Nigeria recovers $52.88m assets linked to former Minister, Diezani

The Nigerian government has recovered $52.88 million worth assets linked to Diezani Alison-Madueke, a former Minister of Petroleum.

The assets, known as Galactica assets, were returned by the United States government on Thursday.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, made the announcement at a formal signing ceremony of the asset agreement between Nigeria and the US in Abuja on Friday.

According to Fagbemi, the recovered funds will be utilized for development projects.

Specifically, $50 million will be deployed through the World Bank to support rural electrification projects, while the remaining $2.88 million will be allocated to the International Institute of Justice to enhance the justice system and counter corruption.

The return of these assets the Justice Minister said marks a significant milestone in the collaboration between Nigeria and the US to combat corruption and uphold the rule of law.

It also demonstrates President Bola Tinubu’s commitment to addressing corruption, he maintained.

Her corrupt file

Diezani Alison-Madueke’s tenure as Minister of Petroleum Resources was marked by numerous allegations of corruption.

One of the most notable cases was the alleged missing $20 billion in oil revenues from the Nigerian National Petroleum Corporation (NNPC).

The former Governor of the Central Bank of Nigeria, Lamido Sanusi, brought this to light in 2014, accusing Diezani Alison-Madueke of being involved in the disappearance of these funds.

The Economic and Financial Crimes Commission (EFCC) launched an investigation into allegations of corruption and bribery against Diezani Alison-Madueke in 2015.

The investigation was sparked by allegations that she had accepted bribes from oil companies in exchange for favorable treatment.

This was followed by the UK’s National Crime Agency (NCA) freezing assets worth £27 million ($35 million) belonging to Diezani Alison-Madueke in 2017, as part of a money laundering investigation.

She has faced several court cases and convictions related to corruption.

In 2018, she was charged with bribery and money laundering in a UK court, although the case was later adjourned indefinitely due to her absence.

In Nigeria, the EFCC charged her with 14 counts of money laundering and bribery in 2020.

The case is ongoing, and several of her associates have been convicted of corruption-related offenses.

The corruption allegations against her have had far-reaching implications, both domestically and internationally.

Nigeria’s reputation has been damaged, contributing to the country’s ranking as one of the most corrupt in the world.

The investigation and prosecution of Diezani Alison-Madueke have involved international cooperation, with countries like the UK and the US providing assistance.

The case has also highlighted the need for greater transparency and accountability in Nigeria’s oil industry.

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