fight against corruption, economic crimes, and illicit financial flows. According to him, it serves as a deterrent and also deprives criminals of the benefit of their criminal act.
“The government has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognising that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth.
The minister said that in the past couple of years, Nigeria had made remarkable strides in asset recovery, both domestically and internationally.
“In 2024 alone, the Economic and Financial Crimes Commission is reported to have reclaimed over N248 billion, 105 million dollars, and 753 duplexes in its asset recovery efforts.
“The Independent Corrupt Practices and Other Related Offences Commission is also reported to have recovered N29,685 billion in cash and 966,900 dollars in assets.
“The National Drug Law Enforcement Agency has equally intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities. Nigeria has successfully repatriated significant funds from abroad, reinforcing our commitment to financial accountability.
“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, it is pertinent to state that from 2017 to date, the ministry, working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), was able to facilitate the execution of various agreements.
“This led to the payment of fines, recovery and repatriation of assets for $763,734,000, and 6,472,610 pounds. Of these sums, a total of 102.88 million dollars and 2,062,000 pounds (Galactica Assets 52.88 million dollars, Glencore Fined 50 million dollars, Useni/Miner 2,062,000 pounds) was recovered from 2024 to date,” he said.
He said that discussions and negotiations were still ongoing and pending with regard to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria.
The News Agency of Nigeria reports that representatives of the United States Ambassador to Nigeria, the British High Commissioner, as well as the Chairmen of EFCC, NDLEA, and NFIU, among others, also attended the summit. (NAN)
