US GIVES BACK $50 MILLION IN

SUSPECTED STOLEN MONEY TO NIGERIA

In a surprising turn of events, nearly $53 million, or about £43 million, linked to Nigeria’s former oil minister, Diezani Alison-Madueke, is set to come back home. The Nigerian justice ministry has announced that this money, which is claimed to be illegally obtained, will help fund public services in the country.

This hefty sum is making its way back from the US, where authorities believe that Diezani made a fortune while managing Nigeria’s state oil company by cutting shady deals and accepting bribes to give out contracts. It’s said that some of this cash went towards splurging on a fancy superyacht called the Galactica Star, along with some stunning properties in California and New York.

Diezani, now 64, has consistently denied any wrongdoing, despite the serious accusations against her. The UK is also keeping a close eye on her finances, as she was charged two years ago with bribery for things like gifting luxury Louis Vuitton items and covering private school fees.

During her career, she was a significant player in the administration of former President Goodluck Jonathan and even made history as the first woman to lead the oil-exporting group Opec. Her stint as Nigeria’s Minister of Petroleum Resources lasted from 2010 to 2015, but she also held other key positions earlier on, including Minister of Transport and Minister for Solid Minerals and Steel Development.

In 2023, the US Department of Justice made some big news by wrapping up two cases about money that was allegedly cleaned through the US by Alison-Madueke and her team. On a recent Friday, both the US and Nigeria announced they’d be sending back nearly $52.88 million to Nigeria.

This is a big deal because it’s the first time Nigeria is getting back money tied to Alison-Madueke from outside its borders, according to Reuters. At a special ceremony in Abuja, Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, said this return of funds is a big step in the fight against corruption.

Fagbemi also shared that $50 million of this money will help boost rural electrification projects through the World Bank, while the remaining $2.88 million will be used by the International Institute of Justice to help strengthen Nigeria’s justice system and combat corruption. Also, US Ambassador to Nigeria, Richard Mills, highlighted the importance of keeping an eye on how this returned money is used to ensure accountability.

“The ministry of justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians,” he said

To wrap things up, let’s take a quick look back. In November 2022, the US returned a whopping $20.6 million to Nigeria. This money was linked to former military ruler, General Sani Abacha, who was known for his corrupt practices. But this isn’t the first time this kind of money has come back to Nigeria. Just five years earlier, the US had already sent over $311.8 million to the Nigerian government, continuing the effort to bring back funds that were misappropriated during Abacha’s time in power. It’s a step towards making things right and helping Nigeria recover som

e of what was lost.

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