January 11, 2025, Abuja - Nigeria's Attorney-General and Minister of Justice, Mr. Lateef Fagbemi, announced that approximately $50 million of the $52.88 million repatriated from the United States will be allocated to support Rural Electrification Projects in the country. This funding is part of an Asset Return Agreement linked to former Petroleum Resources Minister, Mrs. Diezani Alison-Madueke.
Fagbemi emphasized that the deployment of these funds will enhance the reliability and availability of renewable energy in Nigeria. He described the signing of the agreement as a significant commitment by President Bola Ahmed Tinubu to combat corruption and promote socio-economic development.
The agreement reflects the importance of international cooperation in addressing corruption and trans-border crimes, aligning with the United Nations Convention against Corruption (UNCAC) principles. The repatriated funds will be managed through the World Bank, with periodic reports on project implementation to ensure transparency and accountability.