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January 10, 2025

Nigeria and US Sign Agreement to Repatriate $52.88 Million in Forfeited Assets

International Desk

Nigeria and the United States have signed an agreement to repatriate approximately $52.88 million in assets forfeited by former Nigerian Petroleum Resources Minister Diezani Alison-Madueke and her associates, Nigerian Justice Minister Lateef Fagbemi announced on Friday.

The agreement “concretizes the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates,” Fagbemi said in a statement.

According to Fagbemi, the funds will be used to support rural electrification projects through the World Bank, with $50 million allocated to increasing access to renewable energy. The remaining $2.88 million will be disbursed as a grant by Nigeria to the International Institute for Justice to support counter-terrorism capacity across Africa.

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Bangladesh

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Asia, Lead

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April 24, 2025 9:10 am