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Prince Lateef Fagbemi (SAN), Attorney-General of the Federation and Minister of Justice, has said the $50 million of the $52.88 million repatriated fund linked to Diezani Alison-Madueke, a former Minister of Petroleum Resources and her associates will be utilized through the World Bank to partly fund rural electrification project.
Fagbemi added that the remaining part of the fund will be disbursed as a grant to the International Institute for Justice (IIJ) to support the rule of law and counter-terrorism project.
The AGF made the statement on Friday at the signing of an asset return agreement on $52.88 million between Nigeria and representatives of the US government in Abuja.
The US Ambassador to Nigeria, Mr. Richard M. Mills, Jr, headed the delegation that finalized the Assets Return Agreement.
The assets were linked to Diezani Alison-Madueke, a former minister of petroleum in Nigeria, and her associates.
Persecondnews recalls the US Department of Justice’s announcement in March 2023, resolving two civil cases related to the forfeiture of luxury assets laundered in and through the country, involving Alison-Madueke and her associates.
Alison-Madueke’s associates who were named in the forfeiture case include Kola Aluko, a Nigerian businessman, and Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited.
She and her associates purchased luxury real estate in California and New York, as well as the Galactica Star, a 65-meter superyacht, using proceeds from allegedly illicitly awarded contracts.
Diezani Alison-Madueke served as Nigeria’s Minister of Petroleum Resources from 2010 to 2015, and has since faced litigation and corruption charges, including bribery and money laundering allegations, in Nigeria, the UK, and the US.
Speaking during the ceremony, Fagbemi said the event concretizes the repatriation of approximately $52.88 million” from the forfeiture of Galactica assets linked to Diezani and associates.
He said: “Today, the execution of the asset return agreement between the Federal Republic of Nigeria and the United States of America concretizes the repatriation of approximately USD 52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
“The asset return agreement being executed today also ensures that the returned assets are applied directly to developmental projects.
“As agreed, USD 50 Million of the repatriated funds, will be utilized through the World Bank, to partly fund the Rural Electrification Project to increase the reliability and availability of renewable energy in Nigeria.
“While the balance of USD 2.88 Million will be disbursed as a grant by Nigeria to the International Institute for Justice (IIJ) to support ‘the Rule of Law and Counter-Terrorism Project’, through counter-terrorism capacity building for Criminal Justice Sector Practitioners in East, West, and North Africa.
“These projects will no doubt contribute in no small measure to creating the enabling environment for socio-economic growth and development.”
Meanwhile, Amb. Mills, has emphasized the need for effective monitoring and utilization of recovered assets by the Ministry of Justice, ensuring these assets truly benefit the Nigerian people.
Persecondnews further recalls that Alison-Madueke made history in Nigeria’s political landscape with her numerous “firsts”.
She became Nigeria’s Minister of Transportation on July 26, 2007, and was later moved to the Ministry of Mines and Steel Development in 2008.
In April 2010, she was appointed as the first female Minister of Petroleum Resources under ex-President Goodluck Jonathan.
One of her notable policies was supporting the removal of state subsidies on fuel prices, citing the financial burden on the government and the wealthy.
Alison-Madueke was elected as the first female President of OPEC at the 166th OPEC Ordinary meeting in Vienna on November 27, 2014.
Persecondnews also recalls that her tenure in office was tainted by controversy, marked by serious allegations of corruption and mishandling of funds.
These accusations cast a shadow over her accomplishments, raising questions about transparency and accountability while she called the shots as minister.
She, currently a fugitive in UK, is being prosecuted for money laundering and corruption in several courts in Nigeria with forfeiture of her assets and properties in billions of naira to the government already secured.
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