The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, has dismissed as “grossly misleading” recent media reports claiming Nigeria recovered a staggering $967.5 billion in looted funds in 2024. He clarified that the actual figure, based on verified records, stands at $105.9 million.
Fagbemi made the clarification in a statement personally signed and released on May 30, 2025, setting the record straight on the country’s asset recovery efforts. He said the misreported figure inaccurately referenced his address at the Asset Recovery Summit held in Abuja on May 27.
“What I said in my speech is that, in 2024 alone, the Economic and Financial Crimes Commission (EFCC) reclaimed over ₦248 billion, $105 million, and 753 duplexes in its asset recovery efforts,” he stated. “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also recovered ₦29.685 billion in cash and $966,900 in assets.”
The summit, themed “Synergizing Towards Effective Assets Recovery and Management”, served as a platform for stakeholders to assess progress and strategies in the recovery of looted public assets.
Fagbemi also credited the National Drug Law Enforcement Agency (NDLEA) for its growing role in asset seizures tied to drug-related crimes, emphasizing a holistic inter-agency approach.
On the international front, the Minister highlighted major recoveries secured through cooperation with global partners. “From 2017 to date, Nigeria has recovered $763.7 million and £6.47 million through international asset repatriation agreements. Of these, $102.88 million and £2.06 million were recovered between 2024 and now.”
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He emphasized that these funds were being reinvested into vital national infrastructure and social programs. “From 2017 to 2024, $659.9 million and £6.47 million were used to support conditional cash transfers and critical infrastructure such as the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road.”
Additionally, repatriated assets have been earmarked for the development of primary healthcare centres in Bayelsa State, rural electrification projects, and initiatives under the International Institute for Justice and the Rule of Law.
Fagbemi reiterated President Bola Ahmed Tinubu’s administration’s commitment to transparency and accountability. “Asset recovery is not just about reclaiming stolen wealth; it’s about restoring public trust, promoting good governance, and strengthening the rule of law.”
Calling for responsible journalism, he urged media outlets to verify facts and correct any misinformation. “We commend media houses that reported the correct figures. Others must do the needful to uphold journalistic integrity,” he added.
He concluded by reaffirming Nigeria’s global reputation in anti-corruption efforts, noting that asset recovery is being guided by international frameworks such as the UN Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR).