The Federal Government on Tuesday, May 27, announced the recovery of ₦277 billion and $967.5 billion in looted assets within 2024, marking a significant stride in its anti-corruption drive.
Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, made the disclosure during the Asset Recovery Summit held in Abuja, where the newly developed National Central Database of Forfeited Assets was also unveiled.
He explained that the Economic and Financial Crimes Commission (EFCC) had recovered over ₦248 billion, $105 million, and 753 duplexes in 2024 alone, while the Independent Corrupt Practices and Other Related Offences Commission (ICPC) reclaimed ₦29.685 billion and $966,900.
“The National Drug Law Enforcement Agency, NDLEA, has equally intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities,” Fagbemi said.
He emphasised that recovering stolen assets is vital to deterring corruption and reinforcing public trust.
“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,” he said.
“The Federal Government of Nigeria has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognising that the 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.
He noted that from 2017 to date, Nigeria recovered $763.7 million and £6.47 million through international cooperation, with $102.88 million and £2.06 million recovered in 2024 alone.
“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria,” he added.
Fagbemi also revealed that funds recovered between 2017 and 2024 were invested in the Conditional Cash Transfer programme and key infrastructure projects such as the Lagos-Ibadan Expressway, 2nd Niger Bridge, and Abuja-Kano Road.
Other uses include rural electrification, primary healthcare centre renovations in Bayelsa, and rule of law and counter-terrorism initiatives.
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“The Federal Government has implemented stringent measures to ensure that repatriated funds are utilised transparently and accountably,” he said.
“These funds are managed through internationally recognised frameworks, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
“Regular audits and public disclosures will continue to be conducted to maintain integrity in asset management.
“It is in line with the furtherance of transparency and accountability as to the status and management of recovered/repatriated assets, that the National Central Database of Forfeited Assets which is to be unveiled today alongside the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations 2024, was established and developed.
“All Relevant Organisations listed under POCA are required on a monthly basis, to populate the National Central Database with records of forfeited assets under their purview,” the AGF added.
President Bola Tinubu, represented by Mr Nadungu Gagare, Permanent Secretary, Policies & Economic Affairs, SGF’s office, reiterated his administration’s resolve to recover stolen wealth.
“The challenges before us are significant, but so too is our resolve. We must act decisively, with courage and unity of purpose, to tackle corruption effectively and deprive criminals of the proceeds of their crimes. In this way, we can ensure that our nation’s wealth is used for the benefit of our people.
“I would like to reassure you all that my administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to Nigerian people.
“Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption, enforce transparency and accountability, and hold perpetrators accountable for their actions and ensure that justice is served, no matter whose ox is gored,” the President stated.
In her opening remarks, the Solicitor-General of the Federation, Mrs Beatrice Jedy-Agba, warned that asset recovery efforts would be futile without transparency.
“Transparency must therefore form the cornerstone of our efforts. Citizens have the right to know how recovered assets are being used, and we must establish reliable mechanisms for public reporting and oversight.
“By institutionalising clear asset utilisation frameworks, we prevent misappropriation and ensure recovered funds serve the interests of national progress,” she said.