US government returns $53m of the money Diezani is thought to have looted to Nigeria

NIGERIA's federal government has received $52.88m from the US government representing cash that was traced to former petroleum resources minister Diezani Madueke who is currently living as a fugitive in the UK.

Since leaving office in 2015 and going into exile in the UK, Ms Alison-Madueke has been the subject of numerous investigations in Nigeria and internationally. She has been asked to forfeit UK properties worth over £11m and has been forced to surrender about N7.6bn ($17.4m) hidden in a Nigerian bank to the government.

In July 2019, Diezani had jewellery worth $40m, including a customised gold iPhone, seized from her after a Lagos federal high court ordered their forfeiture to the federal government. In 2023, Ms Alison-Madueke  was arraigned before the a London high court charged with fresh bribery allegations in addition to the 13-counts bordering on money laundering that she is already facing.

Earlier today, however, Richard Mills, the US ambassador to Nigeria led a delegation that executed the Assets Return Agreement at the Federal Ministry of Justice Headquarters in Abuja. Signing the agreement on behalf of the federal government, the attorney-general of the federation, Prince Lateef Fagbemi, disclosed that the $52.88m arose from the forfeiture of Galactica assets, linked to the ex-minister and her associates.

Prince Fagbemi maintained that the development was not only a testament to the unwavering commitment of both nations to fight corruption but also signified the commitment of the US to facilitate restitution and support integrity and accountability in governance. In addition, the attorney-general pointed out that both governments will monitor how this money is spent.

He added: “Measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilised transparently and accountably by the World Bank and International Institute for Justice, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects. This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with United Nations Convention against Corruption and the Global Forum on Asset Recovery principles.”