ABUJA – Nigeria’s anti-corruption agencies have achieved significant results, recovering a combined ₦277 billion and $105 million in 2024 alone. Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, announced these impressive figures for Nigeria asset recovery. He spoke at the Asset Recovery Summit in Abuja.
The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) spearheaded these crucial recovery operations.
EFCC ICPC Recovery 2024: Billions Reclaimed
AGF Lateef Fagbemi provided a clear breakdown of the recovered assets:
- The EFCC successfully reclaimed over ₦248 billion and a substantial $105 million. The agency also recovered 753 duplex properties in its 2024 efforts.
- The ICPC effectively recovered ₦29.685 billion in cash. Additionally, the ICPC secured $966,900 in other assets.
Fagbemi also commended the National Drug Law Enforcement Agency (NDLEA). He noted the NDLEA’s growing success in seizing assets linked to drug-related crimes. This vital work prevents criminals from using illegal profits to fund further operations.
Repatriated Funds: A Global Fight for Accountability
Discussing the international scope of Nigeria asset recovery, Fagbemi revealed that Nigeria has successfully secured the return of $763.7 million and £6.47 million since 2017. This was achieved through diligent work by the Federal Ministry of Justice and its international partners.
“Of these sums, a significant total of $102.88 million and £2,062,000 were recovered from 2024 to date,” Fagbemi highlighted. He pointed to important recoveries such as the Galactica Assets, valued at $52.88 million, and Glencore fines amounting to $50 million. These successes underscore Nigeria’s strong commitment to financial accountability on the global stage. [Internal Link: Understand Nigeria’s international anti-corruption partnerships (if available on your site)].
“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore,” he added, indicating more recoveries are anticipated.
Ensuring Transparency and Facing Challenges
The Attorney-General assured that Nigeria has established strong mechanisms for the transparent use of repatriated assets. These measures include active oversight from civil society organisations. Independent auditors also perform regular audits to ensure accountability.
“Mechanisms have been put in place to ensure the transparent utilisation and management of repatriated assets on specific identified critical infrastructure projects,” Fagbemi explained. These projects directly benefit Nigerian citizens.
Despite the remarkable progress in Nigeria asset recovery, Fagbemi acknowledged existing hurdles. He stated, “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.”
By Abdullah Korede
