$50m in alleged stolen funds returned to Nigeria
The funds, recently returned to Nigeria by the United States, are part of assets allegedly acquired through corruption.
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Approximately $53 million (£43 million) in suspected illicit funds linked to Nigeria’s former oil minister, Diezani Alison-Madueke, will be directed towards public service projects, according to Nigeria’s justice ministry.
The funds, recently returned to Nigeria by the United States, are part of assets allegedly acquired through corruption. US authorities claim that Alison-Madueke, during her tenure as head of Nigeria’s state oil company, accepted bribes in exchange for awarding lucrative contracts. The money was reportedly used to purchase luxury items, including the 65-meter superyacht Galactica Star and high-end properties in California and New York.
Alison-Madueke, now 64, has consistently denied any wrongdoing. She is also facing scrutiny in the UK, where she was charged with bribery offenses in 2021. Allegations there include gifts of luxury goods, private school tuition payments, and at least $127,000 in cash.
A prominent figure during former President Goodluck Jonathan's administration, Alison-Madueke served as Nigeria's petroleum minister from 2010 to 2015. Before that, she held positions as the transport minister and minister for solid minerals and steel development. Notably, she was the first woman to serve as president of OPEC, the global oil producers' group.
The Galactica Star, one of the high-value items allegedly acquired with illicit funds, was photographed in Monaco in 2013. In 2023, the US Department of Justice announced the conclusion of civil cases involving the forfeiture of assets reportedly laundered through the US by Alison-Madueke and her associates.
On Friday, Nigeria and the US confirmed the repatriation of $52.88 million to Nigeria. This marks the first transfer of foreign-based assets linked to Alison-Madueke back to her home country, according to Reuters.
At a ceremony in Abuja, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, hailed the return of the funds as a critical step in the nation’s fight against corruption. He outlined plans for the funds, stating that $50 million would be funneled through the World Bank to support rural electrification projects, while $2.88 million would be allocated to the International Institute of Justice to strengthen Nigeria's justice system and promote anti-corruption efforts.
