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Nigeria to receive £2.1m looted funds from Bailiwick of Jersey- AGF
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), on Friday, disclosed that Nigeria is set to receive about £2.1m, corruption proceeds from the Bailiwick of Jersey.
Speaking at the sectoral ministerial press briefing in Abuja, Fagbemi, said in line with the cardinal principle of the present administration in the fight against corruption, the proceeds have been approved by the president to be used for the continuation of works on the Abuja-Kano Road project.
He said, “The ministry achieved the following successes under its International Asset Recovery and Management efforts.
“The Asset Sharing Agreement between the Federal Republic of Nigeria and the Bailiwick of Jersey was signed in February 2024 for the return of £2,125,944 (Two Million, One Hundred and Twenty-Five Thousand, Nine Hundred and Forty-Four GBP) proceeds of corruption.
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“This has been approved by the President to be utilized for the continuation of works on the Abuja-Kano Road project”.
Addressing the Glencore Settlement, the minister said, “The ministry on behalf of the Federal Republic of Nigeria on April 25, 2024, concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of $50 million as penalty and compensation for certain activities in Nigeria”.
Speaking on the Development of the Proceeds of Crime (Recovery and Management) Regulation, 2024 by the ministry, he explained that the objective of the regulation ” is being developed with relevant agencies to ensure transparency, accountability, and standardization in the management of recovered assets, in line with global best practices.”
The document, he said, is being finalized for validation.
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Fagbemi noted that an effective justice system is measured not only by the number of cases successfully disposed of, but also by the strategic measures adopted to avoid litigation.
According to him, using a combination of effective defense strategies to cases, arbitration, mediation, and diligent prosecution of appeal cases, the ministry succeeded in saving the country from huge debt liabilities.
“In the reporting period, a total of 625 (Six Hundred and Twenty-Five) cases instituted against the president, Federal Government, and its agencies, before states, Federal and ECOWAS Court were served and responded to by the ministry.
“The Ministry also received and treated 593 requests for legal advice and petitions from May 2023 till date.
“In all, the ministry obtained 235 judgments from May 2023 to date”, he explained.