About $50 million assets repatriated from the United States of America (USA) will be used to support Rural Electrification Projects in Nigeria,the Federal Government has said.
The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN),announced this on Friday in Abuja, during the formal signing ceremony of the Asset Return Agreement between Nigeria and the USA.
According to him,tjhe assets were linked to a former Petroleum Resources Minister, Mrs Diezani Alison-Madueke, and her associates (the Galactica Assets).
Fagbemi,who signed on behalf of Nigeria,said that the deployment of the fund would increase the reliability and availability of renewable energy in Nigeria.
He described the signing of the agreement as a significant affirmation of the resolve of President Bola Tinubu to build a Nigeria that is free from the shackles of corruption, and to ensure available resources are devoted to socio-economic development of the nation.
The minister further observed that the collaboration between the two countries was underscored by their shared values and mutual respect, which was pivotal in facilitating this agreement.
“This partnership highlights the importance of international cooperation in addressing the global scourge of corruption, which is also linked to trans-border crimes. It underscores the obligations and commitments enshrined in the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime (Recovery and Management) Act (POCA), which guide our collective efforts to ensure that stolen assets are returned and used for the benefit of our citizens.
“The Asset Return Agreement being executed today also ensures that the returned assets are applied directly to developmental projects. As agreed, $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 $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,” he stated.
He assured Nigerians that measures have also been put in place to ensure that the repatriated funds are not only disbursed but also utilized transparently and accountably by the World Bank and International Institute of Justice (IIJ) with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
He said that the measures will guarantee that the funds are effectively used for the full benefit of the Nigerian people in line with UNCAC and the Global Forum on Asset Recovery (GFAR) principles.
He expressed gratitude to the US government for its steadfast support and cooperation in this endeavour, adding that: “Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.”
He implored the country to continue to demonstrate the usual cooperation and understanding in other pending cases of repatriation, so that the agreements in relation thereto can be concluded as soon as possible, as Nigeria is in dire need of these refunds.
Ambassador Richard Mills Jr., who signed on behalf of the United States, expressed gladness for witnessing the return of the looted funds, which he noted would now be used for the benefit of Nigerians.
He lamented that the funds were corruptly taken away from Nigeria,and advised Nigeria to use the remaining $3 million to fight corruption, terrorism and its related vices in the country.
“This agreement marks a significant milestone in ongoing collaborations between the two governments in combating corruption, upholding the rule of law and recovering stolen funds from the Nigerian people so that they would be returned for the benefit of the Nigerian people,” he said.
Noting that the agreement was earlier reached on expenditure of the recovered assets, the US ambassador expressed confidence in the minister and his team’s ability to effectively monitor and ensure that the funds are indeed used for the benefit of the Nigerian people.
He said:“We would not have signed this agreement if we are not sure of how the returned funds would be used”.
