Abuja, Nigeria – The Federal Government of Nigeria has formally taken possession of $52.88 million in recovered assets, reportedly linked to former Petroleum Minister Diezani Alison-Madueke. The funds were handed over by the United States during a signing ceremony held in Abuja on Friday, January 10.

The handover was confirmed by Attorney-General and Minister of Justice, Lateef Fagbemi, who described the recovery as part of ongoing efforts to strengthen Nigeria’s fight against corruption.

According to Fagbemi, $50 million of the funds will be directed toward a rural electrification project under the supervision of the World Bank, aiming to improve access to electricity in underserved communities. The remaining $2 million is set to be allocated to the International Institute of Justice, where it will be used to enhance Nigeria’s judicial system and anti-corruption initiatives.

“This marks a significant milestone in the partnership between Nigeria and the United States in combating corruption and upholding the rule of law,” Fagbemi stated during the event.

The recovered funds are part of broader international efforts to trace and repatriate assets linked to corruption cases. Diezani Alison-Madueke, who served as Petroleum Minister from 2010 to 2015, has faced multiple allegations of financial misconduct, though she has consistently denied any wrongdoing.

Observers view this development as a step forward in Nigeria’s efforts to reclaim misappropriated public funds, but questions remain about the effectiveness of managing and utilizing such recovered assets.

The funds’ allocation and implementation will likely be closely monitored to ensure they serve their intended purpose, especially as Nigeria continues its battle against corruption and economic challenges.