ABUJA- The Federal Government, on Tuesday, disclosed that looted funds totalling $ 967.5 billion and N277 billion have been recovered in cash and assets.
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, said the recovery was made in 2024 alone.
According to him, whereas the Economic and Financial Crimes Commission, EFCC, reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts, on the other hand, the Independent Corrupt Practices and Other Related Offences Commission, ICPC, recovered N29.685 billion in cash and $966,900 in assets.
The AGF made the revelation at Asset Recovery Summit the Ministry of Justice organised in Abuja, where the National Central Database of Forfeited Assets, was unveiled.
He said 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.
“Asset recovery is a fundamental pillar in our collective fight against corruption, economic crimes, and illicit financial flows that undermine our national development, as it serves as a deterrent and also deprives criminals of the benefit of their criminal act.
“The Federal Government of Nigeria has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognizing that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth.
“Nigeria has successfully repatriated significant funds from abroad, reinforcing our commitment to financial accountability,” the AGF stated.
With regards to international recovery and repatriation of assets, the AGF said from 2017 to date, the Justice Ministry, working in collaboration with its counterparts and international partners, facilitated the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000 USD, and £6,472,610 GBP.
“Of these sums, a total of $102.88 million and £2, 062,000 GBP (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 finalizing their forfeiture and/or repatriation to Nigeria.
“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).
“Part of the repatriated assets in question have also been earmarked for 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.
“The Federal Government has implemented stringent measures to ensure that repatriated funds are utilized transparently and accountably.
“These funds are managed through internationally recognized frameworks, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
“Regular audits and public disclosures will continue to be conducted to maintain integrity in asset management.
“It is in line with the furtherance of transparency and accountability as to the status and management of recovered/repatriated assets, that the National Central Database of Forfeited Assets which is to be unveiled today alongside the Proceeds of Crime (Standardized Automated Asset Forfeiture Management System) Regulations 2024, was established and developed.
“All Relevant Organizations listed under POCA are required on a monthly basis, to populate the National Central Database with records of forfeited assets under their purview,” the AGF added.
Meanwhile, President Bola Tinubu, who was represented at the event by the Permanent Secretary, Policies & Economic Affairs, Office of the Secretary to the Government of the Federation, Mr. Nadungu Gagare, harped on the utilization of digital tools to enhance asset tracking and recovery process.
“The challenges before us are significant, but so too is our resolve. We must act decisively, with courage and unity of purpose, to tackle corruption effectively and deprive criminals of the proceeds of their crimes. In this way, we can ensure that our nation’s wealth is used for the benefit of our people.
“I would like to reassure you all that my administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to Nigerian people.
“Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption, enforce transparency and accountability, and hold perpetrators accountable for their actions and ensure that justice is served- no matter whose ox is gored,” President Tinubu added.
In her welcome remarks, the Solicitor-General of the Federation and Permanent Secretary of the Ministry of Justice, Mrs. Beatrice Jedy-Agba, stressed that the purpose of asset recovery would be defeated if repatriated funds are mismanaged or improperly allocated.
“Transparency must therefore form the cornerstone of our efforts. Citizens have the right to know how recovered assets are being used, and we must establish reliable mechanisms for public reporting and oversight.
“By institutionalizing clear asset utilization frameworks, we prevent misappropriation and ensure recovered funds serve the interests of national progress,” she added.
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