By Admin 
By Peter Onyekachukwu, Warri
DELTA: The Federal Government of Nigeria has reached an agreement with the United States to repatriate $52.88 million in forfeited assets linked to corruption.
The acting spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, made this known in a statement on Saturday, describing the development as a major step in the ongoing collaboration between both countries to fight corruption and recover stolen funds.
“The Federal Government of Nigeria and the United States Government are pleased to announce an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds,” the statement read.
Ebienfa noted that the funds were seized by the U.S. Department of Justice as part of its Kleptocracy Asset Recovery Initiative.
According to the statement, the funds were recovered through legal proceedings that ended in 2023, involving the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the FBI’s International Corruption Unit, and the Internal Revenue Service’s Criminal Investigation unit.
The recovered assets included high-value properties and a luxury superyacht, Galactica Star, which were linked to a bribery and money laundering scheme involving former Petroleum Resources Minister, Diezani Alison-Madueke.
“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,” the statement said.
The Nigerian government played a critical role in providing substantial assistance to the U.S. investigation.
Both governments have agreed that the recovered funds will be used to finance electrification projects in Nigeria and to support international counter-terrorism efforts.
“Under the agreement signed today, the recovered funds will be used for electrification projects in rural areas across Nigeria, ensuring transparency and accountability in their disbursement,” the statement added.
The Nigerian government reiterated its commitment to ensuring that recovered funds are used effectively to improve the lives of citizens.