N1.8bn worth of stolen assets recovered, invested in key infrastructure — Malami
The Minister of Justice and Attorney General of the Federation, Mr Abubakar Malami (SAN) said in Abuja on Thursday that about N1.82 billion from the sale of forfeited properties.
Malami also hinted that most of the recovered funds were used in financing some critical infrastructure.
“Some of the recovered funds are being utilized in the financing of critical infrastructures including Abuja-Kano Expressway, Second Niger Bridge, and Lagos-Ibadan Expressway.
“Due to the concerted effort by my office in conjunction with relevant stakeholders, including the legislature, the President recently assented to Proceeds of Crime (Recovery and Management) Act 2022 (POCA) on 12th May 2022,” the Justice Minister said at the 18th edition of the President Muhammadu Buhari Administration scorecard series.
“I wish to state that POCA is the first legislation in Nigeria that comprehensively provides for mechanisms, processes and procedures for the tracing, restraint, seizure, confiscation, forfeiture and management of properties derived from unlawful activities.
“Its main objective is to take out the profits that incentivize and fund crime, with the ultimate aim of disrupting the cycle of crime and preventing future offences and corrupt practices.
“Using a combination of effective defence strategies to cases, including arbitration and mediation, as well as prosecution of appeals, the Ministry has succeeded in saving the country from huge avoidable debt liabilities.
“Diligent defences of these cases in the year 2022 alone saved the government from huge judgment debt liabilities to the tune of N142,458,343,888.52,” Malami also said.
According to him, the cases were handled by in-house State Counsel in the Ministry; and thus saved the Country from further liabilities that would have accrued from payment of external solicitors’ fees.
He said the Ministry is also coordinating the defence of a number of international arbitration proceedings commenced against the Federal Republic of Nigeria and other agencies.
They include arbitration initiated by Sunrise Power over the Mambilla Power Project, Eni and Shell over operational rights.
“We have also made appreciable progress in the actions being taken to challenge the arbitral award in the case of Process & Industrial Development.
“The hearing of the Federal Republic of Nigeria’s application to set aside the arbitral award will commence before the English Court shortly,” Malami added.
Malami lauded the symbiotic synergy between the Federal Ministry of Justice and other security and law enforcement agencies for the achievements of the Ministry.
“Furthermore, a robust interface has been developed between the office of the HAGF and law enforcement agencies for synergy and good working relationship in the area of arrest, investigations, as well as case management also as part of efforts to enhance prosecution of cases.”
On stolen funds recovered from other countries, Malami disclosed in compliance with the Presidential directive, the Ministry has recovered £6,324,627.66, £5,494,743.71 and $390,000,000 respectively from the various jurisdictions.
