EFCC, ICPC Recover N277bn, $105m From Financial Crimes in 2024

This information was disclosed by Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi (SAN), while speaking recently at an asset recovery summit in Abuja.

Giving a breakdown, the AGF said the EFCC, which investigates and prosecutes financial crimes, recovered N248 billion, $105 million, and 753 duplexes in 2024, while the ICPC, which handles prosecution of corruption and embezzlement, reclaimed N29.685 billion in cash and $966,900 in looted assets in the same year.

Mr Fagbemi said Nigeria has successfully repatriated significant funds from abroad, reinforcing the country’s commitment to financial accountability.

He also said other enforcement bodies have also carried out their functions adequately in the last year. Foe instance, the National Drug Law Enforcement Agency (NDLEA) intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.

“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets.

“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, 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), was able to facilitate the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000, and £6,472,610.

“Of these sums, a total of $102.88 million and £2,062,000 (Galactica Assets $52.88 million, Glencore Fined $50 million, Useni/Miner GBP 2,062,000) was recovered from 2024 to date.

“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria,” he said.

Mr Fagbemi said that based on assets’ repatriation agreements in line with international best practices, mechanisms have been put in place to ensure the transparent utilisation and management of repatriated assets on specific identified critical infrastructure projects, noting that the mechanisms include the participation of civil society organisations (CSO) as independent monitors of the repatriated assets; engagement of independent auditors to regularly audit the repatriated assets accounts;

The justice minister said despite the achievements, some challenges persist, adding that, “The complexities of cross-border asset recovery, the need for enhanced international collaboration, and the imperative of ensuring transparency in asset management demand our collective attention and action.”