The news revealed that assets worth $110 million have been successfully returned from various countries as confirmed by the Minister of Justice and Attorney General of the Federation. During the budget defense meeting in 2025 with the House of Representatives Committee on Justice, the minister mentioned the recovery without providing a detailed breakdown, including the $52.88 million linked to a former Minister of Petroleum Resources recovered by the United States government.
The minister highlighted that the ministry has developed a template for agreements and is sharing it with some sub-national entities for contract review. He also emphasized the importance of engaging competent legal counsel, citing lessons learned from past cases like P&ID.
Additionally, the minister emphasized that state governments can engage in foreign transactions but noted that sub-national governments are not recognized in arbitration cases. He stressed that the national government holds responsibility in such matters.
Measures are being implemented to ensure proper signing of agreements to prevent future issues. The chairman of the Committee commended the Ministry’s efforts, mentioning significant judicial decisions that reinforce justice and governance principles.
During the review of the 2024 budget defense, concerns were raised regarding the lack of details on the N4.7 billion reportedly spent on legal services. The Ministry is focused on ensuring entities working with Nigeria comply with Nigerian laws.
The lawmakers criticized the Ministry for allegedly reallocating approved funds for the 2024 fiscal year without due process. The Arbitration and Prosecution Act passed in 2023 has been instrumental in enforcing compliance with Nigerian laws in business dealings.