{"id":3627,"date":"2025-01-11T12:38:33","date_gmt":"2025-01-11T12:38:33","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=3627"},"modified":"2025-01-11T12:38:33","modified_gmt":"2025-01-11T12:38:33","slug":"nigeria-u-s-in-agreement-to-repatriate-52-88-million-in-corruption-funds","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/01\/11\/nigeria-u-s-in-agreement-to-repatriate-52-88-million-in-corruption-funds\/","title":{"rendered":"Nigeria, U.S. In Agreement To Repatriate $52.88 Million In Corruption Funds"},"content":{"rendered":"
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The Federal Government of Nigeria and the United States have formally agreed to repatriate over $52.88 million in assets forfeited from corruption cases.<\/h3>\n

The Acting Spokesperson for Nigeria\u2019s Ministry of Foreign Affairs,\u00a0Kimiebi Ebienfa confirmed the agreement in a statement issued on Saturday in Abuja.<\/p>\n

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According to the News Agency of Nigeria, the pact was signed by Nigeria\u2019s Attorney-General and Minister of Justice,\u00a0\u00a0Lateef Fagbemi SAN, and U.S. Ambassador to Nigeria, Richard Mills Jr<\/strong>.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Ebienfa noted that this agreement underscores the strong, collaborative relationship between the two nations and represents a shared commitment to advancing Nigeria\u2019s development.<\/p>\n

T<\/strong>he\u00a0repatriated funds were seized following extensive legal action under the U.S. Department of Justice\u2019s Kleptocracy Asset Recovery Initiative.<\/p>\n

These proceedings culminated in 2023, during which the U.S. successfully forfeited assets tied to money laundering, including the superyacht Galactica Star and luxury properties in California and New York.<\/p>\n

The funds were found to be linked to corrupt activities involving money laundering and the alleged bribery of former Nigerian Petroleum Resources Minister Diezani Alison-Madueke.<\/p>\n

\u201cThese funds were forfeited to the U.S. as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice.<\/em><\/p>\n

\u201cThis marks a significant milestone in the ongoing collaboration between Nigeria and the U.S. to combat corruption and recover misappropriated assets.<\/em><\/p>\n

\u201cAlso, through court proceedings ending in 2023, the U.S. Department of Justice\u2019s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation\u2019s International Corruption Unit, and the Internal Revenue Service-Criminal Investigation successfully forfeited various high-value assets.<\/em><\/p>\n

\u201cThese include the super yacht Galactica Star and prime real estate in California and New York<\/em>,\u201d the statement partly read.<\/p>\n

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Ebienfa emphasized Nigeria\u2019s instrumental role in supporting U.S. investigations, which led to the recovery of these assets.<\/p>\n

The agreement specifies that the repatriated funds will be allocated to crucial electrification projects in Nigeria and global efforts to counter terrorism.<\/p>\n

Both governments have emphasized the need for transparency and responsible management of these funds to benefit the Nigerian population.<\/p>\n

The U.S. reaffirms its ongoing commitment to tackling corruption and financial crimes, while Nigeria remains dedicated to fostering good governance and accountability.<\/p>\n

\u201cBoth nations emphasise the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability.<\/em><\/p>\n

\u201cUnder the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism.<\/em><\/p>\n

\u201cThe U.S. government remains steadfast in its commitment to combating corruption and money laundering.<\/em><\/p>\n

\u201cSimilarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.<\/em><\/p>\n

\u201cBoth governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people<\/em>,\u201d the statement concluded.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Government of Nigeria and the United States have formally agreed to repatriate over $52.88 million in assets forfeited from corruption cases. The Acting Spokesperson for Nigeria\u2019s Ministry of Foreign Affairs,\u00a0Kimiebi Ebienfa confirmed...<\/p>\n","protected":false},"author":2,"featured_media":3628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t