AGF Confirms Return Of $110m Assets From Various Countries

Minister of Justice and Attorney General of the Federation, AGF, Prince Lateef Fagbemi has confirmed the return of over $110 million assets recovery from various countries.

Prince Fagbemi who spoke during the review of the
2024 budget defence and 2025 budget proposal organized by the House of Representatives’ Committee on Justice chaired by Olumide Osoba, however did not give a breakdown of the fund including the $52.88 million recovered assets linked to former Minister of Petroleum Resources, Diezani Alison-Madueke, by the United States government.

He explained that the Ministry has developed a template for most of the agreements and sharing with some of the State Governments in order to help them to review contracts noting that it is where most of the damages and risks are.

While speaking on the judgement obtained against the government, he recalled that the “popular case of P&ID, noting that there were many issues involved including engaging lawyers that are not up to the task.

“We are trying our best to ensure that those we engage are those with certified advisory given to us during the P&ID case. That whatever you want to give cases out, you don’t do it out of patronage, we look at the competence of the counsel involved.

“For instance, the mere fact that you’re a constitutional lawyer in Nigeria does not make you a good commercial lawyer or an arbitrator offshore or even here, so this one we have taken care of.”

While noting that the State Governments are at liberty to engage in foreign transactions, he however noted that the sub-national governments are not recognized in case there is arbitration, stressing that it is the national government that takes such responsibilities.

According to him, back home, the Federal Government can subnational governments “to pay or indemnify the national government or if they don’t indemnify, there is an implied condition that you ask them to pay or you probably deduct it from what is due to them when you’re doing the usual FAAC allocation.”

In the bid to avert future occurrences, he assured that measures are being put in place to ensure that agreements are properly signed, adding that there are instances where the Ministry has declined from approving many agreements between foreign agencies

In his address, Osoba commended the Ministry for landmark achievements recorded so far.

Speaking during the review of the 2024 budget defence, Osoba frowned at the failure of the Ministry to provide details on the utilisation of N4.7 billion reportedly spent on legal services.

He explained that the Ministry is working to ensure that any entity working with Nigeria complies with the laws of Nigeria.

The lawmakers also accused the Ministry of usurping the powers of the Parliament for re-appropriating the approved funds for 2024 fiscal year for other purposes not approved by the Parliament without due process.

Oduyemi Odumade, Edited By Grace Namiji