The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, has issued a formal clarification regarding the amount of looted funds recovered by Nigeria's anti-corruption agencies in 2024.
In a statement personally signed by the AGF on Friday, Fagbemi corrected media reports that claimed the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had recovered $967.5 billion in looted funds.
"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," Fagbemi clarified.
He added that the ICPC "successfully recovered N29.685 billion in cash and $966,900 in assets" during the same period, while the National Drug Law Enforcement Agency (NDLEA) has "intensified its efforts in seizing assets linked to drug-related crimes."
International Asset Recovery Efforts
The AGF also provided details on Nigeria's international asset recovery efforts, stating that from 2017 to date, the Federal Ministry of Justice, working with international partners including the US, UK, Bailiwick of Jersey, Ireland, and Switzerland, has facilitated the recovery of approximately $763.7 million and £6.47 million.
"Of these sums, a total of $102.88 million and £2,062,000 GBP was recovered from 2024 to date," Fagbemi noted.
The AGF appealed to media houses that reported the incorrect figures to "do the needful by correcting the anomaly," while commending those that accurately reported his remarks from the Asset Recovery Summit held on May 27 in Abuja.
Utilization of Recovered Assets
Fagbemi emphasized that the Tinubu administration remains "resolute in its pursuit of transparency, accountability, and adherence to the rule of law in the management of recovered assets."
He revealed that from 2017 to 2024, approximately $659.9 million and £6.47 million of recovered funds were invested in conditional cash transfer programs and used to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects.
These projects include the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kano Road. Additionally, some repatriated assets have been earmarked for renovating primary healthcare centers in Bayelsa State, providing renewable energy under the Rural Electrification Project, and developing counter-terrorism initiatives.
The AGF described asset recovery as "a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows," noting that it serves as a deterrent, deprives criminals of their ill-gotten gains, and restores public confidence in government.
