The Federal Government of Nigeria has reached a significant milestone in its fight against corruption by signing an Asset Sharing Agreement with the Bailiwick of Jersey, paving the way for the return of £2.1 million in proceeds of corruption.
Attorney-General of the Federation, Lateef Fagbemi SAN, announced this while presenting the scorecard of his ministry as part of the activities commemorating the first anniversary of President Bola Tinubu’s administration.
According to Fagbemi, the signing of the agreement in February this year aligns with the core principle of the current administration’s anti-corruption crusade.
”President Tinubu has already approved the utilization of the recovered funds for the continuation of the Abuja-Kano Road project, demonstrating the government’s commitment to channelling retrieved assets towards national development,” he stated.
Fagbemi emphasized the critical role of an efficient justice delivery system in driving Nigeria’s economic growth and development, as well as ensuring the socio-economic well-being of its citizens.
He highlighted the ministry’s proactive approach to handling legal matters, which led to significant savings for the country by avoiding litigation.
The Attorney-General also cited a landmark decision in an arbitration case brought against Nigeria by Process and Industrial Development Limited (P&ID), where a UK commercial court set aside an arbitral award of over $11 billion, thereby saving the nation from potential financial catastrophe.
He underscored the importance of the case in shaping Nigeria’s Federal Contracts Administration System and serving as a deterrent against flawed contractual agreements tainted with fraud.
In addition to successes in international asset recovery efforts, including the Glencore Settlement, Fagbemi called attention to the ministry’s achievements in facilitating international cooperation on terrorism financing and transnational crimes.
”With 13 convictions in terrorism financing cases and 160 convictions for criminal offences, we have demonstrated commitment to combating corruption and ensuring national security,” he declared
”The Asset Sharing Agreement with Jersey marks a significant victory in Nigeria’s fight against corruption,” he added.
Recall that President Tinubu recently assured Nigerians of his unwavering commitment to safeguarding Nigeria’s national treasury from the clutches of corrupt individuals and criminal elements.
The president, however, acknowledged the retaliatory efforts of smugglers and beneficiaries of the erstwhile subsidy system he inherited from the Muhammadu Buhari administration.
Addressing grassroots leaders, he underscored the importance of citizens acquiring their National Identification Numbers (NIN) for effective planning and inclusion in relief initiatives.
President Tinubu reaffirmed his administration’s dedication to allocating resources to pivotal sectors for the welfare of Nigerians, adding that the nation’s treasury will not be misused.
