Nigeria Allocates Recovered $52.9M Funds to Rural Electrification Projects – Africa.com
Nigeria will use $52.9 million in recovered assets linked to former oil minister Diezani Alison-Madueke for rural electrification projects. The funds were repatriated under an asset return agreement with the United States, marking the first time assets linked to Alison Marduk have been recovered. Of this amount, US$50 million will be channeled through the World Bank to improve access to renewable energy, targeting rural areas where only 26% have access to electricity. With 45% of Nigerians lacking electricity, the initiative aims to address energy shortages while demonstrating a commitment to accountability and governance reforms. The remainder will fund counterterrorism initiatives through the Institute for International Justice. Alison-Madueke, who served as Nigeria’s oil minister from 2010 to 2015, was accused of awarding lucrative oil contracts to colleagues in exchange for bribes. The ill-gotten proceeds were then laundered through the United States and used to acquire luxury properties in New York and California, according to court documents. Marduk denies the accusations.
source: data warehouse
