Nigerian government and United States have signed an asset return agreement on $52.88 million recovered from the Galactica assets linked to Diezani Alison-Madueke, former minister of petroleum in Nigeria, and her associates.
Gatekeepers News reports that Lateef Fagbemi, attorney-general of the federation (AGF) signed for Nigeria while Ambassador of the United States, Richard M. Mills Jr. signed for the latter.
US Department of Justice announced the final resolution of two civil cases on the forfeiture of the luxury assets that were laundered in and through the country, in a case involving Alison-Madueke and her associates in March 2023.
Alison-Madueke’s associates who were named in the forfeiture case are Kola Aluko, a Nigerian businessman, and Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited.
According to US government; Alison-Madueke and her associates purchased luxury real estate in California and New York as well as the Galactica Star, a 65-meter superyacht, using proceeds of those illicitly awarded contracts.
Speaking during the ceremony, Fagbemi said the event “concretizes the repatriation of approximately USD 52.88 million” from the forfeiture of Galactica assets linked to Diezani and associates.
The AGF noted that $50 million of the repatriated fund will be “utilized through” the World Bank “to partly fund” the rural electrification project.
He added that the remaining part of the fund will be disbursed as a grant to International Institute for Justice (IIJ) to support the ‘rule of law and counter-terrorism’ project.
Fagbemi said, “Today, the execution of the asset return agreement between the Federal Republic of Nigeria and the United States of America concretizes the repatriation of approximately USD 52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.”
“The asset return agreement being executed today also ensures that the returned assets are applied directly to developmental projects.”
“As agreed, USD 50 Million 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.”
“While the balance of USD 2.88 Million 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.”
“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.”
