The Federal Government (FG) has revealed plans to allocate $50 million of the $52.88 million recovered from the United States, linked to former Minister of Petroleum Resources, Diezani Alison-Madueke, to enhance rural electrification projects across Nigeria.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, disclosed this on Friday in Abuja during the formal signing of the Asset Return Agreement between Nigeria and the United States.
The New Daily Prime earlier reported that FG yesterday acknowledged the recipient of the funds.
Fagbemi said the Alison-Madueke, and her associates (referred to as the Galactica Assets) funds are set to enhance renewable energy infrastructure in the country.
He emphasised that the deployment of the funds through the World Bank would significantly improve the reliability and availability of renewable energy.
He highlighted the agreement as a testament to President Bola Ahmed Tinubu’s commitment to fighting corruption and ensuring resources are dedicated to the country’s socio-economic development.
He also acknowledged the United States’ collaboration in facilitating restitution and promoting transparency in governance.
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He added that the remaining $2.88 million will fund the International Institute for Justice’s (IIJ) “Rule of Law and Counter-Terrorism Project,” which he said will enhance the capacity of criminal justice practitioners in Africa.
He added that the projects will contribute to creating an environment conducive to Nigeria’s socio-economic growth and development.
Fagbemi noted that measures have been instituted to ensure the transparent and accountable utilization of the funds, saying regular reports on the implementation will be shared with both Nigeria and the United States.
Fagbemi appreciated the U.S. government for its steadfast support in the asset recovery process and urged continued cooperation on pending cases of repatriation.
Speaking at the event, U.S. Ambassador Richard Mills Jr., who signed on behalf of the United States, lauded the agreement as a milestone in the joint fight against corruption and the recovery of stolen assets.
He also expressed confidence in Nigeria’s ability to utilize the recovered funds effectively and affirmed that the U.S. would not have signed the agreement without assurance of its proper use.
While urging Nigeria to use the remaining $3 million to combat corruption and terrorism, Mills reaffirmed the U.S. government’s support in ensuring transparency and accountability in the disbursement of the funds.
