AGF announces recovery of over $110M in assets

Prince Lateef Fagbemi, the Attorney General of the Federation (AGF) and Minister of Justice, has attested to the recovery of assets worth more than $110 million from multiple nations.

He made this revelation on Tuesday when the Ministry’s 2024 budget defense and 2025 proposal were presented by the House of Representatives Committee on Justice, which is chaired by Hon. Olumide Osoba.

Fagbemi acknowledged the recovery but did not go into detail, except the $52.88 million in assets that the US government had recently retrieved that were connected to former Petroleum Resources Minister Diezani Alison-Madueke.

Fagbemi disclosed that in order to assist state governments in contract assessments, the Ministry has created templates that address problems that have previously resulted in risks and damages.

Citing the contentious Process and Industrial Developments (P&ID) case as an example, he pointed out previous errors, such as hiring unqualified legal counsel in well-known cases.

It has been expensive to hire attorneys only on the basis of patronage. We now place a higher priority on competency, making sure that attorneys possess the education and expertise needed for commercial arbitration,” he stated.

During the Federation Account Allocation Committee (FAAC) procedure, the Federal Government retains the right to deduct any ensuing obligations from state allocations, even if State Governments are free to engage in overseas transactions, the AGF emphasized.

Fagbemi promised that stronger measures are now in place to guarantee deals with foreign firms conform with Nigerian regulations in order to prevent future problems.

He emphasized how Nigeria’s legal position in arbitration has been strengthened by the 2023 Arbitration and Prosecution Act.

When conducting business here, foreign organizations are required to abide by our laws. They cannot prescribe arbitration rules and locations outside of Nigeria while taking use of our resources,” Fagbemi said.

Osoba praised the Ministry’s major accomplishments, such as the Supreme Court’s ruling on local government autonomy, which upheld local governments’ administrative and financial independence and prohibited state governors from arbitrary dissolutions or seizing funds.

He also praised the Ministry for winning the P&ID Case, stating that Nigeria’s assets and economic stability were preserved when the court decided to overturn the earlier ruling, sparing the country from significant financial obligations.

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“These results show our judiciary’s strength and dedication to justice and the rule of law,” Osoba said.

However, Osoba accused the Ministry of reallocating allocated funds without parliamentary consent and chastised it for not disclosing the N4.7 billion spent on legal services in 2024.

Legislators were reassured by Fagbemi that measures are being taken to improve openness and adherence to supervision.

In order to strengthen Nigeria’s legal system and economic stability, the Committee recommended the Ministry to prioritize reforms and increase accountability.