Wednesday, July 24, 2024
HomenewsFG receives N1.8 billion from sales of forfeited assets, $390,000,000 from international...

FG receives N1.8 billion from sales of forfeited assets, $390,000,000 from international asset recoveries, Says Malami

Abubakar Malami SAN, Minister of Justice and Attorney General of the Federation, listed his department’s accomplishments over the previous seven and a half years on Thursday.

In a briefing to journalists titled President Muhammadu Buhari’s administration scorecard from 2015–2023, Malami noted the Federal Ministry of Justice had made outstanding progress while he was in charge.

According to him, the focus of the briefing was mostly on the Federal Ministry of Justice’s vision and goal, its policy framework, and how it fulfills its crucial tasks in advancing the government’s agenda for law and justice while cooperating with all arms and tiers of government.

Speaking on revenue generation, sale of forfeited assets, the AGF disclosed that a total sum of N1,823,788,146.86 (One Billion, Eight Hundred and Twenty Three Million, Seven Hundred & Eighty-Eight Thousand, One Hundred and Forty-Six Thousand naira, Eighty-Six kobo) has been generated so far by the Ministry, from the forfeited properties.

Similarly, on international asset recoveries, Malami said, “In compliance with Presidential mandates and foreign judicial processes, the Ministry has recovered total sums of £6,324,627.66 (Six Million, Three Hundred & Twenty-Four Thousand, Six Hundred & Twenty Seven Pounds, Sixty-Six Pence); €5,494,743.71 (Five Million, Four Hundred and Ninety-Four thousand, Seven Hundred and Forty-Three Euro, Seventy-One Cents); and $390,000,000 (Three Hundred and Ninety Million dollars) from various jurisdictions”.
Some of the recovered funds, he said, 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 AGF said.
He stated 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” Malami said.

In addition, the Justice Minister said that a total of 648 (Six Hundred and Forty-Eight) cases instituted against the President, Federal Government and its agencies, before States, Federal and ECOWAS Courts were served by the Ministry.

“The cases are at different stages of trial. 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 (One Hundred and Forty-Two Billion, Four Hundred and Fifty-Eight Million, Three Hundred & Forty-Three Thousand, Eight Hundred & Eighty-Eight Naira, Fifty-Two Kobo) and US$507,415,901.19 (Five Hundred & Seven Million, Four Hundred & Fifteen Thousand, Nine Hundred & One Dollars, Nineteen Cents)”.

These cases, Malami said, 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.

More so, Malami disclosed that his Ministry is also coordinating the defense of a number of international arbitration proceedings commenced against the Federal Republic of Nigeria and other FGN Agencies.

“These 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.

“It is important to stress that the efforts by the Ministry in defending these international cases has so far enabled Nigeria to avoid liabilities running into Billions of US Dollars” the Minister stated.

He added that a total of 3,000 Terrorism cases have been profiled to date out of which over 1500 cases were prosecuted, with 397 convictions realized.

“A total of 7000 cases involving various offences including Maritime, Armed Robbery, Vandalization of Electrical Equipment and Pipelines, Financial matters, Cyber Crime, Kidnapping and Anti-corruption have been successfully prosecuted.

“The Ministry is coordinating the next phase of terrorism related trials in collaboration with the Federal High Court, the Legal Aid Council, and the Defence Headquarters. In this regard, the Ministry is currently remodeling structures at the Wawa Cantonment, Kainji to accommodate eight (8) courtrooms, Judges’ Chambers, living accommodation, Lawyers’ dressing room and conveniences to make them conducive for Judges, Witnesses as well as Defendants, Malami said.

Speaking on promotion of human rights, the Justice Minister said the FG paI’d compensation for the Apo Six Killings by Security Agents.
“In April 2018, my office secured presidential approval which directed the DSS to pay the sum of One Hundred and Thirty-Five Million Naira (N135,000,000.00) as compensation to the families of victims of the Apo Six killing by security agents which occurred on 20 September 2013.

“The payment was in compliance with award/order made by the National Human Rights Commission on 7th April 2014 upon conclusion of investigation and public hearing in the case” he said.

- Advertisment -

Most Popular

Recent Comments