The Federal Government has revealed that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have recovered looted funds amounting to $967.5 billion and N277 billion in cash and assets.

Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, made this disclosure on Tuesday during the Asset Recovery Summit organized by the Ministry of Justice in Abuja, where the National Central Database of Forfeited Assets was unveiled.

According to the AGF, the recoveries were made in 2024 alone. The EFCC reclaimed more than N248 billion, $105 million, and 753 duplexes in its asset recovery efforts, while the ICPC recovered N29.685 billion in cash and $966,900 in assets.

"Asset recovery is a fundamental pillar in our collective fight against corruption, economic crimes, and illicit financial flows that undermine our national development, as it serves as a deterrent and also deprives criminals of the benefit of their criminal act," Fagbemi stated.

The Minister further noted that the National Drug Law Enforcement Agency (NDLEA) has intensified its efforts in seizing assets linked to drug-related crimes to ensure that illicit proceeds do not fuel further criminal activities.

"The Federal Government of Nigeria has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognizing that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth," he added.

Fagbemi also highlighted that Nigeria has successfully repatriated significant funds from abroad, reinforcing the country's commitment to financial accountability.

President Bola Tinubu, represented at the event by the Permanent Secretary, Policies & Economic Affairs, Office of the Secretary to the Government of the Federation, Nadungu Gagare, emphasized the importance of utilizing digital tools to enhance asset tracking and recovery processes.

The unveiling of the National Central Database of Forfeited Assets marks a significant step in the government's efforts to improve transparency and accountability in the management of recovered assets.