The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has debunked media reports claiming that $967.5 billion was recovered as looted funds in 2024, stating that the accurate figure is $105.9 million, alongside N248 billion and 753 duplexes recovered by the Economic and Financial Crimes Commission (EFCC) alone.
In a personally signed statement released on Friday, the AGF described the erroneous reports as false and misleading, and clarified that the misquoted figures do not reflect the remarks he delivered at the Asset Recovery Summit held on May 27, 2024, in Abuja.
“What I said in my speech is that, in 2024 alone, the Economic and Financial Crimes Commission reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts,” Fagbemi said.
He also detailed that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered N29.685 billion and $966,900 in assets, while the National Drug Law Enforcement Agency (NDLEA) has stepped up asset seizures linked to drug-related crimes to block criminal networks from reinvesting in illicit operations.
On international recoveries, the Minister revealed that between 2017 and 2024, the Federal Ministry of Justice, in collaboration with partners such as the United States, United Kingdom, Ireland, Switzerland, and the Bailiwick of Jersey, secured the recovery and repatriation of assets totalling $763.7 million and £6.47 million, with $102.88 million and £2.06 million recovered in 2024 alone.
Fagbemi urged media organizations that had published the inflated $967.5 billion figure to correct the record, while commending those who reported the accurate data.
“President Bola Ahmed Tinubu’s administration remains resolute in its pursuit of transparency, accountability, and adherence to the rule of law in the management of recovered assets,” he added.
He stressed that asset recovery remains a vital tool in Nigeria’s fight against corruption and illicit financial flows, helping to restore public trust and deprive criminals of the gains of illegal activities.
The AGF further disclosed that funds recovered between 2017 and 2024 have been reinvested in critical national infrastructure and social programmes, including:
Lagos–Ibadan Expressway
Second Niger Bridge
Abuja–Kano Road
Conditional Cash Transfer Scheme
Primary healthcare renovations in Bayelsa
Rural electrification through renewable energy
The Rule of Law and Counter-Terrorism Project under the International Institute for Justice and the Rule of Law
The management of these funds, he affirmed, follows globally recognized frameworks such as the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
Fagbemi concluded by reaffirming Nigeria’s growing international credibility in the area of asset recovery and emphasized the importance of accurate reporting to protect the integrity of these efforts.
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