FG To Spend Diezani’s $52m Loot On Rural Infrastructure, IJJ – Fagbemi
The United States of America has returned to Nigeria the sum of $52.88m traced to a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.
The money was said to have been from the forfeiture of the Galactica assets linked to Alison-Madueke and her associates.
The US Ambassador to Nigeria, Mr. Richard Mills Jnr., led a delegation that signed the Asset Return Agreement at the Federal Ministry of Justice headquarters in Abuja yesterday, while the Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, signed the return agreement on behalf of the Federal Government.
Speaking during the event, Fagbemi announced that $50 million of the recovered assets will be deployed through the World Bank for the rural electrification project, while the remaining $2.88 million will be spent on the International Institute of Justice to expand the justice system and also counter corruption.
“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 United Nations Convention against Corruption (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.
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“The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects.
“As agreed, $50 million of the repatriated funds will be utilised 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 $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,” the minister said.
Fagbemi stressed that the collaboration between the two countries was strengthened by their shared values and mutual respect, which was pivotal to facilitating the agreement.
He also expressed gratitude to the US government for its steadfast support and cooperation in the endeavour.
“Your commitment to justice and the rule of law has been instrumental in making this agreement a reality,” he added.
He urged the United States to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation so that the agreements in relation thereto could be concluded as soon as possible, as Nigeria is in dire need of the refunds.
For his part, the ambassador expressed gladness for witnessing the return of the looted funds, which he noted would be used for the benefit of Nigerians.
“We just returned nearly $53 million of funds corruptly taken from Nigeria, and they will be returned now to the benefit of the Nigerian people.
‘This agreement marks a significant milestone, as the minister said, in the ongoing collaboration between the two governments in combating corruption, upholding the rule of law and recovering the stolen funds from the Nigerian people so that they can be returned for the benefit of the Nigerian people.
“I have great confidence in the minister and his team to effectively monitor and ensure that, indeed, these funds are being used for the benefit of the Nigerian people.
“We would not have signed this agreement if we were not sure of how the returned funds would be used,” he said.
