The Nigerian government and United States have signed an asset return agreement on $52.88 million recovered from the Galactica assets.

 

The assets were linked to Diezani Alison-Madueke, a former minister of petroleum in Nigeria, and her associates.

 

Fagbemi spoke on Friday during the formal signing ceremony of the asset agreement between Nigeria and representatives of the US government in Abuja.

 

In March 2023, the US department of justice announced the final resolution of two civil cases seeking the forfeiture of the luxury assets that were laundered in and through the country in a case involving Alison-Madueke and her associates.

 

Diezani’s associates who were named in the forfeiture case are Kola Aluko, a Nigerian businessman, and Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited.

 

The US government had said Diezani and her associates purchased luxury real estate in California and New York as well as the Galactica Star, a 65-meter superyacht using “proceeds of those illicitly awarded contracts”.

 

Diezani was the minister of petroleum resources from 2010 and 2015.

 

She has been facing litigation on alleged corruption perpetrated during her stint as minister.

 

Speaking during the ceremony, Fagbemi said the event “concretizes the repatriation of approximately USD 52.88 million” from the forfeiture of Galactica assets linked to Diezani and associates.

 

The AGF said $50 million of the repatriated fund will be “utilized through” the World Bank “to partly fund” the rural electrification project

 

He added that the remaining part of the fund will be disbursed as a grant to the International Institute for Justice (IIJ) to support the ‘rule of law and counter-terrorism’ project.

 

“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,” he said.

 

“The asset return agreement being executed today also ensures that the returned assets are applied directly to developmental projects.

 

“As agreed, USD 50 Million of the repatriated funds, will be utilized through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.

 

“While the balance of USD 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.

 

“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.”