By Kolawole Ojebisi
The Attorney General of the Federation and Minister of Justice Prince Lateef Fagbemi, a Senior Advocate of Nigeria(SAN) has faulted a widespread report, claiming that he said the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered $967.5bn looted funds in 2024 alone.
Fagbemi maintained that the anti-graft agencies recovered $105.9m in 2024 and not $$967.5bn, as widely reported. He maintained that his earlier remarks were wrongly referenced by reporters.
Fagbemi who made the clarification on Friday in a statement, stressed that asset recovery is a fundamental pillar in the Tinubu administration’s strategy “to address corruption, economic crimes, and illicit financial flows,” adding that these vices “undermine our national development”
The statement read in part “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 USD 763,734,000, 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.”
“While we commend the media houses who reported the correct figure, we appeal to those who reported the erroneous figure to do the needful by correcting the anomaly.
“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 the 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”, he said.
