President Bola Tinubu has restated his administration’s unwavering commitment to fighting corruption and recovering looted public funds, declaring that there will be no safe haven for corruption in Nigeria.
Tinubu made the declaration on Tuesday at the Ministry of Justice Asset Recovery Summit in Abuja with the theme “Synergising Towards an Effective Assets Recovery and Management”.
Tinubu, represented by the Permanent Secretary in the Office of the Secretary to the Government of the Federation, Madugu Gagare, said asset recovery was a key pillar of the national anti-corruption strategy.
[b]“Asset recovery sends a clear and unwavering message: there will be no safe haven for corruption in Nigeria,” the president said. “It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good.”[/b]
He lamented the detrimental effects of corruption on national development, particularly in health, education, and infrastructure, stressing that repatriated funds must be reinvested into critical sectors to rebuild trust and promote equity.
Tinubu noted that transparency in the use of recovered assets has become a deliberate national policy, with many funds redirected toward high-impact infrastructure projects including the Lagos–Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, and rural electrification schemes.
At the summit, Tinubu launched two key initiatives aimed at improving accountability in asset management.
The first is the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024, which introduces a technology-driven process to track and manage forfeited assets.
The second is the National Central Database of Forfeited and Recovered Assets, created under Section 81(1) of the Proceeds of Crime (Recovery and Management) Act, 2022.
This publicly accessible platform will record all recovered assets and concluded forfeiture cases.
“These reforms are meant to ensure public oversight and foster transparency,” he said, adding, “Our government will take deliberate steps to strengthen anti-corruption institutions, enforce accountability, and ensure that justice is served—no matter whose ox is gored.”
Tinubu also expressed gratitude to international partners—including the United States, United Kingdom, Bailiwick of Jersey, Ireland, Switzerland, and France—for their cooperation in the recovery and repatriation of stolen assets. He called for continued collaboration to fast-track the return of funds still pending repatriation.
Also speaking at the summit, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), said the government was fully committed to transparency and the rule of law in its anti-corruption crusade.
Fagbemi revealed that in 2024 alone, the Economic and Financial Crimes Commission recovered over N248bn, $105m, and 753 duplexes.
The Independent Corrupt Practices and Other Related Offences Commission also recovered N29.7bn and $966,900 in assets.
Since 2017, international cooperation has led to the recovery of over $763m and £6.4m, including $102.8m and £2.06m recovered between 2024 and May.
Notable recoveries include $52.8m from Galactica Assets, $50m in fines from Glencore, and £2.06m from Useni/Miner.
These assets, he said, have been reinvested into conditional cash transfers, healthcare centres, rural electrification, and key infrastructure projects under the Presidential Infrastructure Development Fund. Civil Society Organisations, including ANEEJ and the CLEEN Foundation, have been actively monitoring the use of recovered funds and publishing periodic audit reports to ensure accountability.
Fagbemi also announced that agencies listed under the Proceeds of Crime Act are now required to update the National Central Database monthly with records of assets under their control.
While acknowledging progress, the AGF pointed out challenges such as cross-border complexities, the need for deeper international collaboration, and the imperative of maintaining transparency.
“This summit offers a platform for dialogue and innovation. Let us ensure that recovered assets are not only reclaimed but also reinvested in education, healthcare, and infrastructure to directly benefit Nigerians,” he stated.
HCLEEN Foundation, have been actively monitoring the use of recovered funds and publishing periodic audit reports to ensure accountability.
Fagbemi also announced that agencies listed under the Proceeds of Crime Act are now required to update the National Central Database monthly with records of assets under their control.
While acknowledging progress, the AGF pointed out challenges such as cross-border complexities, the need for deeper international collaboration, and the imperative of maintaining transparency.
“This summit offers a platform for dialogue and innovation. Let us ensure that recovered assets are not only reclaimed but also reinvested in education, healthcare, and infrastructure to directly benefit Nigerians,” he stated.
