The Federal Government has disclosed that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered a combined sum of N277 billion and $105 million in 2024.
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, made this revelation on Tuesday in Abuja during the unveiling of the National Central Database of Forfeited Assets.
According to the AGF, the EFCC reclaimed more than N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The ICPC, on its part, recovered N29.685 billion in cash and $966,900 in assets.
Fagbemi also 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.
Asset Recovery as a Deterrent
"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," the AGF stated.
He emphasized that the Federal Government has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognizing that effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth.
"Nigeria has successfully repatriated significant funds from abroad, reinforcing our commitment to financial accountability," Fagbemi added.
President Bola Tinubu, who was 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 the asset tracking and recovery process.
The newly unveiled National Central Database of Forfeited Assets is expected to improve transparency and accountability in the management of recovered assets, providing a centralized system for tracking and monitoring forfeited properties and funds.
