President Tinubu Assures Transparency In Assets Recovery, Repatriated Funds

In a bid to ensuring that all assets recovered within the country and repatriated are properly utilized, President Bola Ahmed Tinubu has assured the citizens of transparency and openness in the proper use of assets recovered from perpetrators of economic and financial crimes both within and abroad for national development.

President Tinubu who made the call at a summit in Abuja, on Assets Recovery titled “Synergizing Towards Effective Assets Recovery and Management” said proceeds of crimes standardized automated Assets forfeiture system regulations technology 2024 has been established to manage forfeited Assets efficiently.

The president who was represented by the Permanent Secretary on political and economic affairs, in the Office of the Secretary to Government of the Federation (OSGF) Mr Nadunga Gagare, said the National Central Database of forfeited Assets was also created in line with section 81 (1)of the proceeds of crimes recovery and Management Act 2022 aimed at informing the public ,on forfeited Assets to earn public trust.

“Our government will take deliberate steps to strengthening anti-corruption institutions and Policies in fight against corruption, enforce transparency and accountability to hold perpetrators accountable for their actions to ensuring that justice is served, no matter who is involved”.

The president commended  Nigeria’s ongoing collaboration with it’s international partners including the US, UK, Switzerland,France, Ireland, Bailiwick of Jersey and others who have played crucial roles in the repatriation of looted funds.

”Corruption weakens institutions, erodes public trust in governance and deprives people especially the most vulnerable of services and opportunity they deserve, as such assets recovery is a tool in anti-corruption strategy”.

In a remark, the Attorney General of the Federation and Minister of Justice, Prince Abdulateef Fagbemi said the Federal Government will remain resolute in it’s pursuit for transparency, accountability and rule of law, recognizing that effective recovery and Management of Assets are crucial to restoring public trust and fostering sustainable development as well as economic growth.

The AGF explained that in 2024 alone, the Ministry through it’s Assets Recovery and Management unit, Anti corruption and law enforcement agencies has reclaimed over Two Hundred and Eight Billion Naira, One hundred and Five million dollars  and 753 suplexes in it’s assets recovery effort’s.

“From 2017-2024 funds recovered from the asset’s repatriation were invested into the conditional cash transfer to fund critical infrastructural development, under the presidential infrastructural development fund projects (PIDF) which are the Lagos-Ibadan expressway, Abuja-Kano and rural electrification projects across the country”.

Fagbemi stressed that the Independent Corrupt Practice and other related offences  Commission (ICPC), is aso reported to have recovered 29.685 billion in cash and $966,900 in assets, adding that the NDLEA has equally intensify efforts to seizing assets linked to drug related crimes, ensuring that all illicit proceeds do not have further criminal activities.

Earlier, the Solicitor General of the Federation and Permanent Secretary, Ministry of Justice Beatrice Jedda- Agba said the summit provides an opportunity to access the challenges and foster legislative improvement that will fortify the national anti-corruption efforts.

“The fight against corruption and assets misappropriation, transcends borders and Nigeria has made giant strides in collaboration with global bodies like United Nations office on Drugs and Crime UNODC, INTERPOL, Financial Action Task Force (FATF) in tracking illicit financial flows, repatriation and enforcing international accountability mechanism” she added.

GARRY OCHIGBO