In a significant move to combat corruption and support public services, the United States has returned nearly $53 million in alleged illicit funds to Nigeria. The recovered money, linked to Nigeria’s former oil minister Diezani Alison-Madueke and others, will be used to fund critical projects aimed at improving the lives of Nigerians.
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The funds, which were repatriated from the US, are part of a broader effort to recover assets allegedly stolen by Alison-Madueke during her tenure as Nigeria’s petroleum resources minister. US authorities claim that she enriched herself and others by awarding lucrative contracts in exchange for bribes while leading Nigeria’s state oil firm. These alleged ill-gotten gains were reportedly used to purchase a 65-meter superyacht named Galactica Star, as well as multiple luxury properties in California and New York.
Alison-Madueke, 64, has consistently denied all allegations of wrongdoing. However, her alleged corrupt activities have drawn international scrutiny. In the UK, she faces bribery charges, including accusations of accepting luxury goods, paying private school fees, and receiving at least $127,000 in cash.
A prominent figure in the administration of former President Goodluck Jonathan, Alison-Madueke made history as the first female president of OPEC, the oil exporters’ group. She served as Nigeria’s petroleum resources minister from 2010 to 2015, following previous roles as transport minister and minister for solid minerals and steel development.
The repatriation of the $52.88 million marks a milestone in the ongoing efforts to recover assets linked to Alison-Madueke. This is the first time funds tied to her alleged corruption have been returned to Nigeria from outside the West African nation.
At a formal signing ceremony in Abuja, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, highlighted the importance of this development in the fight against corruption. He announced that $50 million of the recovered funds would be channeled through the World Bank to support rural electrification projects, while the remaining $2.88 million would be allocated to the International Institute of Justice to strengthen the justice system and bolster anti-corruption initiatives.
US Ambassador to Nigeria, Richard Mills, emphasized the need for accountability and transparency in the use of the returned funds. “The ministry of justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians,” he stated.
This repatriation is not the first of its kind. In November 2022, the US returned $20.6 million in assets allegedly stolen by former Nigerian military leader General Sani Abacha. Similarly, in 2018, the US transferred $311.8 million to Nigeria as part of an agreement to repatriate funds linked to the Abacha regime.
The return of these funds underscores the importance of international cooperation in the fight against corruption. It also serves as a reminder of the need for robust systems to ensure that recovered assets are used for the benefit of the people.
As Nigeria continues its efforts to combat corruption, the repatriation of these funds represents a step forward in holding individuals accountable and ensuring that public resources are used to drive development and improve the lives of citizens.
Credit: BBC News
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