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

EFCC, ICPC recovered N277bn, $105m in 2024, says 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.

Source: EFCC, ICPC recovered N277bn, $105m in 2024, says Lateef Fagbemi

 - NigerianEye

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