Nigeria, U.S. Sign Agreement on Repatriation of $52.88m Corruption Proceeds
The Federal Government and the U.S. Government have signed an agreement for the repatriation of not less than 52.88 million dollars in forfeited corruption proceeds to Nigeria. Mr Kimiebi Ebienfa, Acting Spokesperson of the Ministry of Foreign Affairs, disclosed this in a statement on Saturday in Abuja,
Ebienfa stated that the agreement was signed by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and the U.S. Ambassador to Nigeria, Richard Mills Jr.
He further stated that signing of the agreement marked significant shared investment in Nigeria’s development and strengthened partnership between the nations.
According to him the Federal Government of Nigeria and the U.S. Government are pleased to announce an agreement to promptly repatriate approximately 52.88 million dollars in forfeited corruption proceeds.
“These funds were forfeited to the U.S. as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.
“This marks a significant milestone in the ongoing collaboration between Nigeria and the U.S to combat corruption and recover misappropriated assets.
“Also, through court proceedings ending in 2023, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service-Criminal Investigation successfully forfeited various high-value assets.
“These include the super yacht Galactica Star and prime real estate in California and New York.”
He explained that the forfeited assets were illegally acquired through funds linked to money laundering and conspiracy to bribe former Petroleum Resources Minister, Diezani Alison-Madueke.
He further stated that Nigerian authorities played a vital role by providing substantial assistance to the U.S. investigation.
“Both nations emphasise the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability.
“Under the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism. “The U.S. government remains steadfast in its commitment to combating corruption and money laundering.
“Similarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.
“Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.” #Nigeria, U.S. Sign Agreement on Repatriation of $52.88m Corruption Proceeds Naira Struggles to Keep Value as FX Pressures Mount
