US Returns N81.8bn ($52.88m) Recovered from Former Petroleum Minister Diezani to Nigeria
By Teekay Adams
Write for Adeleke reporters
January 10, 2025
The United States government has announced plans to return approximately $52.88 million (equivalent to N81.8 billion at an exchange rate of N1547/$) in recovered assets linked to former Nigerian Petroleum Minister Diezani Alison-Madueke. These assets, referred to as the “Galactica assets,” are part of the ongoing effort to recover illicit wealth.
Diezani Alison-Madueke, aged 64, who also held the presidency of the Organization of the Petroleum Exporting Countries (OPEC), was a prominent figure in the Nigerian government from 2010 to 2015.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, made the announcement at a formal signing ceremony between the Nigerian and U.S. governments in Abuja on Friday. Fagbemi detailed the allocation of the recovered funds, stating that $50 million will be utilized for rural electrification projects through the World Bank. The remaining $2 million will be directed to the International Institute of Justice to expand the justice system and combat corruption.
Additionally, the balance of $2.88 million will be provided as a grant to the International Institute for Justice (IIJ), supporting the “Rule of Law and Counter-Terrorism Project.” This initiative aims to strengthen counter-terrorism capacity within the criminal justice sectors of East, West, and North Africa.
Minister Fagbemi expressed his gratitude to the United States for its unwavering cooperation in the asset recovery process, emphasizing that the measures taken ensure the transparency of fund utilization. He further implored continued U.S. support in the resolution of other pending repatriation cases, as Nigeria is in urgent need of these recovered funds.
“I would like to express our sincere gratitude to the U.S. government for their steadfast support and collaboration in this endeavor,” Fagbemi stated. “Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.”
He also underscored that this initiative aligns with President Bola Tinubu’s ongoing efforts to address corruption in Nigeria.
In his remarks, U.S. Ambassador to Nigeria, Richard Mills, stressed the importance of monitoring and ensuring the effective use of the recovered assets by the Nigerian Ministry of Justice for the benefit of the Nigerian people.
This collaborative effort marks a significant step in Nigeria’s ongoing anti-corruption campaign, further reinforcing the global commitment to fighting financial crimes.
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