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THE AFRICAN CENTER FOR GOVERNANCE, ASSET RECOVERY, AND SUSTAINABLE DEVELOPMENT

The Galactica Asset Return Agreement – Why Third Party Monitor is Critical

Ensuring that $52.88m Forfeited Funds from the Galactica Asset Return Supports Rural Electrification and Anti-Terrorism Efforts in Nigeria Depends on the Accountability of Implementing Institutions: Juliet Ibekaku-Nwagwu, Postgraduate Researcher, School of Law, Politics and Sociology, University of Sussex Introduction On 10 January 2025, the Federal Government of Nigeria (FGN) and the United States of America (U.S.) signed an agreement for the return of assets valued at $52.88m. The asset return agreement was signed by the Attorney General of Nigeria, Mr. Lateef Fagbemi SAN, and the Ambassador of the U.S. to Nigeria, Mr. Richard Mills Jr. This is a laudable […]

Policy Brief on The Nigerian Legal Sector AML/CFT/PF Risk Assessment

Our Publications Resources / Our Publications POLICY BRIEF ON THE NIGERIAN LEGAL SECTOR AML/CFT/PF RISK ASSESSMENT The “Policy Brief on the Nigerian Legal Sector AML/CFT/PF Risk Assessment” explores the vulnerabilities of Nigerian legal professionals to financial crimes, such as money laundering, terrorism financing, and proliferation financing. Conducted by the NBA Anti-Money Laundering Committee, the study involved extensive surveys and workshops, revealing gaps in awareness, compliance policies, and resources among law firms, particularly smaller practices. Key findings highlight the ethical dilemma between client confidentiality and AML obligations, inadequate adoption of compliance frameworks, and disparities in compliance resources. The report recommends mandatory […]

United States Enters into Agreement with Nigeria to Transfer $52.88M in Forfeited Corruption Proceeds for Uses to Benefit the Nigerian People

January 10, 2025 marked another significant milestone in the fight against corruption and asset recovery for Nigeria. The Nigerian and United States governments signed an asset return agreement for $52.88 million recovered from the M/V Galactica assets, alleged to be proceeds from the sale of crude oil by Nigeria’s former Minister of Petroleum, Diezani Alison-Madueke, and her associates, Mr. Kolawole Aluko and Mr. Omokore. How the funds will be utilized: $50 million will be channeled through the World Bank to support the Rural Electrification Agency’s (REA) the Distributed Access Through Renewable Energy Scale-Up (DARES) Project, bringing power to underserved communities […]

The African Center for Governance, Asset Recovery, and Sustainable Development (“the African Center”) is an independent civil society organisation based in Nigeria. We work to institute good governance and accountability systems at the local, state, and federal levels of government. We pay particular attention to Goal 16, which aims to create solid institutional foundations for sustainable development.

Improving Government Accountability

The Recovery and Return of Stolen Assets

The Implementation of the United Nations Sustainable Development Goals

Vision

We envision a world free from illicit financial flows, where proceeds of crime are recovered and returned to the victims of corruption to improve livelihood and reduce poverty and inequality.

Mission

Our mission is to reinforce the links between governance, asset recovery, and sustainable development goals in line with Agenda 2030 and the promotion of the rule of law, strengthening justice institutions, preventing illicit financial flows, recovering stolen assets, and social reuse of stolen assets.