The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), announced on Friday that Nigeria is poised to receive approximately £2.1 million in corruption proceeds from the Bailiwick of Jersey.
Fagbemi disclosed this during a sectoral ministerial press briefing in Abuja, highlighting the government’s commitment to combating corruption and utilizing retrieved funds for national development projects.
“In line with the cardinal principle of the present administration in the fight against corruption, the proceeds have been approved by the president to be used for the continuation of works on the Abuja-Kano Road project,” Fagbemi stated.
He elaborated on the recent successes in international asset recovery efforts, citing the Asset Sharing Agreement signed between Nigeria and the Bailiwick of Jersey in February 2024 for the return of £2,125,944 in corruption proceeds.
Regarding another development, Fagbemi addressed the Glencore Settlement, stating, “The ministry on behalf of the Federal Republic of Nigeria concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of $50 million as penalty and compensation for certain activities in Nigeria.”
Furthermore, Fagbemi shed light on the Development of the Proceeds of Crime (Recovery and Management) Regulation, 2024, emphasizing its objective to ensure transparency, accountability, and standardization in asset management practices.
He indicated that the document is undergoing finalization for validation.
In addition to asset recovery efforts, Fagbemi underscored the ministry’s proactive approach to legal matters, emphasizing the importance of strategic measures to prevent litigation and save the country from potential debt liabilities.
He highlighted that the ministry handled a total of 625 cases brought against the president, Federal Government, and its agencies, and responded to 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 concluded.
