The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced on Friday that Nigeria is set to receive approximately £2.1 million in recovered corruption proceeds from the Bailiwick of Jersey.
This disclosure was made during a sectoral ministerial press briefing held in Abuja.
Fagbemi emphasized that this recovery aligns with the current administration’s commitment to combating corruption.
He revealed that President Bola Tinubu has earmarked the recovered funds for the continuation of works on the critical Abuja-Kano Road project.
“The ministry achieved the following successes under its International Asset Recovery and Management efforts,” Fagbemi stated.
“The Asset Sharing Agreement between the Federal Republic of Nigeria and the Bailiwick of Jersey was signed in February 2024 for the return of £2,125,944 (Two Million, One Hundred and Twenty-Five Thousand, Nine Hundred and Forty-Four GBP) proceeds of corruption. This has been approved by the President to be utilized for the continuation of works on the Abuja-Kano Road project.”
In addition to this significant recovery, Fagbemi addressed the ministry’s recent settlement with Glencore International A.G.
“On behalf of the Federal Republic of Nigeria, the ministry concluded a Settlement Agreement with Glencore International A.G. on April 25, 2024. Glencore is expected to pay $50 million as a penalty and compensation for certain activities in Nigeria,” he said.
Fagbemi also highlighted the ongoing development of the Proceeds of Crime (Recovery and Management) Regulation, 2024. This regulation aims to ensure transparency, accountability, and standardization in the management of recovered assets, aligning with global best practices. “The document is being finalized for validation,” he noted.
The Attorney-General stressed that an effective justice system is measured not only by the number of cases successfully resolved but also by the strategic measures taken to avoid litigation. By employing a combination of effective defense strategies, arbitration, mediation, and diligent prosecution of appeal cases, the ministry has saved Nigeria from significant debt liabilities.
“In the reporting period, a total of 625 cases instituted against the president, Federal Government, and its agencies, before states, Federal, and ECOWAS Courts were served and responded to by the ministry. The Ministry also received and treated 593 requests for legal advice and petitions from May 2023 to date. In all, the ministry obtained 235 judgments from May 2023 to date,” Fagbemi explained.
