Tinubu Reaffirms Commitment to Fighting Corruption, Launches New Asset Recovery Initiatives

 

President Bola Tinubu has reiterated his administration’s firm resolve to combat corruption and reclaim looted public assets, stating emphatically that "there will be no safe haven for corruption in Nigeria."

Speaking on Tuesday 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 at the Office of the Secretary to the Government of the Federation, emphasized that asset recovery remains a cornerstone of Nigeria’s anti-corruption efforts.

“Asset recovery sends a strong message—corruption will find no refuge in Nigeria. We are committed to restoring public trust and ensuring every kobo of recovered funds is used for the public good,” he declared.

The president condemned the harmful impact of corruption on national development, especially in critical sectors such as healthcare, education, and infrastructure. He stressed that recovered funds must be reinvested to rebuild trust and promote equitable growth.

Tinubu cited ongoing infrastructure projects—such as the Lagos–Ibadan Expressway, Second Niger Bridge, Abuja-Kano Expressway, and rural electrification—as examples of how repatriated funds are being transparently deployed.

To boost accountability, Tinubu unveiled two major initiatives:

• The Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024—a tech-based system for managing forfeited assets.

• The National Central Database of Forfeited and Recovered Assets—a publicly accessible registry established under Section 81(1) of the Proceeds of Crime Act, 2022, to document all recovered assets and concluded forfeiture cases.

“These initiatives are designed to enhance transparency and enable public oversight,” Tinubu said. “Our administration is committed to strengthening institutions, enforcing accountability, and ensuring that justice is done—regardless of status.”

He also expressed appreciation to global partners, including the U.S., U.K., Jersey, Ireland, Switzerland, and France, for their cooperation in asset repatriation, urging continued collaboration to expedite pending recoveries.

Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), also addressed the summit, affirming the government’s adherence to the rule of law and transparency in its anti-corruption drive.

Fagbemi disclosed that in 2024 alone:

• The Economic and Financial Crimes Commission (EFCC) recovered over ₦248 billion, $105 million, and 753 duplexes.

• The Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered ₦29.7 billion and $966,900.

Since 2017, international partnerships have led to the recovery of over $763 million and £6.4 million, including $102.8 million and £2.06 million between January and May 2024. Notable 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 redirected into impactful programs, including conditional cash transfers, rural electrification, healthcare, and infrastructure projects through the Presidential Infrastructure Development Fund.

He added that agencies under the Proceeds of Crime Act are now mandated to provide monthly updates to the national database on assets under their custody.

While progress has been made, Fagbemi highlighted persistent challenges such as cross-border legal complexities, the need for deeper international cooperation, and maintaining transparency throughout the asset recovery process.

“This summit is an opportunity to innovate. Let us ensure that recovered assets serve the people by being reinvested in education, healthcare, and infrastructure,” he concluded.

— Deborah Musa