Economy
Return Nigeria’s stolen assets, EFCC Chairman warns foreign nations
The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede has challenged foreign countries where Nigeria’s stolen assets are warehoused to return them unconditionally. Olukoyede made this call at the ongoing 10th session of the Conference of State Parties, COSP, to the United Nations Convention Against Corruption, UNCAC, holding at the Georgia World Congress Centre, Atlanta, United States of America. According to him, the return of stolen assets warehoused in foreign countries, has become imperative to help Nigeria in growing its economy and expanding its development frontiers. He warned that economic and financial crimes have become transnational crimes and no nation serving as a custodian of stolen assets should hold on to them.
He asked the global community to support Nigeria’s efforts towards asset recovery, pointing out that, “we will only be able to see you as a friend if you are willing to support us in recovering such assets that have been traced to your jurisdiction”. Olukoyede said, “We need the cooperation of all the countries that are custodians or in charge of warehousing all these stolen assets from Africa. It has become extremely important for us to see you as our collaborators, as countries that support us in the fight against corruption. Now, when you look at corruption, it has become a transnational crime. If you are holding on to those assets, you are creating very difficult legal hurdles in recovering those assets. You are indirectly e ncouraging the perpetrators of the crimes we are talking about. And when you encourage it in Africa, it has a tendency of affecting you too, because the kind of financial crimes we are talking about have become global in nature. So, it has become important for you to cooperate with us,” the EFCC chairman said.
In a presentation made before a global audience on asset recovery efforts and successes of Nigeria so far, the EFCC boss pointed out that Nigeria had probably done much more than any other country in the area of asset recovery and achieved much in that area because of the legal and regulatory framework put in place by the administration. He listed measures already taken in this regard to include, the enactment of the Proceeds of Crimes( Prevention and Prohibition) Act, 2022, use of extant laws on civil forfeiture of assets, banking reforms mandating bank customers to have a Bank Verification Number, BVN, for all transactions and the professional activities of the EFCC and other anti-corruption agencies to trace, investigate and prosecute ill-gotten assets within and beyond Nigeria, as potent measures yielding optimal results in asset recovery. “There is an aspect of our law that allows for civil forfeiture. Civil forfeiture is a situation where you will not necessarily get a criminal conviction of an offender but you can easily attach assets and forfeit the assets and that has greatly assisted us in asset recovery.
“There is another aspect that we have tried to put in place, a year ago. It is the enactment of the Proceeds of Crime Act which has created legal and regulatory regimes for asset recovery by various agencies in Nigeria. Also, our ability to cooperate and collaborate with the rest of the world to drive home the fact that both the people that have stolen money and the countries that have received the money are also culpable,” he boasted at the conference. He applauded the courage and commitment of President Bola Ahmed Tinubu in driving the asset recovery initiatives of the EFCC and other anti-graft agencies and assuring the world that stronger financial discipline is now in place in Nigeria. “President Asiwaju Bola Ahmed Tinubu has promised the whole world that we are ready to run our financial system in Nigeria in such a way that is transparent and responsible,” he said. Olukoyede also harped on his preventive framework as a new modality capable of yielding impactful results in the fight against corruption.
“I can also pledge that on our part, we are ready to adopt very strict preventive measures which we have started in Nigeria now. As a matter of fact, it was one of my policy objectives when I assumed office over a month ago, to use the instrumentality of prevention as one of the major forces to fight financial crimes and corruption in Nigeria. It costs less for you to prevent than for you to enforce. We are holding on to that. Again, I want to pledge that going forward, we will ensure that there is accountability and transparency in application of whatever asset is recovered”, he said.Earlier in an address, the Nigerian Country Director, United Nations Office on Drugs and Crime, Oliver Stolpe, applauded Nigeria on its asset recovery efforts, describing her as “world’s champion in asset recovery .Nigeria in many ways has been leading the asset recovery efforts on the African continent and I like to refer to Nigeria as the world’s champion in asset recovery because, certainly in African comparison, you have more cases and recovered large amounts,” he said.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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