WASHINGTON, USA – The US government and the Federal Government of Nigeria announced an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds. These funds were forfeited to the United States as part of the Kleptocracy Asset Recovery Initiative of the US Department of Justice.
This marks a significant milestone in the ongoing collaboration between Nigeria and the United States to combat corruption and recover misappropriated assets.
Through court proceedings ending in 2023, the US Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service – Criminal Investigation successfully forfeited various high-value assets, including the superyacht Galactica Star and prime real estate in California and New York. The forfeited assets had been illegally acquired using funds linked to money laundering and a conspiracy to bribe former petroleum resources minister Diezani Alison-Madueke. Nigerian authorities played a vital role by providing substantial assistance to the US investigation.
Both nations emphasize the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability. Under the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism.
The US government remains steadfast in its commitment to combatting corruption and money laundering.
Similarly, the federal government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.
The repatriated assets signify a shared investment in Nigeria’s development, strengthening the enduring partnership between the two nations. Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.
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