The federal government has announced that the ICPC and the Economic and Financial Crimes Commission (EFCC) had recouped a total of N277 billion (in cash and assets) and $967.5 billion (in assets) respectively, from victims of corruption.
This was announced on Tuesday by Prince Lateef Fagbemi, SAN, who is both the Attorney-General of the Federation and the Minister of Justice. He said that the recovery was achieved only in 2024.
His information is that the ICPC was able to seize N29.685 billion in cash and $966,900 in assets, but the EFCC managed to seize almost N248 billion, $105 million, and 753 duplexes.
During the launch of the National Central Database of Forfeited Assets, the AGF made disclosures at the Asset Recovery Summit in Abuja, which was hosted by the Ministry of Justice.
He added that the NDLEA has stepped up its efforts to seize assets associated with drug-related crimes, making sure that the money from these crimes doesn’t go to other criminals.
To combat corruption, economic crimes, and illegal financial flows that stunt our nation’s progress, asset recovery is essential because it both discourages criminal behaviour and strips them of the rewards they earned through their wrongdoing.
“The Federal Government of Nigeria has maintained its commitment to upholding openness, accountability, and the rule of law. It has come to understand that regaining public trust and promoting sustainable economic growth depend on the efficient recovery and administration of assets.
“The AGF has confirmed that Nigeria has effectively repatriated substantial funds from overseas, further demonstrating our dedication to fiscal responsibility,” the statement from the AGF read.
During the ceremony, President Bola Tinubu, along by Nadungu Gagare, the Permanent Secretary, Policies & Economic Affairs, Office of the Secretary to the Government of the Federation, emphasised the need to use digital tools to improve the process of tracking and recovering assets.