Federal Gov’t Recovered $763m, N248bn Stolen Assets In 7 Years — AGF

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) has disclosed that Nigeria recovered over $763 million and N248 billion in stolen assets between 2017 and 2024.

Fagbemi said the recovery was part of ongoing efforts to combat corruption and enforce financial accountability.

Speaking at the Asset Recovery Summit held in Abuja, the minister said the summit, themed: “Synergising Towards Effective Assets Recovery and Management,” was a strategic platform to consolidate gains in asset recovery and address lingering challenges in transparency and cross-border cooperation.

According to him, in 2024 alone, the Economic and Financial Crimes Commission (EFCC) recovered more than N248 billion, $105 million, and 753 duplexes.

Also the Independent Corrupt Practices and Other Related Offences Commission (ICPC) reclaimed N29.7 billion and $966,900, while the National Drug Law Enforcement Agency (NDLEA) intensified its seizures of assets linked to narcotics trade.

He added that Nigeria’s efforts with international partners, including the United States, the United Kingdom, Ireland, Switzerland, and the Bailiwick of Jersey, yielded the repatriation of $763.7 million and £6.47 million.

“From 2024 alone, the Ministry of Justice recovered $102.88 million and £2.06 million through negotiations and fines, including from entities such as Galactica and Glencore.

“These efforts reflect our unwavering commitment to the principles of accountability and the rule of law. Effective recovery and management of stolen assets is not only about justice but also about restoring public trust and promoting sustainable development,” he stated.

Fagbemi noted that a portion of the recovered funds has been channeled into critical infrastructure projects such as the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road, as well as conditional cash transfer initiatives.

Also at the event, President Bola Tinubu announced sweeping reforms to Nigeria’s asset recovery system.

He reinforced his administration’s commitment to fighting corruption and ensuring that stolen public wealth was returned to serve the nation’s development goals.

President Tinubu said government will act decisively, with courage and unity of purpose to tackle corruption effectively and deprive criminals the proceeds of their crimes.

In a message to the summit, through the Permanent Secretary, Office of the Secretary to the Government of the Federation, Mr Nadungu Gagare, the President assured that his administration was committed to aggressively pursue the recovery of stolen assets and ensuring that every looted fund is returned to the 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.

“Our resolve as a government to fight corruption is unwavering and unshakable and we implore you all to join in this journey to rid the society of corruption”, the President stated.