• 27 May, 2025
• Faith Kegh
• comments off

Tinubu Reaffirms Commitment to Anti-Corruption and Asset Recovery.

President

Bola Ahmed Tinubu has reaffirmed his administration’s dedication to fighting corruption and recovering stolen assets. Speaking at a summit in Abuja themed “Synergizing Towards an Effective Assets Recovery and Management, Tinubu emphasized the importance of transparency, accountability, and technological advancement in the anti-corruption drive.

Represented by Nadungu Gagare, Permanent Secretary in the Office of the Secretary to the Government of the Federation, the President stressed that economic crimes would be met with the full force of the law. He called on development partners to support Nigeria’s efforts in building a society where integrity prevails over impunity.

Tinubu announced two major initiatives:

1.   The Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024 – a tech-based system for managing forfeited assets.
2.   The National Central Database of Forfeited and Recovered Assets, under the Proceeds of Crime (Recovery and Management) Act, 2022 – a public-accessible platform to track recovered assets.

   Attorney General and Minister of Justice, Lateef Fagbemi, noted Nigeria’s progress in domestic and international asset recovery, with major agencies like EFCC, ICPC, NDLEA, and the Police contributing significantly. In 2024 alone, the EFCC recovered over ₦248 billion, \$105 million, and 753 duplexes. The ICPC recovered ₦29.7 billion and nearly \$1 million. Between 2017 and 2024, over \$763 million and £6.47 million were repatriated from countries including the U.S., UK, and Switzerland.

Recovered funds have been used for conditional cash transfers and critical infrastructure like the Lagos-Ibadan Expressway, the 2nd Niger Bridge, and the Abuja-Kano Road.

   Solicitor General, Beatrice Jedy-Agba, highlighted the need for stronger laws, improved processes, and public transparency in asset use. She advocated for empowering civil society and improving the whistleblower policy to ensure accountability.

    Juliet Ibekaku-Nwagwu, Executive Director of the African Centre for Governance, Asset Recovery and Sustainable Development, praised Nigeria’s leadership in asset recovery. She noted that Nigeria has also returned assets to countries like Canada, Spain, and the U.S., and continues to lead in implementing international anti-corruption standards.

Faith Kegh

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