EFCC, ICPC recovered N277bn, $105m in 2024 — Lateef Fagbemi

Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, says the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered N277 billion and $105 million in 2024.

 

Fagbemi spoke in Abuja on Tuesday at a summit on asset recovery.

 

He noted that asset recovery is essential in the fight against corruption, economic crimes, and illicit financial flows.

 

The AGF said Nigeria had recorded some successes in asset recovery, both at domestic and international levels, in the past couple of years.

 

“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,” Fagbemi said.

 

“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.

 

“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.

 

“Nigeria has successfully repatriated significant funds from abroad, reinforcing our commitment to financial accountability.

 

“With regard 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 ministry, working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, and Switzerland), was able to facilitate the execution of various agreements.

 

“This led to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000, and 6,472,610 pounds.

 

“Of these sums, a total of 102.88 million dollars and 2,062,000 pounds (Galactica assets 52.88 million dollars, Glencore fined 50 million dollars, Useni/Miner 2,062,000 pounds) was recovered from 2024 to date.”

 

In January 2025, the federal government and the United States signed an asset return agreement on $52.88 million recovered from the Galactica assets.

 

The assets were linked to Diezani Alison-Madueke, a former minister of petroleum, and her associates.

 

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