EFCC, ICPC recovered ₦277b and $105m in 2024 – AGF Fagbemi

Speaking at an asset recovery summit held on Monday at the Abuja Continental Hotel, Fagbemi detailed the breakdown: the EFCC reclaimed ₦248 billion, $105 million, and 753 duplexes, while the ICPC recovered ₦29.685 billion in cash and $966,900 in assets.

The summit, themed “Synergizing Towards Effective Assets Recovery and Management”, highlighted Nigeria’s growing momentum in asset repatriation and anti-corruption efforts.

The Attorney-General also noted increased asset seizures by the National Drug Law Enforcement Agency (NDLEA), particularly in relation to drug-linked crimes, ensuring that illicit proceeds do not continue to fuel criminal activity.

Fagbemi emphasized Nigeria’s commitment to international cooperation in asset recovery.

Since 2017, in collaboration with global partners—including the U.S., U.K., Switzerland, Ireland, and the Bailiwick of Jersey—the Federal Ministry of Justice has facilitated asset recovery and fines totaling over $763 million and £6.47 million.

Of this, $102.88 million and £2.06 million were recovered between 2024 and now, including $52.88 million from Galactica Assets, $50 million from a Glencore fine, and £2.06 million tied to the Useni/Miner case.

He added that ongoing negotiations aim to secure additional offshore assets for repatriation.

To ensure transparency in the use of repatriated funds, Fagbemi said mechanisms are in place to allocate them to priority infrastructure projects.

These include oversight by civil society organizations (CSOs) and independent auditing of asset accounts.

Despite these gains, the Minister acknowledged persistent challenges, such as the complexities of international asset recovery and the need for stronger global partnerships and more transparent asset management.