The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced this during the formal signing ceremony of the asset recovery agreement between Nigeria and the U.S. in Abuja on Friday.
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Fagbemi explained that $50 million of the recovered assets will be allocated through the World Bank to support the rural electrification project, while the remaining $2 million will be directed to the International Institute of Justice to enhance the justice system and combat corruption.
He emphasized that the return of these assets represents a significant milestone in the ongoing partnership between Nigeria and the United States in fighting corruption and promoting the rule of law.
Fagbemi also noted that the event reflects President Bola Tinubu’s commitment to tackling corruption.
In his remarks, U.S. Ambassador to Nigeria, Richard Mills, stressed the importance of monitoring and effectively utilizing the recovered funds by the Ministry of Justice to ensure they benefit the Nigerian people.
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