The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has set the record straight on the actual amount recovered by Nigeria’s anti-graft agencies in 2024, dismissing claims that over $967.5 billion had been recovered.
In a statement personally signed and released on Friday, Fagbemi described the widely circulated figure as grossly inaccurate and inconsistent with the facts presented during his address at the Asset Recovery Summit held on May 27 in Abuja.
The event, themed “Synergizing Towards Effective Assets Recovery and Management,” brought together stakeholders to reflect on Nigeria’s efforts to tackle corruption through asset tracing and recovery.
The Minister emphasized that while significant progress has been made in the recovery of looted assets, the figure of nearly one trillion dollars is a fabrication.
“In 2024 alone,” Fagbemi clarified, “the Economic and Financial Crimes Commission (EFCC) reclaimed over ₦248 billion, $105 million, and 753 duplexes. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also recovered ₦29.685 billion in cash and $966,900 in assets.”
He also commended the National Drug Law Enforcement Agency (NDLEA) for intensifying efforts to seize assets linked to drug-related crimes, ensuring that illicit proceeds do not fund further criminal activity.
Beyond local recovery, the AGF highlighted the Federal Ministry of Justice’s collaborative efforts with international partners, namely the United States, United Kingdom, Bailiwick of Jersey, Ireland, and Switzerland, which have yielded substantial results. From 2017 to date, Nigeria has recovered $763.73 million and £6.47 million through agreements facilitated by these partnerships.
Notably, between January and May 2024, $102.88 million and £2.06 million were repatriated and have since been channelled into impactful developmental initiatives.
These include:
The Conditional Cash Transfer program aimed at supporting vulnerable Nigerians;
Funding for critical national infrastructure under the Presidential Infrastructure Development Fund (PIDF), notably the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road;
Ongoing projects like the renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project, and support for counter-terrorism and legal reform projects through international institutions.
Fagbemi reiterated the Tinubu administration’s unwavering commitment to transparency and accountability in asset recovery. He noted that these efforts are governed by globally recognized principles, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR).
“Asset recovery is not merely about reclaiming wealth,” the Minister said. “It is about deterrence, justice, and restoring public confidence in governance. Nigeria has gained international recognition in this field, and we must not allow misinformation to derail our progress.”
While praising media organizations that reported the correct figures, he appealed to others to correct the erroneous reports in the interest of accurate public information and national interest.
“Let us not give room for mischief,” Fagbemi concluded. “The fight against corruption is delicate, and precision is essential.”
