Nigeria and the United States have signed an agreement to repatriate about $52.88-million in assets forfeited by a former Nigerian oil minister and associates, Nigerian Justice Minister Lateef Fagbemi said on Friday.
The agreement "concretises the repatriation of approximately $52.88-million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates," Fagbemi said in a statement.
The funds will be used to support rural electrification projects through the World Bank, with $50-million allocated to increasing access to renewable energy, Fagbemi said.
The remaining $2.88-million will be disbursed as a grant by Nigeria to the International Institute for Justice to support counter-terrorism capacity across Africa, he said.
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