Nigerian Government Intensifies Asset Recovery Drive with Launch of National Central Database of Forfeited Assets

Summary

• President Bola Tinubu, represented at the event, emphasized that asset recovery is key to restoring public trust and deterring corruption.
• The Attorney-General revealed Nigeria’s asset recovery efforts have reclaimed significant sums, with $102.88 million and £2 million recovered in 2024 alone.
• A National Central Database of Forfeited Assets was unveiled in Abuja to improve transparency and management of recovered public assets.
• Funds have been channeled into critical projects like Lagos-Ibadan Expressway and rural electrification, reflecting a commitment to development through accountability.

Abuja, Nigeria — The Federal Government of Nigeria has taken a major step in its anti-corruption campaign with the official launch of a National Central Database of Forfeited Assets, aimed at improving transparency, accountability, and the strategic management of recovered assets.

Speaking at the launch event, President Bola Ahmed Tinubu, represented by Engr. Ndugu Gagare, Permanent Secretary for Political and Economic Affairs, affirmed that recovering looted funds and redirecting them toward national development remains essential for rebuilding public confidence.

Engr. Ndugu Gagare, Permanent Secretary for Political and Economic Affairs

“Asset recovery sends a clear message: there will be no safe haven for corruption in Nigeria,” he said.

Tinubu highlighted that recovered assets have already supported major infrastructure initiatives, including the Lagos-Ibadan Expressway, the Second Niger Bridge, and rural electrification efforts. “These projects reflect our commitment to delivering democracy’s dividends through integrity and accountability,” he stated.

A Cross Section of Participants at the Event

Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, disclosed that $763.7 million and £6.4 million have been recovered and repatriated since 2017. Of that, $102.88 million and £2 million were recovered in 2024 alone. He stressed the need to channel these funds into critical sectors like education, healthcare, and infrastructure to directly benefit citizens.

Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN

Fagbemi also praised international partners including the US, UK, Switzerland, and the Bailiwick of Jersey for their role in supporting Nigeria’s asset recovery efforts.

Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, added that over 1,800 intelligence reports were disseminated in 2024, helping investigations into corruption and financial crimes. She also cited increased collaboration with 26 state tax authorities, enhancing local revenue recovery.

Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari

“We must ensure crime no longer pays, whether at home or abroad,” Bakari said, reaffirming the NFIU’s support for law enforcement agencies.

The launch of the centralized asset database marks a pivotal moment in Nigeria’s anti-graft efforts, streamlining asset tracking and promoting the responsible use of reclaimed public wealth.