WASHINGTON, USA – U.S. Deputy Secretary of State Kurt Campbell has lauded the Nigerian government for its efforts in securing the repatriation of $52.88 million in assets linked to forfeited luxury properties, including the Galactica Star superyacht.
The funds, recovered from Nigeria’s former Petroleum Minister Diezani Alison-Madueke, mark a significant step in the country’s anti-corruption initiatives.
The commendation was delivered through Nigeria’s Ministry of Foreign Affairs during a valedictory telephone call between Campbell and Nigerian Minister of Foreign Affairs Yusuf Tuggar.
The conversation addressed bilateral ties and opportunities for future collaboration, particularly in leveraging technology and renewable energy.
Fighting Corruption and Strengthening Bilateral Ties
Campbell praised Nigeria’s commitment to fighting corruption and underscored the significance of the successful recovery negotiations.
“The repatriation demonstrates Nigeria’s readiness to combat corruption and sets an example for international cooperation,” Campbell stated.
Minister Tuggar expressed gratitude for Campbell’s efforts, emphasizing the importance of Nigeria-U.S. collaboration in promoting transparency and accountability.
Reinvestment of Repatriated Funds
Tuggar revealed that the recovered funds would be allocated to the Distributed Access Through Renewable Energy Scale-Up project, managed by the Rural Electrification Agency (REA).
This initiative aims to expand access to electricity for underserved communities in Nigeria.
He also highlighted Nigeria’s energy transition plans, including the ambitious African Atlantic Gas Pipeline, which spans 15 African nations.
The project, he noted, would not only bolster regional energy supply but also support emerging sectors like cryptocurrency and data mining.
“Nigeria’s robust gas energy transition plans have the potential to provide the requisite energy supply for crypto players and data miners. This has great potential, and we are counting on allies like the United States and Morocco to help realize these ambitions,” Tuggar stated.
Broader Implications
The repatriation underscores a renewed focus on strong values and cooperation between Nigeria and the United States.
Both nations are exploring ways to strengthen their partnership, particularly in technology and energy, which hold the potential for transformative economic growth.
As Tuggar noted, “Nigeria and the United States are going back to basics, back to strong values, and this is something we can build upon.”
Full Text of Press Statement
The following is the text of a joint statement by the Governments of Nigeria and the United States.
The U.S. Government and the Federal Government of Nigeria are pleased to announce an agreement to promptly repatriate approximately $52.88 million in forfeited corruption proceeds. These funds were forfeited to the United States as part of the Kleptocracy Asset Recovery Initiative of the U.S. Department of Justice. This marks a significant milestone in the ongoing collaboration between Nigeria and the United States to combat corruption and recover misappropriated assets.
Through court proceedings ending in 2023, the U.S. Department of Justice’s Money Laundering and Asset Recovery Section, the Federal Bureau of Investigation’s International Corruption Unit, and the Internal Revenue Service – Criminal Investigation successfully forfeited various high-value assets, including the superyacht Galactica Star and prime real estate in California and New York. The forfeited assets had been illegally acquired using funds linked to money laundering and a conspiracy to bribe former Petroleum Resources Minister Diezani Alison-Madueke. Nigerian authorities played a vital role by providing substantial assistance to the U.S. investigation.
Both nations emphasize the importance of responsible and effective use of these funds, incorporating mechanisms to ensure transparency and accountability. Under the agreement signed today, the recovered funds will be used to finance electrification projects in Nigeria and international efforts to combat terrorism.
The U.S. Government remains steadfast in its commitment to combatting corruption and money laundering.
Similarly, the Federal Government of Nigeria remains dedicated to promoting accountability and good governance, underscoring the importance of international cooperation in the fight against corruption.
The repatriated assets signify a shared investment in Nigeria’s development, strengthening the enduring partnership between the two nations. Both governments reiterate their commitment to transparency and the responsible use of recovered assets to benefit the Nigerian people.
