FG Announces Recovery $110 Million In Assets From Various Countries
The Minister of Justice and Attorney General of the Federation (AGF), Chief Lateef Fagbemi, has announced the recovery of over $110 million in assets from various countries, including $52.88 million tied to former Petroleum Minister Diezani Alison-Madueke.
Speaking during the 2024 budget defence and 2025 proposal session with the House Committee on Justice, chaired by Hon. Olumide Osoba, Fagbemi highlighted efforts to develop standardized templates for agreements to assist state governments in mitigating risks associated with contract reviews.
Fagbemi emphasized lessons learned from the P&ID case, stressing the need to engage qualified legal experts with specialized skills for commercial transactions. He assured that measures are in place to ensure proper vetting of agreements and clarified that the national government remains responsible for arbitration involving subnational entities, with indemnity mechanisms in place for liabilities.
Hon. Osoba commended the ministry for achievements such as the Supreme Court ruling on local government autonomy and the legal victory in the P&ID case, which safeguarded national assets. However, he criticized the lack of transparency regarding the N4.7 billion reportedly spent on legal services and called for adherence to Nigerian laws in arbitration agreements.