Money and Valuable Assets smuggled from Nigeria to the United States are being repatriated back to Lagos

The United States and the Federal Government of Nigeria have jointly announced the agreement to promptly repatriate approximately USD 52.9 million in forfeited corruption proceeds.

A statement from the U.S Secretary of State reveals that the funds were forfeited to the United States as part of the Kleptocracy Asset Recovery Initiative of the American Department of Justice.

“This marks a significant milestone in the ongoing collaboration between Nigeria and the United States to combat corruption and recover misappropriated assets,” reads part of the statement.

The United States’ through court proceedings ending in 2023 successfully forfeited various high-value assets, including the superyacht Galactica Star and prime real estate in California and New York.

That was accomplished through 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.

 The forfeited assets had been illegally acquired using funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister Diezani Alison-Madueke. Nigerian authorities played a vital role by providing substantial assistance to the United States investigation.

Nigeria and the United States emphasize the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability.

It was also reported that under the just signed agreement the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism.

“The Government of the United States remains steadfast in its commitment to combat cases of money laundering and corruption,” the official release from the department maintains.

Similarly, the Federal Government of Nigeria assures that Lagos remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.

The repatriated assets signify a shared investment in Nigeria’s development, strengthening the enduring partnership between the two nations. Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.