The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu’s administration to disclose the full details of a recent agreement with the United States concerning $52.88 million in recovered assets linked to former Petroleum Minister Diezani Alison-Madueke.
Earlier today, the federal government announced the receipt of $52.88 million from the United States, classified as “recovered assets” from Alison-Madueke.
Justice Minister Lateef Fagbemi revealed that $50 million of the funds would be channeled through the World Bank to support rural electrification projects.
The remaining $2 million, he added, would be allocated to the International Institute of Justice to combat corruption and strengthen the justice system.
“This agreement underscores our commitment to ensuring recovered assets are transparently and effectively utilized for public benefit,” Fagbemi said during the signing ceremony in Abuja on Friday.
The agreement represents another development in the controversy surrounding Alison-Madueke, who served as petroleum minister during President Goodluck Jonathan’s administration.
Alison-Madueke has faced multiple allegations of financial misconduct. In 2013, then-Central Bank Governor Sanusi Lamido Sanusi accused her of overseeing the unremitted transfer of $20 billion in funds from the Nigerian National Petroleum Corporation (now Nigerian National Petroleum Company Limited). She has also been accused of money laundering and awarding contracts without due process during her tenure.
In 2023, the U.S. Department of Justice announced the recovery of $53 million in bribes allegedly paid to Alison-Madueke by Nigerian businessmen Kolawole Aluko and Olajide Omokore. These bribes were reportedly in exchange for her influence in directing lucrative oil contracts to their companies.
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Although Alison-Madueke fled Nigeria as Jonathan’s administration ended, efforts to extradite her have repeatedly stalled. Nonetheless, some of her properties within Nigeria have been forfeited to the federal government.
SERAP is demanding transparency, asserting that Nigerians deserve to know the terms and intended use of the recovered assets.
“The public has the right to know how these funds will be spent,” SERAP said in a statement. “Without full disclosure, this deal risks further undermining public trust.”
“This is a critical moment for accountability in Nigeria,” SERAP added, urging the Tinubu administration to demonstrate its commitment to openness and good governance,” SERAP noted.