EFCC, ICPC Recovered ₦277bn, $105m In 2024 – Fagbemi
THECONSCIENCE NG reports that The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, says the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered a sum total of ₦277bn and $105m in 2024.
Accordingly, the EFCC recovered ₦248 billion, $105 million, and 753 duplexes in 2024, even as the ICPC reclaimed ₦ 29.685 billion in cash and $966,900 in looted assets in the same year.
Fagbemi, at an asset recovery summit on Monday at the Abuja Continental Hotel, said Nigeria has successfully repatriated significant funds from abroad, reinforcing the country’s commitment to financial accountability. The event was titled ‘Synergizing Towards Effective Assets Recovery and Management’.
He also said the National Drug Law Enforcement Agency (NDLEA) has intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.
The AGF said, “In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets.
“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, 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), was able to facilitate 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 finalising their forfeiture and/or repatriation to Nigeria.”
Fagbemi said that based on assets’ repatriation agreements in line with international best practices, mechanisms have been put in place to ensure the transparent utilisation and management of repatriated assets on specific identified critical infrastructure projects.
He said the mechanisms include the participation of civil society organisations (CSO) as independent monitors of the repatriated assets; engagement of independent auditors to regularly audit the repatriated assets accounts;
Fagbemi said despite the achievements, some challenges persist. “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,” he added.
