The Nigerian government has announced that $52.88 million recovered from former Petroleum Resources Minister Diezani Allison-Madueke will fund rural electrification projects nationwide.
The World Bank will oversee the utilization of these funds on behalf of the country. Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, explained that part of the funds will also support the “Rule of Law and Counter-Terrorism Project” through the International Institute for Justice (IIJ).
Speaking during the signing of a Memorandum of Understanding (MoU) with the United States for the release of the funds, Fagbemi highlighted that investing in rural electrification will enhance the reliability and availability of renewable energy in Nigeria. The MoU was signed in Abuja on Friday by Fagbemi for the Federal Government and U.S. Ambassador to Nigeria, Mr. Richard M. Mills Jr., on behalf of the United States.
In an address at the event, Fagbemi said,”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.
“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.
“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 IIJ, with periodic reports to be forwarded to Nigeria and the US on the implementation of the projects.
“This robust framework 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.
“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.
“This event is not only a testament to the unwavering commitment of our nations to fight corruption, but also signifies the commitment of the United States of America to facilitating restitution and supporting integrity and accountability in governance.
“The collaboration between Nigeria and the United States is underpinned by our shared values and mutual respect, and this has been 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.
“I would like to express our gratitude to the United States Government, for their steadfast support and cooperation in this endeavour. Your commitment to justice and the rule of law has been instrumental in making this agreement a reality.
“However, I implore you 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.
“In conclusion, today’s signing ceremony is a significant affirmation of the resolve of President Bola Ahmed 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 our nation.
“It is a clarion call to all stakeholders—both domestic and international—to continue working together to uphold the principles of integrity, transparency, and accountability.”
………
Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500
