The Federal Government has debunked recent media reports claiming that $967.5 billion was recovered in looted assets in 2024 alone, describing the figures as “false and completely at variance” with actual records.
The clarification was issued on Friday by the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, in a personally signed statement following widespread misinterpretations of his address at the Asset Recovery Summit held on May 27 in Abuja.
Fagbemi noted that the actual amount recovered by Nigeria’s anti-graft agencies in 2024 falls far below the exaggerated sum published by some outlets. According to him, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) collectively recovered $105.9 million within the period under review.
“What I said in my speech is that, ‘In 2024 alone, the Economic and Financial Crimes Commission reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts,’” the AGF stated.
“The Independent Corrupt Practices and Other Related Offences Commission, ICPC, also successfully recovered N29.685 billion in cash and $966,900 in assets.”
Fagbemi highlighted efforts by the National Drug Law Enforcement Agency (NDLEA), noting its increasing role in asset seizures.
“The National Drug Law Enforcement Agency, NDLEA, has equally intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.”
In terms of international collaboration and asset repatriation, Fagbemi provided further insight into funds recovered through partnerships with foreign governments and agencies.
“With regards to international recovery and repatriation of assets, it is pertinent to state that from 2017 to date, the Federal Ministry of Justice working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), has facilitated the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sums of USD 763,734,000, and £6,472,610 GBP. Of these sums, a total of $102.88 million and £2,062,000 GBP was recovered from 2024 to date.”
“While we commend the media houses who reported the correct figure, we appeal to those who reported the erroneous figure to do the needful by correcting the anomaly.”
“President Bola Ahmed Tinubu’s administration remains resolute in its pursuit of transparency, accountability, and adherence to the rule of law in the management of recovered assets.
“Asset recovery is a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows, which undermine our national development. It is quite a significant strategy, as it serves as a deterrent, deprives criminals of the benefit of their criminal actions and restores confidence in government.”
He noted that Nigeria’s efforts have earned international recognition and should not be trivialized by misinformation.
“I am pleased to note that Nigeria has earned global recognition in the area of asset recovery and no room should be given for mischiefs in these efforts.”
On the utilization of recovered funds, Fagbemi pointed out that the process follows globally accepted standards.
“These 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.”
According to him,
“From 2017 to 2024, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF) namely – the Lagos Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).”
“Furthermore, part of the repatriated assets has been earmarked for the renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project and development of the Rule of Law and Counter-Terrorism Project under the International Institute for Justice and the Rule of Law,” he said.
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