Launches New Asset Recovery System, Pledges Transparency in Recovered Funds Use
President Bola Tinubu has reaffirmed his administration’s commitment to fighting corruption, declaring that there will be no safe haven for looters in Nigeria. Speaking at the Ministry of Justice Asset Recovery Summit in Abuja on Tuesday, Tinubu, represented by Madugu Gagare, Permanent Secretary in the Office of the Secretary to the Government of the Federation, described asset recovery as a critical pillar of Nigeria’s anti-corruption strategy.
“Asset recovery sends a clear and unwavering message: there will be no safe haven for corruption in Nigeria. It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good,” Tinubu said.
The president lamented the impact of corruption on vital sectors like healthcare, education, and infrastructure, stressing the need to reinvest recovered funds into projects that directly benefit Nigerians, such as the Lagos–Ibadan Expressway, Second Niger Bridge, and rural electrification schemes.
Tinubu Unveils New Anti-Corruption Tools
Tinubu also launched two major reforms aimed at improving transparency in asset management:
- Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024—a technology-driven system for tracking and managing forfeited assets.
- National Central Database of Forfeited and Recovered Assets—a publicly accessible platform created under the Proceeds of Crime Act, 2022, to record and monitor all recovered assets and concluded forfeiture cases.
“These reforms are designed to foster transparency, public oversight, and accountability in the use of recovered assets,” Tinubu stated, adding that no one will be spared in the fight against corruption.
EFCC, ICPC Recover Billions in 2024
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), revealed that in 2024 alone:
- The Economic and Financial Crimes Commission (EFCC) recovered N248 billion, $105 million, and 753 duplexes.
- The Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered N29.7 billion and $966,900.
Fagbemi also disclosed that international collaboration has resulted in the recovery of over $763 million and £6.4 million since 2017, including $102.8 million and £2.06 million recovered between January and May 2024. Notable recoveries include $52.8 million from Galactica Assets, $50 million in fines from Glencore, and £2.06 million from Useni/Miner.
The recovered funds, he noted, have been reinvested into conditional cash transfers, healthcare centres, rural electrification, and key infrastructure projects.
Fagbemi further announced that agencies listed under the Proceeds of Crime Act must now update the National Central Database monthly with details of assets in their custody.
Challenges Remain
While acknowledging progress, Fagbemi highlighted ongoing challenges, including cross-border complexities, the need for deeper international cooperation, and the imperative of transparency.
“This summit offers a platform for dialogue and innovation. Let us ensure that recovered assets are not only reclaimed but also reinvested in education, healthcare, and infrastructure to directly benefit Nigerians,” Fagbemi urged.
President Tinubu also commended international partners such as the United States, United Kingdom, Switzerland, France, Bailiwick of Jersey, and Ireland for their support in asset recovery efforts, calling for continued collaboration to fast-track the return of funds still awaiting repatriation.
