The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, has introduced that from 2017 to 2024—a six-year interval—$659 million and £6.4 million in recovered funds have been channeled in direction of conditional money transfers and partly funded crucial infrastructure improvement throughout Nigeria.
Fagbemi disclosed this on Tuesday throughout his opening remarks on the Ministry’s Asset Restoration Summit in Abuja.
In accordance with him, Nigeria has made outstanding strides in asset restoration, each domestically and internationally, over the previous a number of years.
“From 2017 to 2024, $659,900,000 and £6,472,610 of recovered funds have been invested in conditional money transfers and to partially fund crucial infrastructure improvement below the Presidential Infrastructure Improvement Fund Tasks (PIDF), specifically the Lagos-Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Highway(AKR)”, he added.
He confused that the conditional money switch mission, as an example, was monitored by a coalition of civil society organizations (CSOs) led by ANEEJ, with studies printed on its web site.
He confused that the CSO that monitored the utilization of recovered belongings on the PIDF tasks was the CLEEN Foundation, which publishes periodic studies on its web site at www.assetmonitoring.org.ng.
Fagbemi defined that asset restoration is a basic pillar within the nation’s collective struggle in opposition to corruption, {economic} crimes, and illicit {financial} flows that undermine nationwide improvement.
“The Federal Authorities of Nigeria has remained resolute in its pursuit of transparency, accountability, and the rule of legislation, recognizing that the efficient restoration and administration of belongings are essential to restoring public belief and fostering sustainable {economic} progress”, he added.
“In 2024 alone, the {Economic} and {Financial} Crimes Fee (EFCC) reportedly reclaimed over N248 billion, $105 million, and 753 duplexes in its asset restoration efforts.
“The Impartial Corrupt Practices and Different Associated Offences Fee (ICPC) additionally reportedly recovered N29.685 billion in money and $966,900 in belongings.
“ The Nationwide Drug Regulation Enforcement Company (NDLEA) has intensified efforts to grab belongings linked to drug-related crimes, making certain that illicit proceeds don’t gasoline additional legal actions,” he added.
He added, nevertheless, that discussions and negotiations are nonetheless ongoing concerning another offshore belongings, with the purpose of finalizing their forfeiture and/or repatriation to Nigeria.
Fagbemi acknowledged that regardless of these achievements, challenges persist.
He emphasised the necessity to simplify the complexities of cross-border asset restoration whereas enhancing worldwide collaboration and transparency in asset administration throughout the board.
Recall that in January 2025, the AGF introduced that the Federal Authorities of Nigeria and the US Authorities had formalized an settlement for the repatriation of $52.88 million, proceeds from the forfeiture of belongings allegedly linked to former Petroleum Sources Minister Diezani Alison-Madueke and her associates.
Responding to the event on the time, Senior Advocate of Nigeria Mike Ozekhome alleged that the reported repatriation of $52.88 million, proceeds from the forfeiture of belongings linked to former Petroleum Sources Minister Diezani Alison-Madueke, was an try to tarnish her picture and repute.
