Nigeria Signed Asset Agreement with Jersey for Return of £2.1m – Fagbemi
The Federal Government of Nigeria (FGN) has signed an Asset Sharing Agreement with the Bailiwick of Jersey for the return of 2.1 million British pounds proceeds of corruption.
The Attorney-General of the Federation (AGF), Lateef Fagbemi SAN, made this known while presenting the scorecard of his ministry as part of the activities to mark the first anniversary of President Bola Tinubu’s administration. The minister said that the signing of the agreement in February this year was in line with the cardinal principle of the present administration in the fight against corruption,
He said President Tinubu has already approved for the use of money for the continuation of works on the Abuja-Kano Road project. Fagbemi said that an efficient justice delivery system is key to ensuring Nigeria’s economic growth and development, as well as ensuring the socio-economic wellbeing of citizens.
“Effective justice system is measured not only by the number of cases which are successfully disposed of, but also, and more importantly, the strategic measures adopted to avoid litigation.
“Using a combination of effective defence strategies to cases, arbitration, mediation and diligent prosecution of appeal cases, the ministry succeeded in saving the country from huge debt liabilities.
“In the reporting period, a total of 625 cases instituted against the President, Federal Government and its agencies, before States, Federal and ECOWAS Court were served and responded by the ministry.
“The ministry also received and treated 593 requests for legal advice and petitions from May 2023 till date and in all, the we obtained 235 judgments’’. He noted that the administration had witnessed a landmark decision in an arbitration instituted against Nigeria by Process and Industrial Development Limited (P&ID).
“In that case, a UK commercial court set aside an arbitral award of over 11billion dollars granted against the Nigeria in the United Kingdom for breach of a gas supply and processing agreement.
“So, I am pleased to report that due to concerted efforts of our legal team, Nigeria has been awarded interim costs in the sum £20Million against P&ID’’. Fagbemi noted that the case was a useful lesson that has been learnt as the case had the potential of wiping off the nation’s entire foreign reserves.
He said the issue had led to the development of a Federal Contracts Administration System. “As noted by the English Court, the genesis of the case is traceable to a flawed contractual agreement that was tainted with fraud’’. He said that in line with the cardinal principle of the present administration in the fight against corruption, the ministry has achieved successes in its International Asset Recovery and Management efforts.
“For the Glencore Settlement, we have concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of 50 million dollars as penalty and compensation for certain activities in Nigeria’’. He noted that the ministry has equally done well in facilitating international cooperation on terrorism financing and other trans-national crimes.
“We have gotten 13 convictions in terrorism financing cases and have also successfully concluded 150 mutual legal assistance requests and 12 extradition requests from Law Enforcement Agencies and foreign countries.
“We secured 160 convictions for criminal offences, 87 convictions for terrorism cases, 3 novel convictions for extremist terrorism actors involved in the radicalisation of children and violence against women. #Nigeria Signed Asset Agreement with Jersey for Return of £2.1m – Fagbemi Interest Rate on Nigerian Treasury Bill Spikes to 21.45%
