…reaffirms commitment to transparency, anti-corruption
President Bola Ahmed Tinubu has announced sweeping reforms to Nigeria’s asset recovery system, reinforcing his administration’s commitment to fighting corruption and ensuring stolen public wealth is returned to serve the nation’s development goals.
Speaking on Tuesday at the Asset Recovery Summit in Abuja, themed “Synergizing Towards an Effective Assets Recovery and Management,” President Tinubu said government will act decisively, with courage and unity of purpose to tackle corruption effectively and deprive criminals the proceed of their crimes.
In a message to the summit, through the Permanent Secretary, Office of the Secretary to the Government of the Federation, Mr Nadungu Gagare, President Tinubu assured that his administration is committed to aggressively pursue the recovery of stolen assets, ensuring that every looted fund is returned to the Nigerian people.
“Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption, enforce transparency and accountability and hold perpetrators accountable for their actions and ensure that justice is served, no matter whose ox is gored.
“Our resolve as a government to fight corruption is unwavering and unshakable band we implore you all to join in this journey to rid the society of corruption”, the President stated.
He unveiled two major initiatives aimed at boosting transparency and accountability in asset recovery. They are, the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024, which establishes a technology-driven, streamlined system to efficiently manage forfeited assets.
The second initiative was the National Central Database of Forfeited and Recovered Assets – Created under Section 81(1) of the Proceeds of Crime (Recovery and Management) Act, 2022, which will house records of recovered assets and concluded recovery efforts. It will be accessible to the public, allowing for greater transparency and citizen oversight.
President Tinubu emphasized that technology and innovation are critical to enhancing asset traceability, preventing concealment of illicit funds, and facilitating cross-border cooperation.
The President also commended Nigeria’s ongoing collaboration with international partners including the United States, United Kingdom, Switzerland, France, Ireland, the Bailiwick of Jersey, and others, which have played a crucial role in the repatriation of looted funds.
The summit, the President said marks another critical step in the national journey to strengthen governance, combat
corruption, and ensure
sustainable development for the
nation.
He said, corruption weakens institutions, erodes trust in governance, and deprives people, especially the most vulnerable of the services and opportunities they
deserve, adding that, “Asset recovery, therefore, is a vital tool in our anti-corruption strategy. It is not merely a legal or procedural
exercise it is a moral obligation. Recovering stolen public funds and channeling them towards
developmental needs represents both justice and restitution”.
The President said, asset recovery sends a clear and unwavering message that, there will be
no safe haven for corruption in Nigeria, it serves as a deterrent, a symbol of accountability, and a practical tool to rebuild national confidence in public institutions.
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In line with the Global Forum on Asset Recovery (GFAR) Principles, he said, Nigeria will continue to engage civil society organizations in monitoring the utilization of recovered assets to ensure
inclusivity, transparency, and public ownership of the asset recovery
process.
Earlier in his speech, the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN said, the Federal Government is resolute in its pursuit of transparency, accountability, and the rule of law, recognizing that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth.
The AGF said, asset recovery is a fundamental pillar in the collective fight against corruption, economic crimes, and illicit financial flows that undermine national development, which he said, serves as a deterrent and also deprives criminals of the benefit of their criminal act.
He disclosed that, Nigeria has made remarkable strides in asset recovery, both domestically and internationally in the past couple of years.
Fagbemi said, “In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts.
“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets. The National Drug Law Enforcement Agency (NDLEA) has equally intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.
“It is pertinent to state that from 2017 to date, the Federal Ministry of Justice working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), was able to facilitate the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000 USD and £6,472,610 GBP.
“Of these sums, a total of $102.88 million and £2, 062,000 GBP (Galactica Assets $52.88 million, Glencore Fined $50 million, Useni/Miner GBP 2,062,000) was recovered from 2024 to date”, he said and added however that, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, with a view to finalizing their forfeiture and/or repatriation to Nigeria.
He disclosed that, mechanisms have been put in place to ensure the transparent utilization and management of the repatriated assets on specific identified critical infrastructure projects– with the participation of Civil Society Organizations (CSO) as independent monitors of the repatriated assets; engagement of independent auditors to regularly audit the repatriated assets accounts; setting up of a Project Monitoring Team comprising various stakeholders that meet quarterly (or as the case may be) to consider the progress of the projects and utilization of the repatriated assets; preparation, submission and publication of periodic project and audit reports in line with the executed agreements.
From 2017 to 2024, he said, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF) namely – the Lagos Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).
The conditional cash transfer project, the AGF said, was monitored by a coalition of CSOs led by ANEEJ, with reports published on its websites. On the other hand, the CSO that monitored the utilization of the recovered assets on the PIDF projects was CLEEN Foundation, with periodic reports published on its website.
Fagbemi said, part of the repatriated assets in question have also been earmarked for renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project and development of the Rule of Law and Counter-Terrorism Project.
The Federal Government, according to the AGF has implemented stringent measures to ensure that repatriated funds are utilized transparently and accountably.
“It is in line with the furtherance of transparency and accountability as to the status and management of recovered/repatriated assets, that the National Central Database of Forfeited Assets which is to be unveiled today alongside the Proceeds of Crime (Standardized Automated Asset Forfeiture Management System) Regulations 2024, was established and developed” he said.
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