President Bola Tinubu has reaffirmed his administration’s strong commitment to combating corruption and recovering misappropriated public funds, stating that there will be no safe haven for corruption in Nigeria.
Speaking at the Ministry of Justice Asset Recovery Summit in Abuja, themed “Synergising Towards an Effective Assets Recovery and Management,” Tinubu, represented by Madugu Gagare, the Permanent Secretary in the Office of the Secretary to the Government, highlighted that asset recovery is a cornerstone of the national anti-corruption strategy.
“Asset recovery sends a clear message: there will be no safe haven for corruption in Nigeria,” he asserted. “It’s about restoring public trust and ensuring that every naira of our national wealth serves the common good.”
He pointed out the harmful effects of corruption on national progress, particularly in health, education, and infrastructure. Tinubu stressed that repatriated funds must be reinvested in vital sectors to rebuild trust and promote equity.
The president also noted that transparency in the use of recovered assets is now a national policy, with funds redirected toward impactful infrastructure projects such as the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, and rural electrification initiatives.
During the summit, Tinubu introduced two key initiatives to enhance accountability in asset management. The first is the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024, which implements a technology-driven approach to track and manage forfeited assets. The second is the National Central Database of Forfeited and Recovered Assets, established under the Proceeds of Crime (Recovery and Management) Act, 2022, which will publicly record all recovered assets and completed forfeiture cases.
“These reforms aim to ensure public oversight and foster transparency,” he said, adding that the government will take deliberate steps to strengthen anti-corruption institutions and enforce accountability, ensuring justice is served no matter the circumstances.
Tinubu expressed gratitude to international partners, including the U.S., U.K., and several European countries, for their collaboration in recovering stolen assets and called for continued cooperation to expedite the return of funds still pending repatriation.
Attorney General and Minister of Justice, Lateef Fagbemi (SAN), also addressed the summit, reiterating the government’s commitment to transparency and the rule of law in its anti-corruption efforts. He revealed that in 2024 alone, the Economic and Financial Crimes Commission recovered over N248 billion, $105 million, and 753 duplexes, while the Independent Corrupt Practices and Other Related Offences Commission recovered N29.7 billion and $966,900.
Since 2017, international cooperation has led to the recovery of over $763 million and £6.4 million, with notable recoveries including $52.8 million from Galactica Assets and $50 million from Glencore.
Fagbemi emphasized that these assets have been reinvested into crucial programs like conditional cash transfers and infrastructure projects under the Presidential Infrastructure Development Fund. Civil Society Organizations, such as ANEEJ and the CLEEN Foundation, are actively monitoring the use of these funds to ensure accountability.
He also announced that agencies under the Proceeds of Crime Act must now update the National Central Database monthly with records of assets they control. While acknowledging the progress made, he highlighted challenges such as cross-border complexities and the need for enhanced international collaboration.
“This summit serves as a platform for dialogue and innovation. Let’s ensure that recovered assets are not only reclaimed but also reinvested in education, healthcare, and infrastructure, benefiting all Nigerians,” he concluded.
