By Abiola Olawale
The Federal Government of Nigeria has received $52.88 million in recovered assets allegedly linked to a former Minister of Petroleum Resources, Diezani Alison-Madueke.
It was gathered that the recovery is part of ongoing efforts to reclaim funds and assets allegedly misappropriated during her tenure.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi gave this update during a formal signing ceremony held in Abuja on Friday.
Fagbemi revealed significant details regarding the asset agreement between Nigeria and the United States of America.
In his address, Fagbemi elaborated on the allocation of the recovered funds, stating that a substantial amount of $50 million will be funded through the World Bank to support a vital rural electrification project.
According to him, this initiative aims to enhance electricity access in underserved communities across the country.
Additionally, he noted that the remaining $2 million will be allocated to the International Institute of Justice. He said the funding is intended to bolster the justice system and reinforce anti-corruption efforts, thereby promoting a more equitable legal framework.
The New Diplomat reports that Diezani has been at the centre of several high-profile corruption cases both in Nigeria and abroad. Various assets, including luxury real estate, jewellery, and cash, have been seized or forfeited of these allegations.
For instance, the United States Department of Justice has reported recovering about $53.1 million in assets associated with Diezani and her associates, which included cash and a promissory note, indicating the international scope of these recovery efforts.
Also, the Economic and Financial Crimes Commission (EFCC) in Nigeria has been actively involved in tracing and recovering assets linked to Diezani. They’ve reported finding additional sums like $72.87 million in bank accounts. The EFCC has also made moves to dispose of seized assets for the benefit of the Federal Government, although some assets are held back due to ongoing legal challenges.
