The Federal Government of Nigeria has announced that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered looted funds and assets totaling $967.5 billion and N277 billion in 2024. The disclosure was made by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, during the Asset Recovery Summit held at the Ministry of Justice in Abuja.
Fagbemi revealed that the EFCC recovered over N248 billion, $105 million, and 753 duplexes, while the ICPC reclaimed N29.685 billion in cash and $966,900 in assets. The summit also marked the unveiling of the National Central Database of Forfeited Assets, aimed at improving asset recovery management.
The Attorney-General emphasized the importance of asset recovery in combating corruption and illicit financial flows, stating, “Asset recovery is a fundamental pillar in our collective fight against corruption, economic crimes, and illicit financial flows that undermine our national development. It serves as a deterrent and deprives criminals of the benefits of their actions.”
He further noted that Nigeria’s efforts have led to the successful repatriation of significant funds from abroad, reinforcing the government’s commitment to transparency, accountability, and the rule of law. Fagbemi highlighted that effective asset recovery is crucial for restoring public trust and fostering sustainable economic growth.
The National Drug Law Enforcement Agency (NDLEA) was also commended for intensifying its seizure of assets linked to drug-related crimes, preventing illicit proceeds from fueling further criminal activities.
President Bola Tinubu, represented by Nadungu Gagare, Permanent Secretary for Policies & Economic Affairs in the Office of the Secretary to the Government of the Federation, underscored the importance of leveraging digital tools to enhance asset tracking and recovery processes.
