Petroleum loot: US returns 52.88 million looted by former petroleum minister Madueke

The Nigerian government has received $52.88 million in recovered assets linked to former Petroleum Minister Diezani Alison-Madueke from the United States. The Attorney-General and Minister of Justice, Lateef Fagbemi, announced this during the asset agreement signing ceremony in Abuja on Friday.

Fagbemi revealed that $50 million of the funds would be allocated through the World Bank for rural electrification projects, while the remaining $2 million would go to the International Institute of Justice to enhance the justice system and combat corruption.

Fagbemi emphasized that the return of these assets is a significant achievement in the ongoing collaboration between Nigeria and the United States to fight corruption and promote the rule of law. He also highlighted it as an important step by President Bola Tinubu in tackling corruption.

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In his remarks, U.S. Ambassador to Nigeria, Richard Mills, urged the Ministry of Justice to effectively monitor and utilize the recovered funds to ensure they benefit Nigerians.