Historic Repatriation: Nigeria's $52.88 Million Asset Recovery

Nigeria and the United States have finalized an agreement to return $52.88 million in assets linked to former Nigerian oil minister Diezani Alison-Madueke. The funds will aid rural electrification and counter-terrorism efforts in Africa, following a collaborative move between both nations.

Nigeria and the United States have signed a deal to repatriate $52.88 million in assets forfeited by former Nigerian oil minister Diezani Alison-Madueke and her associates. Nigerian Justice Minister Lateef Fagbemi announced the agreement, which involves the forfeiture of the Galactica assets.

The recovered funds are earmarked for rural electrification projects, facilitated by the World Bank, with $50 million dedicated to expanding renewable energy access. According to Fagbemi, the remaining $2.88 million will provide grants to the International Institute for Justice to boost counter-terrorism capabilities across Africa.

This initiative marks a significant step in international cooperation against corruption and in support of sustainable development and security enhancements in Africa.

(With inputs from agencies.)