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Nigeria and the United States on Friday executed an Asset Return Agreement (ARA) for the repatriation of approximately $52.88million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister, Diezani Alison-Madueke and her associates.
The Attorney General of the Federation (AGF), Lateef Fagbemi (SAN) signed for Nigeria while the Ambassador of the United States, Richard M. Mills Jr. signed for his country.
By the agreement, $50m of the repatriated funds will be utilized through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.
The balance of $2.88m will be disbursed as a grant by Nigeria to the International Institute for Justice (IIJ) to support “the Rule of Law and Counter-Terrorism Project,” through counter-terrorism capacity building for Criminal Justice Sector Practitioners in East, West, and North Africa.
The AGF said was optimistic that the projects to which funds will be applied, will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.
Fagbemi explained that measures have been put in place to ensure that the repatriated funds are not only disbursed, but also utilized transparently and accountably by the World Bank and IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
He added: “This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with the United Nations Convention against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.”
The AGF said the agreement is not only a testament to the unwavering commitment of both nations to fight corruption, it also signifies the commitment of the United States of America to facilitating restitution and supporting integrity and accountability in governance.
Fagbemi added: “The collaboration between Nigeria and the United States is underpinned by our shared values and mutual respect, and this has been pivotal in facilitating this agreement.
“This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes.
“It underscores the obligations and commitments enshrined in the UNCAC and the Proceeds of Crime (Recovery and Management) Act (POCA), which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens.”
The AGF, who commended the US government for its efforts, urged the country to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation, so that the agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.
He said the signing of the agreement on Friday was “a significant affirmation of the resolve of President Bola Ahmed Tinubu to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to socio-economic development of our nation.
“It is a clarion call to all stakeholders—both domestic and international—to continue working together to uphold the principles of integrity, transparency, and accountability.”
