Former Petroleum Minister, Diezani Denies Ownership Of $52.8Million Loot Recovered From US

The recent recovery and repatriation of $52.88 million from the United States to Nigeria has reignited debates over the alleged involvement of Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, in corruption cases. While the Nigerian government has termed the assets as linked to her, Alison-Madueke, through her lawyer, Mike Ozekhome (SAN), has denied any association with the funds, labeling the allegations as baseless.

Key Developments:

1. Asset Recovery Announcement:
   • On January 10, 2025, the Attorney-General of the Federation, Lateef Fagbemi (SAN), announced the repatriation of $52.88 million connected to the sale of the yacht Galactica Star.
   • The funds are allocated to rural electrification projects ($50 million) and the International Institute of Justice ($2.88 million) to support anti-corruption and judicial reforms.
2. Diezani’s Denial:
   • In a statement titled “There is no such thing as Diezani Loot,” Ozekhome emphasized that the funds originated from Kola Aluko, a Nigerian oil magnate, and not his client.
   • The yacht Galactica Star, whose sale generated the recovered funds, was allegedly owned and forfeited by Aluko, with no connection to Alison-Madueke.
3. Clarifications on Contracts and Allegations:
   • Ozekhome argued that Alison-Madueke had no authority to award the controversial Strategic Alliance Agreements (SAAs) linked to Aluko’s Atlantic Energy, as she was not the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) at the time.
   • He condemned the continued labeling of the funds as “Diezani Loot,” calling it part of a pattern of vilification based on unsubstantiated claims.
4. Appeal for Fairness:
   • Alison-Madueke’s legal team has urged the public and media to avoid prejudging her, emphasizing the principle of fair hearing and ongoing court proceedings in the UK.

Broader Context:

Diezani Alison-Madueke, who served as Petroleum Minister from 2010 to 2015, has faced multiple corruption allegations since leaving office. Despite widespread public scrutiny, she maintains her innocence and contends that the accusations are politically motivated. The controversy over the recently repatriated funds highlights the broader challenges Nigeria faces in addressing corruption, ensuring accountability, and safeguarding the reputations of public officials.