The United States and the Federal Republic of Nigeria have agreed on a memorandum of understanding that will facilitate the return of $53 million in misappropriated funds to Nigeria.
The funds in question were associated with the Galactica asset connected to Diezani Alison-Madueke, the former Minister of Petroleum.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), stated that the agreement allocates $50 million—approximately N77 billion—for the purpose of financing a rural electrification project aimed at enhancing the reliability and accessibility of renewable energy in Nigeria.
He said, “It is with great pleasure that I welcome the United States Ambassador and his team to this much-anticipated event, which signifies the culmination of efforts by the stakeholders to return forfeited assets to the Federal Republic of Nigeria.
“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.”