US to Return $50 Million in Stolen Funds to Nigeria Linked to Diezani Alison-Madueke
Alison-Madueke, 64, has consistently denied all allegations of wrongdoing. Her finances are also under investigation in the UK, where she was charged two years ago with bribery offenses
According to the Nigerian justice ministry, approximately $53 million in alleged illicit funds recovered from Nigeria’s former oil minister Diezani Alison-Madueke and others will be allocated for public services.
This money is being repatriated to Nigeria from the US, where authorities claim that Alison-Madueke enriched herself and others by awarding contracts in exchange for bribes during her tenure as head of Nigeria’s state oil firm.
The US alleges that the funds were used to purchase a 65-meter superyacht named the Galactica Star, along with several luxury properties in California and New York.
Alison-Madueke, 64, has consistently denied all allegations of wrongdoing. Her finances are also under investigation in the UK, where she was charged two years ago with bribery offenses that include accepting gifts of Louis Vuitton luxury items, payment of private school fees, and at least $127,000 in cash.
A prominent figure in the administration of former President Goodluck Jonathan, she was the first female president of the Organization of the Petroleum Exporting Countries (OPEC). Alison-Madueke served as Nigeria’s Minister of Petroleum Resources from 2010 to 2015, having previously held positions as Minister of Transport and Minister for Solid Minerals and Steel Development.
In 2023, the US Department of Justice announced the final resolution of two civil cases regarding the forfeiture of assets that were reportedly laundered in and through the US by Alison-Madueke and her associates. On Friday, both the US and Nigeria confirmed that $52.88 million would be repatriated to Nigeria, marking the first return of assets linked to Alison-Madueke from outside the West African country, according to Reuters.
At the formal signing ceremony in Nigeria’s capital, Abuja, Attorney-General and Minister of Justice Lateef Fagbemi stated that the return of the funds represents a significant step forward in the ongoing efforts to combat corruption.
According to Fagbemi, $50m of the money will go through the World Bank to support rural electrification projects, and the remaining $2.88m will be directed to the International Institute of Justice to strengthen the justice system and promote anti-corruption efforts.
Meanwhile the US Ambassador to Nigeria, Richard Mills, has emphasised the need for accountability as well as the careful monitoring of the returned funds.
“The ministry of justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians,” he said.
In November 2022, the US government repatriated to Nigeria, $20.6m in assets allegedly stolen by former Nigerian military leader Gen Sani Abacha.
Five years ago, Washington transferred $311.8m to the Nigerian government as part of a previous agreement to repatriate assets that traced back to the Abacha regime. Read More
