Looted funds: EFCC, ICPC recovered $105.9m, not $967.5bn – AGF

The Attorney-General of the Federation (AGF) and Minister of Justice Prince Lateef Fagbemi SAN has clarified that the Economic and Financial Crimes Commission EFCC and the Independent Corrupt Practices and Other Related Offences Commission ICPC recovered $105.9m, not $967.5bn looted funds in 2024 alone and not $967.5bn as mistakenly reported in some media.

In a press statement issued Friday, Fagbemi described the $967.5 billion figure as “completely at variance” with the facts he presented in his keynote address titled “Synergizing Towards Effective Assets Recovery and Management” at an Assets recovery summit held in Abuja recently.

According to the AGF, in 2024 alone, the Economic and Financial Crimes Commission (EFCC) recovered over ₦248 billion, $105 million, and 753 duplexes, while the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered ₦29.685 billion in cash and $966,900 in assets.

The National Drug Law Enforcement Agency (NDLEA) also made significant strides in asset seizures linked to drug-related crimes.

Fagbemi further stated that, from 2017 to date, collaboration between the Ministry of Justice and foreign partners including the United States, United Kingdom, Switzerland, and others, has led to the recovery and repatriation of $763.73 million and £6.47 million. Of this amount, $102.88 million and £2.06 million were recovered in 2024 alone.

Fagbemi urged news outlets that reported the erroneous figure to issue corrections and reiterated the Federal Government’s commitment to transparency and accountability in asset recovery and management.

“Asset recovery is a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows, which undermine our national development,” the AGF stated.

Fagbemi emphasized that recovered funds are being deployed in accordance with globally recognized standards, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.

From 2017 to 2024, a total of $659.9 million and £6.47 million in recovered assets were used to support conditional cash transfers and fund critical infrastructure under the Presidential Infrastructure Development Fund (PIDF), which includes the Lagos-Ibadan Expressway, Second Niger Bridge, and the Abuja-Kano Road.

Additional projects funded through repatriated assets include the renovation of primary healthcare centers in Bayelsa State, renewable energy expansion under the Rural Electrification Project, and the development of counter-terrorism and rule-of-law initiatives.

The AGF concluded by reaffirming the Tinubu administration’s dedication to upholding the rule of law and restoring public trust through responsible asset recovery and utilisation.

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