American government returns $52 million in recovered assets linked to Diezani Alison-Madueke
The United States of America (USA) government has returned $52.88 million to Nigeria, being recovered assets linked to former Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, and her associates.
Penpushing reports that the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, alongside the America Ambassador to Nigeria, Richard Mills Jr., on Fridy signed an Asset Return Agreement between the two countries in Abuja, Federal Capital Territory (FCT).
The Nigerian government explained that the assets repatriation agreement between Nigeria and the United Staes of America (USA) will ensure that the returned assets are applied directly to developmental projects — rural electrification and counter-terrorism.
Penpushing further reports that Fagbemi stated that the execution of the agreement concretises the repatriation of proximately USD 52.88 million, which, he said, arose from the forfeiture of the Galactica assets linked to the former Minister
“As agreed, USD 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’, he said.
“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’, Fagbemi added.
Penpushing also reports that the Attorney General of the Federation and Minister of Justice assured that the projects will greatly enhance socio-economic growth and development, adding that efforts have been put in place to ensure that the funds will be used judiciously.
“Measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilised 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 said.
‘This robust framework will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles’, Fagbemi stated.
Penpushing reports that the Minister attributing the recovery achievement to the unwavering commitment of both countries to fight corruption, thanked the American government for their steadfast support and cooperation in this endeavour.”
The Attorney General pointed out that the Ambassador’s commitment to justice and the rule of law has been instrumental in making the agreement a reality, and equally implored the American government to demonstrate the same gesture 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.
Penpushing further reports that he equally attributed the signing of the agreement to President Bola Tinubu’s mission to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to the socio-economic development of our nation.”
The record, however, has it that Alison-Madueke and businessmen Olajide Omokore, as well as Kolawole Akanni were named in two civil cases seeking the forfeiture of various luxury assets that were proceeds of corruption offences and were laundered in and through the States.
Penpushing also reports that in 2023 it is recalled that the America Department of Justice said the conclusion of the cases, it has recovered roughly $53.1 million in cash – constituting the net liquidated value of the defendant’s assets – plus a promissory note with a principal value of $16 million.
The investigations by the United States of America (USA) authorities, showed that from 2011 to 2015, Nigerian businessmen Kolawole Aluko and Olajide Omokore conspired with others to pay bribes to Nigeria’s former Minister for Petroleum Resources, Alison-Madueke, who oversaw Nigeria’s state-owned oil company.
Penpushing reports that Alison-Madueke in return, used her influence to steer lucrative oil contracts to companies owned by Messrs Aluko and Omokore, while the proceeds of those illicitly awarded contracts totalling more than $100 million were then laundered in and through the United States and used to purchase various assets through shell companies.
This include luxury real estate in California and New York as well as the Galactica Star, a 65-meter superyacht, while real estate was also used as collateral for loans to Aluko and shell companies he controlled and as part of the forfeiture process, those lien holders were paid.
Penpushing further reports that Alison-Madueke, Omokore and Aluko have also been subjects of criminal trials in Nigeria over related oil industry alleged corruption, but the former Minister left Nigeria at the end of her ministerial tenure on May 29, 2015, and believed to be in exile in the United Kingdom.
The American cases involving Alison-Madueke, Omokore and Aluko were brought under the Kleptocracy Asset Recovery Initiative, and in 2015, the United States of America (USA) Federal Bureau of Investigations (FBI) formed International Corruption Squads across the country to address national and international implications of foreign corruption, while Alison-Madueke has been a subject of forfeiture proceedings and pending criminal charges in Nigeria.
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