The Federal Authorities of Nigeria and the USA Authorities have formalized an settlement for the repatriation of $52.88 million, proceeds from the forfeiture of belongings linked to former Petroleum Assets Minister Diezani Alison-Madueke and her associates.
The settlement was signed on Friday in Abuja by Nigeria’s Lawyer-Common and Minister of Justice, Lateef Fagbemi, SAN, and U.S. Ambassador Richard Mills, Jr.
Fagbemi highlighted the importance of the settlement, emphasizing that it represents Nigeria’s unwavering dedication to preventing corruption. He said,
Fagbemi assured that measures have been put in place to make sure the clear and accountable use of the repatriated funds.
“Measures have additionally been put in place to make sure that the repatriated funds will not be solely disbursed but additionally utilized transparently and accountably by the World Financial institution and IIJ, with periodic reviews to be forwarded to Nigeria and the US on the implementation of the initiatives,” he mentioned.
He emphasised that this framework is designed to make sure the efficient use of the funds for the advantage of the Nigerian folks in step with the United Nations Conference Towards Corruption (UNCAC) and the International Discussion board on Asset Restoration (GFAR) ideas.
Fagbemi praised the collaboration between Nigeria and the U.S., noting that it’s primarily based on shared values and mutual respect.
“The collaboration between Nigeria and the U.S. is underpinned by our shared values and mutual respect, and this has been pivotal in facilitating this settlement.
This partnership highlights the significance of worldwide cooperation in addressing the worldwide scourge of corruption, which can be linked to trans-border crimes,” he mentioned.
The Minister expressed gratitude to the U.S. authorities for its assist and cooperation in making the settlement a actuality.
