By Charles Maduka
President Bola Tinubu has reaffirmed his administration’s firm stance against corruption, emphasizing that looted public funds will be recovered and that there will be no sanctuary for corrupt individuals in Nigeria.
Speaking at the Ministry of Justice Asset Recovery Summit in Abuja, Tinubu, represented by the Permanent Secretary in the Office of the Secretary to the Government of the Federation, Madugu Gagare, highlighted asset recovery as a central element of Nigeria’s anti-corruption drive.
He stressed that retrieving stolen public funds is about rebuilding public confidence and ensuring that national wealth benefits all citizens. According to him, transparency in managing recovered funds is now a national policy, with the money being redirected into key infrastructure projects such as the Lagos–Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, and rural electrification.
During the summit, Tinubu unveiled two major reforms: the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024, and the National Central Database of Forfeited and Recovered Assets. The former introduces a technology-based system to manage forfeited assets, while the latter will publicly document recovered assets and completed forfeiture cases.
He assured Nigerians that these initiatives aim to ensure public oversight and uphold accountability. He added that his administration will continue to strengthen anti-corruption agencies and pursue justice, regardless of whose interests are affected.
Tinubu also acknowledged the support of international partners including the United States, United Kingdom, Jersey, Ireland, Switzerland, and France in aiding the recovery and return of stolen assets. He appealed for ongoing cooperation to repatriate pending funds.
Also addressing the summit, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), reiterated the government’s commitment to transparency and the rule of law.
Fagbemi disclosed that in 2024, the Economic and Financial Crimes Commission recovered over N248 billion, \$105 million, and 753 duplexes. The Independent Corrupt Practices and Other Related Offences Commission also retrieved N29.7 billion and \$966,900 worth of assets.
He stated that since 2017, international efforts have resulted in the return of over \$763 million and £6.4 million, including significant recoveries between January and May 2024. These include \$52.8 million from Galactica Assets, \$50 million in fines from Glencore, and £2.06 million from the Useni/Miner case.
According to Fagbemi, the recovered funds have been channeled into conditional cash transfers, healthcare, rural electrification, and infrastructure projects through the Presidential Infrastructure Development Fund. He added that civil society organizations, including ANEEJ and the CLEEN Foundation, have been monitoring and auditing the deployment of these funds.
To enhance transparency, Fagbemi said agencies under the Proceeds of Crime Act are now required to submit monthly updates to the national asset database. He acknowledged ongoing challenges such as international legal complexities and urged for more innovation and dialogue to ensure recovered funds serve public interests in education, healthcare, and infrastructure.
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