Governance

FG Confirms Return of Over $110 Million Assets from Various Countries

By Tanimu Salihu

Minister of Justice and Attorney General of the Federation, Prince Lateef Fagbemi has confirmed the return of over 110 million dollars in assets recovered from various countries.

Prince Fagbemi made this known during a budget defence session with the House of Representatives Committee on Justice.

The minister explained that the ministry has developed a template for most of the agreements and sharing it with some of the state governments in order to help them review contracts.

While speaking on the judgment obtained against the government, Prince Fagbemi recalled that in the “popular case of P&ID”, there were so many issues involved including engaging lawyers that were not up to the task. 

Mr Fagbemi pointed out that state governments are at liberty to engage in foreign transactions, however, he noted that the sub-national governments are not recognized in case there is arbitration, stressing that it is the national government that takes such responsibilities.

The chairman of the House Committee on Justice, Olumide Osoba, who expressed displeasure about the failure of the minister to give a breakdown of the fund including the 52.88 million dollars recovered assets linked to a former Minister of Petroleum Resources, also frowned at the failure of the ministry to provide details on the utilisation of the 4.7 billion naira reportedly spent on legal services.

The committee also accused the ministry of usurping the powers of the parliament for re-appropriating the approved funds for the 2024 fiscal year for other purposes not approved by it without due process.

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