Nigeria to Receive Over $50M in Recovered Assets Linked to Ex-Petroleum Minister

Nigeria and the United States have reached a landmark agreement to repatriate $52.88 million in assets forfeited by former Nigerian Petroleum Minister Diezani Alison-Madueke and her associates.

This is the first time Nigeria will recover assets connected to the former minister from outside the country.

The U.S. began efforts in 2017 to seize $144 million in assets allegedly acquired through bribes paid to Alison-Madueke.

Two businessmen were accused of paying the bribes while she managed the state oil company, NNPC, from 2010 to 2015. Alison-Madueke, who was last known to be in Britain, has denied any wrongdoing.

According to Justice Minister Lateef Fagbemi, $50 million of the recovered money will be used for rural electrification projects through the World Bank, focusing on renewable energy. The remaining $2.88 million will support counter-terrorism efforts in Africa.

Recall in 2022, a Nigerian court ordered the final seizure of two properties and luxury cars owned by Alison-Madueke.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top

WAVN