The United States and Nigeria have entered into a significant agreement to transfer approximately $52.88 million in forfeited assets back to Nigeria to fund critical development projects.
The funds, obtained through the forfeiture of proceeds from corruption in Nigeria’s oil industry, will be used to improve electrification efforts and counterterrorism initiatives in the West African nation.
Announcing the deal on Friday, January 10, the US Department of Justice highlighted the collaborative efforts that led to the recovery of the funds, emphasizing the importance of returning stolen assets to benefit the citizens of Nigeria.
“This agreement recognizes the close law enforcement relationship between the United States and Nigeria and Nigeria’s vital assistance that contributed to the successful forfeiture of millions of dollars of corruption proceeds,” said Brent S. Wible, Principal Deputy Assistant Attorney General of the Justice Department’s Criminal Division.
The funds are part of proceeds forfeited through the US Kleptocracy Asset Recovery Initiative. Between 2011 and 2015, Nigerian businessmen Kolawole Akanni Aluko and Olajide Omokore conspired with others to bribe Nigeria’s former Minister for Petroleum Resources, Diezani Alison-Madueke, securing lucrative oil contracts.
These funds were laundered through the US and used to acquire luxury assets, including high-end properties and a superyacht.
Under the agreement, $50 million of the recovered funds will be directed towards the Distributed Access Through Renewable Energy Scale-Up project to boost access to electricity services in Nigeria.
The remaining $2.88 million will support Nigeria’s contribution to the International Institute for Justice and the Rule of Law (IIJ) to build counterterrorism capacity.
Speaking on the deal, Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division reaffirmed the agency’s commitment to combating corruption globally.
“The FBI remains steadfast in its commitment to the global fight against corruption. By ensuring these forfeited funds are repatriated to Nigeria to benefit the Nigerian people through critical projects and counterterrorism efforts, the FBI reaffirms our dedication to promoting transparency and dismantling the systems that enable corruption to thrive.”
The funds will be disbursed through a World Bank trust fund to ensure transparency and accountability.
The World Bank will oversee the electrification programs, while external audits and progress reports will be required for the IIJ counterterrorism activities.
Chief Guy Ficco of the IRS Criminal Investigation unit reiterated the significance of the move, saying, “The repatriation of these funds to Nigeria to benefit the citizens of Nigeria is one of the primary goals of the Kleptocracy Asset Recovery Initiative. IRS-CI is proud to partner with the global law enforcement community in this initiative to restore these vital resources to the projects and programs that promote Nigeria’s continued prosperity.”