Close to US$53 million (about N$1.01 billion) in alleged illicit funds recovered from Nigeria’s former oil minister Diezani Alison-Madueke, amongst others, might be used to fund public companies, the nation’s justice ministry says.

The cash is being despatched again to Nigeria from the United States (US), whose authorities allege that Alison-Madueke enriched herself, and others, whereas main Nigeria’s state oil agency by awarding contracts in change for bribes.

The US alleged that the cash was then used to purchase a 65-metre superyacht referred to as the ‘Galactica Star’, together with a number of luxurious properties in California and New York.

Alison-Madueke (64) has at all times denied all allegations of wrongdoing. Her alleged ill-gotten good points are additionally underneath scrutiny within the United Kingdom, the place two years in the past she was charged with bribery offences together with presents of Louis Vuitton luxurious items, cost of personal college charges, and at the least US$127 000 (about N$2.4 million) in money.

A key determine within the administration of former president Goodluck Jonathan, she additionally served as the primary feminine president of the oil exporters group Opec.

Her time as Nigeria’s minister of petroleum sources started in 2010 and resulted in 2015.

She beforehand served as transport minister, and the minister for strong minerals and metal improvement.

The US Department of Justice introduced in 2023 the ultimate decision of two civil instances on the forfeiture of belongings that have been reportedly laundered in and thru the US by Alison-Madueke and her associates.

On Friday, the US and Nigeria confirmed that the sum of US$52.88 million could be repatriated to the West African nation.

This would be the first repatriation to Nigeria of belongings exterior the West African nation linked to Alison-Madueke, the Reuters information company studies.

Speaking on the formal signing ceremony within the Nigerian capital, Abuja, legal professional basic and minister of justice Lateef Fagbemi mentioned the return of the funds marks a big step within the ongoing efforts to fight corruption.

Fagbemi mentioned US$50m of the cash will undergo the World Bank to assist rural electrification tasks, and the remaining US$2.88 million might 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 necessity for accountability in addition to the cautious 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 mentioned.

In November 2022, the US authorities repatriated to Nigeria US$20.6 million (about N$393 million) in belongings allegedly stolen by former Nigerian army chief basic Sani Abacha.

Five years in the past, Washington transferred US$311.8 million (about N$5.9 billion) to the Nigerian authorities as a part of a earlier settlement to repatriate belongings that traced again to the Abacha regime. – BBC