The Federal Government of Nigeria has received $52.88 million in assets recovered from former Petroleum Minister Diezani Alison-Madueke.

The United States formally handed over the funds during a ceremony in Abuja on Friday, January 10.

Lateef Fagbemi, the Attorney General of the Federation and Minister of Justice revealed that $50 million of the recovered sum would be channelled through the World Bank to support rural electrification projects. 

The remaining $2 million is earmarked for the International Institute of Justice, which will enhance Nigeria’s justice system and counter corruption.

“This asset return marks another milestone in the collaboration between Nigeria and the United States in fighting corruption and strengthening the rule of law,” Fagbemi stated.

He also highlighted that this development reflects President Bola Tinubu’s commitment to combating corruption and fostering transparency in governance.

The agreement, signed in Abuja, underscores the importance of international partnerships in recovering stolen assets.

US Ambassador to Nigeria Richard Mills emphasised the need to properly use the funds to ensure they benefit ordinary Nigerians. 

“It is crucial that these assets are monitored and deployed effectively for the public good,” Mills noted.

The recovered funds are part of broader global efforts to repatriate assets linked to corruption in Nigeria.

This collaboration between Nigeria and the US marks a significant step in ensuring accountability and promoting development.

The government aims to address critical infrastructural gaps with these funds while reinforcing anti-corruption initiatives.