a milestone in Nigeria’s collaboration with the US to fight corruption and uphold the rule of law, aligning with President Bola Tinubu’s efforts to address corruption.
US Ambassador to Nigeria, Richard Mills, emphasized the importance of monitoring and effectively utilizing the recovered assets for the benefit of Nigerians.