The Nigerian government has announced plans to channel the $52.88 million recovered from the former Minister of Petroleum Resources, Diezani Alison-Madueke, towards transformative rural electrification projects across the country.
This initiative, aimed at increasing the reliability and availability of renewable energy, will be managed by the World Bank on behalf of Nigeria.
Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, highlighted the dual purpose of the recovered funds during the signing of a Memorandum of Understanding (MoU) with the United States.
He disclosed that the majority of the funds—$50 million would go towards the electrification project, while the remaining $2.88 million would support the “Rule of Law and Counter-Terrorism Project” through the International Institute for Justice (IIJ). This effort aims to bolster counter-terrorism capacity in East, West, and North Africa.
At the signing ceremony in Abuja, Fagbemi remarked, “As agreed, USD 50 Million of the repatriated funds will be utilized 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 USD 2.88 Million will be disbursed as a grant to the IIJ to support ‘the Rule of Law and Counter-Terrorism Project.’”
He further emphasized the socio-economic benefits of these projects, describing them as pivotal for fostering growth and development.
To ensure transparency, both the World Bank and IIJ will submit periodic reports to Nigeria and the United States, providing updates on the fund’s utilization. This framework, Fagbemi assured, aligns with the principles of the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR).
Fagbemi also highlighted the symbolic significance of the MoU, describing it as “a testament to the unwavering commitment of our nations to fight corruption.”
The funds, forfeited from the Galactica assets linked to Alison-Madueke and her associates, reflect a broader collaboration between Nigeria and the U.S. to restore integrity and accountability in governance.
The U.S. Ambassador to Nigeria, Richard M. Mills Jr., signed on behalf of his country and reaffirmed America’s dedication to combating corruption globally. He encouraged the Nigerian government to expand its anti-corruption initiatives, assuring continued U.S. support in returning stolen funds.
Fagbemi lauded the partnership, saying it underscores the shared values of both nations and their resolve to combat trans-border crimes. He expressed gratitude to the U.S. for its role in this milestone and urged for expedited cooperation in other ongoing repatriation cases.
As Fagbemi concluded, he framed the event as an affirmation of President Bola Ahmed Tinubu’s commitment to eradicating corruption and redirecting resources towards the socio-economic development of Nigeria. He called on all stakeholders, both local and international, to uphold integrity, transparency, and accountability.
The signing ceremony is not just an administrative milestone it is a clarion call for a unified front against corruption, with tangible benefits set to improve the lives of Nigerians.