On Friday, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), revealed that Nigeria will receive about £2.1m, in corruption proceeds from the Bailiwick of Jersey, News About Nigeria reports.
Fagbemi who made the revelation at the sectoral ministerial press briefing in Abuja, said President Bola Tinubu has approval for the corruption proceeds will be channelled towards the continuation of works on the Abuja-Kano Road project.
The Minister of Justice further noted that the asset sharing agreement between the Nigerian government was entered by the ministry on behalf of the Federal Republic of Nigeria on April 25, 2024.
Fagbemi said, “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. This has been approved by the President to be utilized for the continuation of works on the Abuja-Kano Road project.”
He further revealed that the Ministry is working towards ensuring that the funds and subsequent recovered assets are effectively used and the whole process is transparent and in line with global practices.
Fagbemi disclosed that the Ministry of Justice is working on the “Development of the Proceeds of Crime (Recovery and Management) Regulation, 2024 with relevant agencies to ensure transparency, accountability, and standardization in the management of recovered assets, in line with global best practices.”
He also stated that the document is being finalized for validation.
Meanwhile, speaking on litigation in the country, the AGF stated 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.
