FG Recovers Over $110 Million Through International Asset Recovery Initiatives
The Federal Government of Nigeria has confirmed the recovery of over $110 million in assets through international asset recovery initiatives, the Attorney General of the Federation (AGF) and Minister of Justice, Chief Lateef Fagbemi, announced on Tuesday.
During a budget defense session with the House of Representatives’ Committee on Justice, chaired by Hon. Olumide Osoba, Chief Fagbemi shared updates on the recovered funds but did not provide a detailed breakdown, including the $52.88 million linked to former Petroleum Minister Diezani Alison-Madueke.
Chief Fagbemi disclosed that the Ministry has introduced a standard template to assist state governments in reviewing contracts and mitigating risks associated with poorly negotiated agreements. Citing the P&ID case as a cautionary example, he stressed the importance of engaging qualified legal professionals for commercial transactions.
“Some transactions should not be entrusted to friends or lawyers simply due to patronage,” Fagbemi stated. “We now ensure that legal counsel is vetted for competence, focusing on relevant expertise rather than affiliations.”
Addressing arbitration proceedings, Chief Fagbemi noted that while sub-national governments can engage in foreign transactions, they are not recognized in international arbitration. “The Federal Government assumes responsibility but can recoup costs through deductions from state allocations during FAAC disbursements if indemnity agreements are breached,” he explained.
Hon. Olumide Osoba commended the Ministry for recent judicial successes, including the Supreme Court’s ruling affirming local government autonomy and Nigeria’s legal victory in the P&ID case, which safeguarded national assets and economic stability.
“These outcomes underscore the robustness of our legal system and the government’s commitment to justice and rule of law,” Osoba remarked.
Despite these accomplishments, lawmakers expressed concerns over the Ministry’s lack of transparency regarding the N4.7 billion reportedly spent on legal services. Hon. Osoba emphasized the importance of ensuring compliance with Nigerian laws, particularly in arbitration, citing the Arbitration and Prosecution Act of 2023 as a step toward strengthening Nigeria’s legal framework.
Additionally, the Ministry faced criticism for reallocating funds approved for the 2024 fiscal year without following due process. Lawmakers called for stricter adherence to budgetary guidelines to ensure accountability.
Chief Fagbemi assured the Committee that measures are being implemented to enhance oversight, prevent contractual risks, and uphold Nigeria’s legal and financial interests.
