Nigeria’s Attorney General, Prince Lateef Fagbemi, has set the record straight on the amount of looted funds recovered by the country’s anti-corruption agencies. In a statement, Fagbemi clarified that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered $105.9 million in 2024, not $967.5 billion as reported by some media outlets.
Fagbemi’s statement was in response to incorrect figures quoted by some writers, which he said were “false and completely at variance” with his remarks at the Asset Recovery Summit held in Abuja on May 27. The summit, themed “Synergizing Towards Effective Assets Recovery and Management,” aimed to promote cooperation and best practices in asset recovery.
According to Fagbemi, the EFCC recovered over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts in 2024. The ICPC also recovered N29.685 billion in cash and $966,900 in assets. The National Drug Law Enforcement Agency (NDLEA) has intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.
The Federal Ministry of Justice, in collaboration with international partners, has facilitated the recovery and repatriation of assets worth USD 763,734,000 and £6,472,610 GBP from 2017 to date. A total of $102.88 million and £2,062,000 GBP was recovered from 2024 to date.
President Bola Ahmed Tinubu’s administration has reaffirmed its commitment to transparency, accountability, and adherence to the rule of law in managing recovered assets. Asset recovery is a key strategy in addressing corruption, economic crimes, and illicit financial flows, which undermine national development.
The recovered funds are being managed through internationally recognized frameworks, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles. From 2017 to 2024, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfers and critical infrastructure development projects, such as the Lagos-Ibadan Expressway, 2nd Niger Bridge, and Abuja-Kano Road.
Additionally, part of the repatriated assets will be used to renovate primary healthcare centers in Bayelsa State, provide renewable energy under the Rural Electrification Project, and develop the Rule of Law and Counter-Terrorism Project under the International Institute for Justice and the Rule of Law. Fagbemi commended media houses that reported the correct figures and appealed to those who reported incorrect figures to correct the anomaly.
