Nigeria Reclaims $110 Million in Foreign Assets Amid Legal Reforms
On Tuesday, Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), confirmed the return of $110 million worth of assets that were recovered from various countries. During the 2025 budget proposal discussion with the House of Representatives’ Committee on Justice, Fagbemi revealed that while the fund’s breakdown, including the $52.88 million linked to former Petroleum Minister Diezani Alison-Madueke, was not disclosed, significant progress had been made in retrieving funds from abroad. He added that the ministry has developed a comprehensive template to streamline the review and sharing of agreements with sub-national governments to prevent future issues.
AGF Fagbemi Addresses Legal Challenges and Strengthens Future Arbitration Measures
The Attorney General took the opportunity to address concerns arising from Nigeria’s legal challenges, particularly the well-known P&ID case. Fagbemi acknowledged that past legal missteps, including engaging lawyers without the proper expertise, had contributed to costly outcomes. “We have learned from our experiences,” he said, underscoring the importance of appointing capable lawyers based on merit, rather than patronage. He emphasized that the government was working to ensure that only those with the necessary skills and experience would be entrusted with critical legal matters, especially in commercial transactions.
Minister Defends Legal Spending as Lawmakers Demand Accountability
During the review of the 2024 budget defense, Fagbemi also defended the Ministry’s legal expenditures, particularly the reported N4.7 billion spent on legal services. Lawmakers raised concerns over the lack of transparency regarding the allocation of these funds. The Chairman of the Committee, Olumide Osoba, commended the ministry’s efforts in securing judicial victories but also criticized the failure to provide clear details on the funds’ use. Fagbemi responded by asserting that the Ministry was dedicated to ensuring that any foreign entities engaged by Nigeria complied with the country’s laws, citing the impact of the Arbitration and Prosecution Act passed in 2023.
Landmark Legal Rulings and Financial Reforms: Nigeria’s Year of Judicial Wins
In his address, Olumide Osoba highlighted key judicial victories from the past year, which underscored the strength of Nigeria’s legal system. He cited the landmark Supreme Court ruling on Local Government Autonomy, which reinforced the financial independence of local governments. Additionally, he praised Nigeria’s success in quashing the unfavorable ruling in the P&ID case, a victory that protected the nation’s financial stability. These decisions, Osoba noted, demonstrated the country’s commitment to upholding justice and safeguarding its economic interests.
