A Federal High Court sitting in Lagos has nullified the Asset Tracing, Recovery and Management Regulations, 2019, for being “an invalid statutory instrument.”All sales and disposals of assets made by the Attorney-General of the Federation, Abubakar Malami, under the regulations were also nullified by the court. It held that the regulations were “ultra vires the office and powers” of the AGF. The order was made by Justice Ambrose Lewis-Allagoa following a suit FHC/L/CS/40/2021 filed by the plaintiff, Incorporated Trustees of HEDA Resource Centre. Malami had in November 2020 set up an inter-ministerial committee for the disposal of forfeited assets, following a directive by the President, Major General Muhammadu Buhari (retd.) The AGF’s preliminary objection argued by its counsel, Tolu Mokunolu, was dismissed by the Court which granted the nine reliefs sought by the plaintiff.

Source: Punch May 11, 2022 09:14 UTC