President Bola Ahmed Tinubu has reaffirmed his administration’s unwavering commitment to recovering every stolen asset belonging to Nigeria, declaring that asset recovery is not only a legal necessity but a moral obligation.
Speaking through Mr. Nadungu Gagare, Permanent Secretary for Political and Economic Affairs in the Office of the Secretary to the Government of the Federation, Tinubu made the statement while declaring open a National Summit on Asset Recovery on Tuesday in Abuja.
“Recovering stolen public funds and channelling them towards developmental needs represents both justice and restitution,” the president stated. “It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good.”
He emphasized that asset recovery remains central to the administration’s anti-corruption strategy, sending a “clear and unwavering message” that there will be no safe haven for corruption in Nigeria. He noted that recovered assets have already been directed toward critical infrastructure projects, including the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Expressway.
“We must act decisively, with courage and unity of purpose to tackle corruption effectively and deprive criminals of the proceeds of their crimes,” Tinubu added. “Every looted fund must be returned to the Nigerian people.”
The president also reiterated his government’s resolve to strengthen anti-corruption institutions, enforce transparency and accountability, and ensure justice is served “no matter whose ox is gored.”
Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, also addressed the summit, highlighting asset recovery as a cornerstone in Nigeria’s fight against corruption, economic crimes, and illicit financial flows.
According to Fagbemi, Nigeria has made remarkable progress in recent years, with the Economic and Financial Crimes Commission (EFCC) alone recovering over ₦248 billion, $105 million, and 753 properties in 2024. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also recovered ₦29.685 billion and $966,900 in assets.
Fagbemi further revealed that from 2017 to date, Nigeria has successfully repatriated $763.73 million and £6.47 million in stolen assets from jurisdictions such as the United States, United Kingdom, Jersey, Ireland, and Switzerland. Of this, $102.88 million and £2.06 million were recovered between January and May 2024.
He added that ongoing negotiations are in progress to secure additional offshore assets for repatriation.
The summit was attended by representatives of the U.S. and U.K. governments, alongside top officials from Nigeria’s anti-corruption agencies including the EFCC, ICPC, NDLEA, and the Nigerian Financial Intelligence Unit (NFIU).
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