Repatriation of $52.88m marks strengthened Nigeria-U.S. partnership in anti corruption efforts

The Federal Government of Nigeria and the United States have solidified their commitment to combating corruption through an agreement to repatriate $52.88 million in forfeited assets to Nigeria.

The announcement was made on Saturday in Abuja by the Acting Spokesperson for Nigeria’s Ministry of Foreign Affairs, Kimiebi Ebienfa. The agreement, signed by Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and the U.S. Ambassador to Nigeria, Richard Mills Jr., represents a significant step forward in both nations’ fight against corruption.

“These funds were forfeited to the U.S. as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.

“This marks a significant milestone in the ongoing collaboration between Nigeria and the U.S. to combat corruption and recover misappropriated assets.

“Also, through court proceedings ending in 2023, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service-Criminal Investigation successfully forfeited various high-value assets.

“These include the super yacht Galactica Star and prime real estate in California and New York.”

The collaborative effort, involving the U.S. Department of Justice, the FBI’s International Corruption Unit, and Nigeria’s authorities, underscores the importance of international cooperation in recovering stolen wealth. According to Ebienfa, Nigeria played a vital role by providing substantial assistance to the investigation.

Both governments emphasized the need for transparency and accountability in utilizing the recovered funds. The agreement stipulates that the repatriated proceeds will finance key electrification projects in Nigeria and support global efforts to combat terrorism.

The U.S. reiterated its commitment to combating corruption and money laundering globally, while Nigeria reaffirmed its dedication to promoting accountability and good governance. Both nations expressed optimism that the repatriated funds would directly benefit the Nigerian people, further cementing their mutual resolve to ensure that misappropriated assets are returned and used responsibly.

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