The federal government has announced that around $50 million in assets returned from the United States of America (USA) will be utilized to promote rural electrification projects in the country. The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), made the announcement on Friday in Abuja during the formal signing ceremony of Nigeria’s Asset Return Agreement with the United States. He claimed the assets were related to a former Petroleum Resources Minister, Mrs Diezani Alison-Madueke, and her associates (the Galactica Assets). Signing on behalf of Nigeria, Fagbemi stated that the fund’s deployment would improve the reliability and availability of renewable energy in Nigeria.

Furthermore, the minister highlighted the signing of the agreement as a significant statement of President Bola Tinubu’s will to build a Nigeria free of corruption and to ensure that available resources are directed toward the country’s socioeconomic development. He praised the occasion as a tribute to not only the country’s unwavering commitment to combating corruption, but also the United States’ commitment to facilitating restitution and promoting integrity and accountability in governance. The minister also stated that the relationship between the two countries was based on shared principles and mutual respect, which was critical in achieving this agreement.

“This agreement emphasizes the necessity of international cooperation in combating the global pandemic of corruption, which is related to transnational crimes. It emphasizes the requirements and commitments outlined in the United Nations Convention Against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), which lead our collaborative efforts to guarantee that stolen assets are restored and used to benefit our citizens. “The Asset Return Agreement signed today also assures that recovered assets are deployed directly to development projects. As promised, $50 million of the repatriated money will be used by the World Bank to partially fund the Rural Electrification Project, which will improve the reliability and availability of renewable energy in Nigeria. While the balance is $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.