The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has clarified that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered a total of $105.9 million in looted funds in 2024—not $967.5 billion, as reported by some media outlets.

 

Fagbemi described the exaggerated figures as false and inconsistent.

In a statement personally signed, the AGF explained:
“In 2024 alone, the Economic and Financial Crimes Commission reclaimed over ₦248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The ICPC also successfully recovered ₦29.685 billion in cash and $966,900 in assets.

“The National Drug Law Enforcement Agency (NDLEA) has intensified its asset seizures linked to drug-related crimes to ensure illicit proceeds do not fund further criminal activity.”

Fagbemi also gave updates on international efforts:
“From 2017 to date, the Federal Ministry of Justice, working in collaboration with international partners—including the US, UK, Bailiwick of Jersey, Ireland, and Switzerland—has facilitated agreements that led to the recovery and repatriation of $763.73 million and £6.47 million. Of these, $102.88 million and £2.06 million were recovered between 2024 and now.”

He added that the Tinubu administration remains committed to transparency, accountability, and adherence to the rule of law in asset management.

 

“Asset recovery is a crucial strategy in fighting corruption, economic crimes, and illicit financial flows. It serves as a deterrent, strips criminals of their gains, and rebuilds public trust in governance,” he stated.