We’ve Traced Forfeited Assets To 25 Locations In Nigeria — FG

The Federal Government, on Tuesday, said it has successfully traced forfeited assets that are currently situated in 25 different locations in the country.
It disclosed that the assets included landed properties, plants, machinery, motor vehicles, electronics, furniture and equipment, water vessels, jewelry, ornaments, as well as clothing materials.

The assets were recovered from alleged treasury looters and forfeited to the government on the order of courts.

The Solicitor-General of the Federation, SGF, and Permanent Secretary of the Federal Ministry of Justice, Dayo Apata, SAN, who made the disclosure while addressing newsmen in Abuja on Tuesday, said the Inter-Ministerial Committee on the Disposal of Assets Forfeited,

“is still updating the list of assets that have been finally forfeited to the Federal Government of Nigeria”.
Apata said the Committee which is under his chairmanship, has embarked on onsite verification/auditing of the forfeited assets to confirm their existence and to ascertain their current state.

He said the committee which was inaugurated on November 9, 2020, is working assiduously to complete its assignment within the six months time frame that was handed to it through a presidential directive dated October 27, 2020.

The SGF said the Inter-Ministerial Committee would be guided by the Asset Tracing, Recovery and Management Regulations, 2019, Standard Operating Procedures (SOP), and its Terms of Reference (TOR).

“The regulations were made pursuant to extant laws of the relevant agencies with a view to ensuring transparency, accountability, and synergy in the management and sale of forfeited assets.

“The Committee will also be guided by the Public Procurement Act, 2007, and all relevant extant rules and regulations.

“Since the inauguration, the Committee has held several meetings and consultations and has worked assiduously to develop its work plan, templates, strategies, and modalities, in line with relevant laws and regulations, to aid it in the discharge of its mandate within the set time limit.

“The Committee holds sacred the twin features of transparency and accountability paramount in the discharge of this monumental national assignment of disposing of assets forfeited to the government.

“It is worth restating that parts of the goals for which Mr. President gave the go-ahead for the setting-up of this Committee include the need to put an end to poor management and wastage of assets which prevents the government from realizing the full benefits of the forfeiture.

“The Committee remains highly committed to ensuring a radical departure from the past by ensuring that government receives adequate value for forfeited assets and also to ensure that the assets are neither misappropriated nor mismanaged, but are dealt with for public good”, Apata added.