Nigeria to receive £2.1m looted funds for Abuja-Kano Road Project from Bailiwick of Jersey

Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, announced on Friday that Nigeria is set to receive approximately £2.1 million in corruption proceeds from the Bailiwick of Jersey.

During a sectoral ministerial press briefing in Abuja, Fagbemi stated that, in line with the current administration’s commitment to combating corruption, President Bola Tinubu has approved the use of these funds for the ongoing Abuja-Kano Road project.

He elaborated, “The ministry has made significant progress in its International Asset Recovery and Management efforts. An Asset Sharing Agreement between Nigeria and the Bailiwick of Jersey was signed in February 2024, facilitating the return of £2,125,944 in corruption proceeds. These funds have been approved by the President for the continuation of the Abuja-Kano Road project.”

Addressing the Glencore Settlement, Fagbemi noted, “On April 25, 2024, the ministry finalized a Settlement Agreement with Glencore International A.G., under which Glencore will pay $50 million as a penalty and compensation for its activities in Nigeria.”

Fagbemi also discussed the Development of the Proceeds of Crime (Recovery and Management) Regulation, 2024, emphasizing that the regulation aims to ensure transparency, accountability, and standardization in managing recovered assets in line with global best practices. He mentioned that the document is being finalized for validation.

He highlighted that an effective justice system is measured by more than just the number of cases resolved, but also by strategic measures to avoid litigation. Through effective defense strategies, arbitration, mediation, and diligent prosecution of appeal cases, the ministry has saved the country from substantial debt liabilities.

“In the reporting period, the ministry handled 625 cases against the president, Federal Government, and its agencies in various courts, including state, Federal, and ECOWAS Courts. Additionally, the ministry processed 593 requests for legal advice and petitions from May 2023 to date, obtaining 235 judgments within this timeframe,” Fagbemi explained.