Nigeria and U.S. Sign Asset Repatriation Agreement

By Camillus Eboh

ABUJA (Reuters) – Nigeria and the United States have signed an agreement to repatriate about $52.88 million in assets forfeited by a former Nigerian oil minister and associates, Nigerian Justice Minister Lateef Fagbemi said on Friday.

The agreement “concretizes the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates,” Fagbemi said in a statement.

The funds will be used to support rural electrification projects through the World Bank, with $50 million allocated to increasing access to renewable energy, Fagbemi said.

The remaining $2.88 million will be disbursed as a grant by Nigeria to the International Institute for Justice to support counter-terrorism capacity across Africa, he said.