Nigeria set to recover another N3.9bn (£2.1m) looted funds from Bailiwick of Jersey

Nigeria in the past has received looted funds recovered from the UK, the United States of America (USA), Switzerland, and other countries.

Lateef Fagbemi (SAN), The Attorney-General of the Federation and Minister of Justice,, disclosed this on Friday while 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.

“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.

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.

Nigeria in the past has received looted funds recovered from the UK, the United States of America (USA), Switzerland, and other countries.

During the General Abdulsalami Abubakar era in 1999, $750million was recovered while $1.2 billion was recovered in 2002; $149 million repatriated from Jersey Island, UK in 2003; $500 million recovered in 2004 from Switzerland, and another $458 million recovered in 2005 from Switzerland, all under former President Olusegun Obasanjo’s administration.

Former President Goodluck Jonathan’s administration also saw the recovery of $1 billion in 2012 and $380 million in 2015 respectively, both tranches from Switzerland.

Similarly, Liechtenstein and the United States repatriated $227 million and $48 million respectively in 2014 during Jonathan’s administration.

In 2020, during the administration of President Muhammadu Buhari, $311 million Abacha loot was repatriated to Nigeria from the United States and the Bailiwick of Jersey.

The Buhari government also received N9.69bn ($23m) of looted from the US in August 2022.

The government of Tinubu in November 2023  fresh N118.2bn ($150m) looted by late General Sani Abacha from France.