The Attorney General of the Federation and Minister of Justice (AGF), Prince Lateef Fagbemi SAN, has debunked media reports claiming that Nigeria recovered a staggering $967.5 billion in looted assets in 2024.
In a personally signed statement issued on June 1, 2025, Fagbemi clarified that the correct figure recovered by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for the year was $105.9 million.
Fagbemi stated that the inflated figures circulating in some news outlets are “false and completely at variance” with what he said during the Asset Recovery Summit held in Abuja on May 27, 2024. The summit was themed “Synergizing Towards Effective Assets Recovery and Management.”
Breakdown of Accurate Recovery Figures for 2024:
- EFCC:
- ₦248 billion
- $105 million
- 753 duplexes
- ICPC:
- ₦29.685 billion
- $966,900
- NDLEA:
- The National Drug Law Enforcement Agency has also intensified its crackdown on assets linked to drug-related crimes, ensuring illicit proceeds are blocked from financing further criminal enterprises.
Fagbemi also addressed the progress made in international recovery and repatriation efforts, emphasizing that between 2017 and 2024, the Federal Ministry of Justice, in collaboration with international partners including the United States, United Kingdom, Bailiwick of Jersey, Ireland, and Switzerland, successfully executed various agreements that led to:
- USD 763,734,000
- GBP 6,472,610
Out of these, recoveries made from 2024 to date amount to:
- USD 102.88 million
- GBP 2,062,000
The AGF urged media outlets that misreported the figures to issue corrections and praised those that accurately reported the data. “We appeal to those who reported the erroneous figure to do the needful by correcting the anomaly,” he said.
Fagbemi reaffirmed President Bola Ahmed Tinubu’s administration’s unwavering commitment to transparency, accountability, and adherence to the rule of law in managing recovered assets.
“Asset recovery is a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows, which undermine our national development,” Fagbemi emphasized. “It serves as a deterrent, deprives criminals of the benefit of their criminal actions, and restores public confidence in government institutions.”
He also noted that Nigeria has gained international recognition for its asset recovery framework, operating under globally accepted standards such as the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
Utilization of Recovered and Repatriated Funds (2017–2024):
Fagbemi disclosed that a significant portion of the recovered funds has been strategically reinvested into national development projects:
- $659.9 million and £6,472,610 GBP were directed to:
- Conditional Cash Transfer Program
- Presidential Infrastructure Development Fund (PIDF) projects, including:
- Lagos-Ibadan Expressway (LIE)
- Second Niger Bridge (2NB)
- Abuja-Kano Road (AKR)
- Additional funds were allocated to:
- Renovation of selected Primary Healthcare Centres in Bayelsa State
- Provision of renewable energy under the Rural Electrification Project
- Development of Rule of Law and Counter-Terrorism Projects under the International Institute for Justice and the Rule of Law
Fagbemi called for accurate and responsible reporting, reiterating that misinformation undermines the credibility of Nigeria’s commendable achievements in the fight against corruption.
“Nigeria has earned global recognition in the area of asset recovery,” he asserted. “No room should be given for mischiefs in these efforts.”
