The Nigerian government has officially taken possession of $52.88 million in assets recovered from the United States.
These funds are linked to former Petroleum Minister Diezani Alison-Madueke.
The announcement was made on Friday during a formal asset agreement signing ceremony in Abuja, presided over by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi.
Fagbemi disclosed that $50 million of the recovered assets will be used to support rural electrification through the World Bank. The remaining $2 million will go to the International Institute of Justice to improve the justice system and strengthen anti-corruption efforts.
He described the recovery as a major milestone in the collaboration between Nigeria and the U.S. to fight corruption and uphold the rule of law. “It is also seen as a key initiative by President Bola Tinubu’s administration to tackle corruption head-on,” Fagbemi stated.
U.S. Ambassador to Nigeria, Richard Mills, urged the Nigerian government to ensure the funds are carefully managed and used effectively for the benefit of the Nigerian people.
