The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, has clarified that contrary to media reports, the federal government has only recovered the sum of $105.9 million of looted funds.
Fagbemi, a Senior Advocate of Nigeria (SAN) in a statement, said the sum of $967.5 billion reported in some media, was false and completely at variance from his remarks at the Asset Recovery Summit held on May 27, in Abuja, titled, “Synergising Towards Effective Assets Recovery and Management.”
The AGF explained, “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. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also successfully recovered N29.685 billion in cash and $966,900 in assets.
“The National Drug Law Enforcement Agency (NDLEA) has equally intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.
“With regards to international recovery and repatriation of assets, it is pertinent to state that from 2017 to date, the Federal Ministry of Justice working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), has facilitated the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sums of $763,734,000 USD, and £6,472,610 GBP. Of these sums, a total of $102.88 million and £2, 062,000 GBP was recovered from 2024 to date.”
He added: “That the media reports attributed the $967.5bn to me beggars belief and smacks of lack of due diligence.”
Fagbemi said while the ministry commended the media houses that reported the correct figure, it also appealed to those who reported the erroneous figure to do the needful by correcting the anomaly.
The statement observed that 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.
“Asset recovery is a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows, which undermine our national development. It is quite a significant strategy, as it serves as a deterrent, deprives criminals of the benefit of their criminal actions, and restores confidence in government.
“I am pleased to note that Nigeria has earned global recognition in the area of asset recovery and no room should be given for mischiefs in these efforts.
“These funds are being managed through internationally recognized frameworks, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
“From 2017 to 2024, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF) namely – the Lagos Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).
“Furthermore, part of the repatriated assets has been earmarked for renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project and development of the Rule of Law and Counter-Terrorism Project under the International Institute for Justice and the Rule of Law”, the statement added.