By Anthony Ochela,Abuja
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has disclosed that Nigeria recovered over $763 million and N248 billion in stolen assets between 2017 and 2024 as part of ongoing efforts to combat corruption and enforce financial accountability.
Speaking on Tuesday at the Asset Recovery Summit held at the Abuja Continental Hotel, the Minister said the summit, themed “Synergizing Towards Effective Assets Recovery and Management,” was a strategic platform to consolidate gains in asset recovery and address lingering challenges in transparency and cross-border cooperation.
According to Fagbemi, in 2024 alone, the Economic and Financial Crimes Commission (EFCC) recovered more than N248 billion, $105 million, and 753 duplexes.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also reclaimed N29.7 billion and $966,900, while the National Drug Law Enforcement Agency (NDLEA) intensified its seizures of assets linked to narcotics trade.
He added that Nigeria’s efforts with international partners, including the United States, the United Kingdom, Ireland, Switzerland, and the Bailiwick of Jersey, yielded the repatriation of $763.7 million and £6.47 million.
From 2024 alone, the Ministry of Justice recovered $102.88 million and £2.06 million through negotiations and fines, including from entities such as Galactica and Glencore.
“These efforts reflect our unwavering commitment to the principles of accountability and the rule of law. Effective recovery and management of stolen assets is not only about justice but also about restoring public trust and promoting sustainable development,” he stated.
Fagbemi noted that a portion of the recovered funds has been channeled into critical infrastructure projects such as the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road, as well as conditional cash transfer initiatives.
The deployment of these assets was monitored by civil society organizations like ANEEJ and CLEEN Foundation, whose periodic reports are publicly accessible.
To deepen transparency, the Minister announced the launch of the National Central Database of Forfeited Assets and the 2024 Regulations on Proceeds of Crime (Standardized Automated Asset Forfeiture Management System).
Under the new rules, all relevant agencies must update the database monthly with forfeiture records.
Despite the successes, Fagbemi acknowledged persisting hurdles such as the complexity of cross-border asset recovery and the need for stronger international cooperation.
He urged stakeholders to embrace innovative strategies and reaffirm their commitment to justice and national development.
He concluded: “Let us ensure that recovered assets are not only reclaimed but also reinvested in sectors that matter most to our people—education, healthcare, and infrastructure.”
The summit drew participants from government agencies, the legal community, law enforcement, and international development partners, all working to strengthen Nigeria’s asset recovery architecture.
