President Bola Ahmed Tinubu has once again reiterated the determination of his administration to fight the monster of corruption bedeviling the country to a standstill.
Tinubu, who gave the reassurance on Tuesday
, at a one-day Asset Recovery Summit in Abuja, lamented that Nigeria has witnessed the devastating effects of corruption on healthcare, education, and infrastructure, among other sectors, adding that the consequences of misappropriated public funds were painfully evident.
While emphasising that corruption weakens institutions, erodes trust in governance, and deprives the people, especially the most vulnerable of the services and opportunities they deserve, he assured that his government would do everything to rid Nigeria of corruption, irrespective of whose ox is gored.
“I would like to reassure you all that my administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to the Nigerian people.
“Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption, enforce transparency and accountability, and hold perpetrators accountable for their actions and ensure that justice is served — no matter whose ox is gored.
“Our resolve as a government to fight corruption is unwavering and unshakeable, and we implore you all to join us in this journey to rid our society of corruption.”
He commended the organisers of the summit, describing the theme, “Synergising Towards Effective Assets Recovery and Management,” as very apt, as it marks another critical step in the nation’s journey to strengthen governance, combat corruption, and ensure sustainable development for the country.
The president noted that recovering stolen public funds and channeling them towards developmental needs represents both justice and restitution.
“It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good,” he added.
“Asset recovery sends a clear and unwavering message: there will be no safe haven for corruption in Nigeria. It serves as a deterrent, a symbol of accountability, and a practical tool to rebuild national confidence in public institutions,” he said further.
Tinubu stated that Nigeria, in recent times, had taken deliberate steps to institutionalise transparency in the use of recovered and repatriated assets, adding that the government has prioritised their use in financing critical infrastructure projects that impact the everyday lives of citizens.
“Notable among these are the Lagos- Ibadan Expressway, the Second Niger Bridge, the Abuja-Kano Expressway, and rural electrification programs.
These investments are symbolic of our promise to deliver dividends of democracy through integrity and accountability.
“Furthermore, in line with the Global Forum on Asset Recovery (GFAR) Principles, Nigeria continues to engage civil society organisations in monitoring the utilisation of recovered assets. This approach ensures inclusivity, transparency, and public ownership of the asset recovery process. Periodic audits and public reporting have helped institutionalise accountability and build confidence”, he added.
Earlier, the Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, noted that Nigeria has made remarkable strides in asset recovery, both domestically and internationally of recent.
Fagbemi claimed that the Federal Ministry of Justice (through its Assets Recovery & Management Unit), Anti-Corruption and Law Enforcement Agencies (the EFCC, ICPC, NDLEA, NFIU, Police), and some other relevant organisations actively involved in the recovery of assets, have performed creditably very well in the discharge of their mandates.
The achievements, the AGF noted, have led to successful recoveries and repatriations of assets or proceeds of crime, from both within and outside Nigeria.
“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets.
“The National Drug Law Enforcement Agency (NDLEA) 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”, he said.
Fagbemi further claimed that in the area of international recovery and repatriation of assets, the Federal Ministry of Justice,since 2017 to date, was able to facilitate the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000 and £6,472,610.
He added that out of this amount, a total of $102.88 million and £2, 062,000, (Galactica Assets $52.88 million, Glencore Fined $50 million, Useni/Miner GBP 2,062,000) was recovered from 2024 to date.
“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, to finalise their forfeiture and/or repatriation to Nigeria,” he added.
The minister disclosed that between 2017 to 2024 $659,900,000 and £6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure development fund Projects (PIDF) namely – the Lagos Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).
Alex Enumah
Follow us on:
