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 across Nigeria.
The remaining amount in the sum of $2.8million will be allocated to the International Institute for Justice and Rule of Law (IIJ) to strengthen the rule of law and support counter-terrorism efforts.
This agreement reflects a strong partnership between Nigeria and the U.S. to ensure accountability and the transparent use of recovered assets for sustainable development and security.
#AssetRecovery #Nigeria #USPartnership #SustainableDevelopment #RuleOfLaw
Links to official press release