President Bola Tinubu has reaffirmed his administration’s zero-tolerance stance on corruption, vowing that looted public funds will be recovered and redirected toward national development.
He declared that corruption will find no refuge under his watch.
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, Permanent Secretary in the Office of the Secretary to the Government of the Federation—underscored asset recovery as a cornerstone of Nigeria’s anti-corruption drive.
“Asset recovery sends a clear and unwavering message: there will be no safe haven for corruption in Nigeria.
“It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good,” the president said.
He lamented how corruption had crippled sectors like education, healthcare, and infrastructure, and stressed that repatriated funds must be channeled into rebuilding trust and achieving equity.
According to Tinubu, transparency in asset use is now a national policy priority. He highlighted ongoing reinvestments into projects such as the Lagos–Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, and rural electrification initiatives.
At the summit, Tinubu launched two major anti-corruption tools.
Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024– a tech-based framework for tracking and managing seized assets.
National Central Database of Forfeited and Recovered Asset – a publicly accessible platform established under Section 81(1) of the Proceeds of Crime (Recovery and Management) Act, 2022, to document all concluded forfeiture cases.
“These reforms are meant to ensure public oversight and foster transparency.
“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 declared.
He also thanked international allies—namely the United States, United Kingdom, Ireland, Switzerland, France, and the Bailiwick of Jersey—for their support in repatriating stolen assets, while urging deeper collaboration to speed up the return of pending recoveries.
Also addressing the summit, Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), reinforced the government’s commitment to transparency and the rule of law.
Fagbemi disclosed that in 2024 alone, the Economic and Financial Crimes Commission (EFCC) recovered over N248 billion, \$105 million, and 753 duplexes.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) retrieved N29.7 billion and $966,900.
Since 2017, international partnerships have facilitated the recovery of more than $763 million and £6.4 million, including \$102.8 million and £2.06 million between January and May 2024.
Notable asset recoveries include: $52.8 million from Galactica Assets,
$50 million in fines from Glencore, £2.06 million from Useni/Miner.
These funds, Fagbemi noted, have been invested in conditional cash transfers, rural electrification, healthcare centers, and key infrastructure via the Presidential Infrastructure Development Fund. Civil society groups like ANEEJ and CLEEN Foundation have been instrumental in tracking the deployment of these assets and publishing periodic audits.
He also mandated agencies under the Proceeds of Crime Act to submit monthly updates to the National Central Database, ensuring continued accountability.
Acknowledging challenges such as cross-border legal complexities, Fagbemi called for greater global cooperation and steadfast 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 said.
