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US Returns $52.88 Million Linked to Former Minister Diezani Madueke

Published by Tope Fakinlede on January 10th, 2025.

US Returns $52.88 Million Linked to Former Minister Diezani Madueke

The United States government has returned $52.88 million traced to Diezani Madueke, former Minister of Petroleum Resources in Nigeria.

On Friday, the US Ambassador to Nigeria, Richard M. Mills Jr., led a delegation to sign an Assets Return Agreement at the Federal Ministry of Justice in Abuja.

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, represented the Nigerian government in the agreement. He explained that the returned funds resulted from the forfeiture of Galactica assets associated with Madueke and her affiliates.

The Attorney-General emphasized that this action underscores the shared commitment of both nations to combat corruption. It also highlights the US’s dedication to supporting transparency, integrity, and accountability in governance.

Fagbemi further assured that measures have been established to ensure the repatriated funds are used transparently, with oversight from the World Bank and the International Institute for Justice (IIJ). The funds will be directed toward projects benefiting Nigerians, with periodic reports to be submitted to both Nigeria and the US, ensuring alignment with the principles of the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR).