The Federal Government of Nigeria is set to receive $52.88 million in recovered Galactica assets tied to former Minister of Petroleum, Diezani Alison-Madueke, from the United States.
This is as the U.S. Ambassador to Nigeria, Richard Mills, urged the Ministry of Justice to ensure proper monitoring and effective utilization of the recovered funds to maximize their impact on Nigerians.
The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, announced this recovery during the formal signing ceremony of the asset agreement between Nigeria and the U.S. in Abuja on Friday.
Fagbemi revealed that $50 million of the funds will be directed through the World Bank to support rural electrification projects, while the remaining $2 million will go to the International Institute of Justice to enhance the justice system and strengthen anti-corruption efforts.
“This marks a significant milestone in the collaboration between Nigeria and the United States to combat corruption and uphold the rule of law,” Fagbemi said, highlighting it as part of President Bola Tinubu’s strategy to address corruption.