UPDATED : Nigerian govt $53m richer as US returns loot linked to ex-Minister, Diezani

The United States has returned $53 million in stolen funds to Nigeria, marking a significant step in the international fight against corruption.

The funds, tied to assets linked to former Petroleum Minister Diezani Alison-Madueke, were handed over to Nigerian government during a formal signing event.

Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi (SAN), said that $50 million—approximately ₦77 billion—will be allocated to a rural electrification initiative aimed at improving access to renewable energy.

“It is with great pleasure that I welcome the United States Ambassador and his team to this much-anticipated event, which signifies the culmination of efforts by the stakeholders to return forfeited assets to the Federal Republic of Nigeria,” said Fagbemi.

According to the Attorney General, the agreement ensures that the remaining $2.88 million will be used to fund the “Rule of Law and Counter-Terrorism Project” through the International Institute for Justice (IIJ). This initiative will bolster counter-terrorism training for justice sector officials across East, West, and North Africa.

US Ambassador Richard Mills praised the transparency measures established for the utilization of the returned funds, stating that without such assurances, the agreement would not have been signed.

The funds will be administered by the World Bank and the IIJ, with periodic progress reports submitted to both nations to ensure accountability. This collaboration underscores the shared commitment of Nigeria and the United States to uphold the principles of the United Nations Convention against Corruption (UNCAC) and the Proceeds of Crime Act.

The projects funded by these assets are expected to drive socio-economic growth and development, benefiting the Nigerian populace directly.