Posted by Amarachi on Fri 10th Jan, 2025 - tori.ng
Fagbemi explained that $50 million of the recovered funds would be channelled through the World Bank for the development of rural electrification projects.
Diezani Alison-Madueke
The Federal Government received $52.88 million in recovered Galactica assets linked to a former Minister of Petroleum, Diezani Alison-Madueke, from the United States on Friday.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced the recovery during a formal signing ceremony of the asset return agreement in Abuja.
Fagbemi explained that $50 million of the recovered funds would be channelled through the World Bank for the development of rural electrification projects.
The remaining $2.88 million, he added, would be allocated to the International Institute of Justice to enhance the justice system and support anti-corruption initiatives.
“This asset return signifies a milestone in the collaboration between Nigeria and the United States to combat corruption and uphold the rule of law,” Fagbemi stated.
He emphasized that the recovery aligns with President Bola Tinubu’s commitment to tackling corruption and ensuring the effective use of public funds.
US Ambassador Calls For Accountability
In his remarks, the United States Ambassador to Nigeria, Richard Mills, urged the Nigerian government to ensure proper monitoring and utilization of the recovered assets for the benefit of its citizens.
“The Ministry of Justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians,” Mills said.