FG Puts Recovered Assets At $105.9m

By Ayodele Oni

The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, has assured that recovered lots will be efficiently and transparently managed by government for the best interest of Nigerians.

The AGF, who was giving a breakdown of recovered funds by the administration, revealed that the sum of $105.9m Assets have been recovered so far

In a statement on Friday, the AGF said the reported figure of $967.5bn, is false and does not represent what he presented at the recently concluded Asset Recovery Summit held in Abuja on Tuesday.

Fagbemi expressed dismay over the gross misrepresentation of his remarks, stating, “The figure quoted is false and completely at variance from my remarks at the Asset Recovery Summit held on May 27 in Abuja.”

“What I said in my speech is that in 2024 alone, the Economic and Financial Crimes Commission reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts.

“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also successfully recovered N29.685 billion in cash and $966,900 in assets.

“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.”

Fagbemi said with regards to international recovery and repatriation of assets, “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), has facilitated the execution of various agreements.

“These have led to the payment of fines, recovery and repatriation of assets in the sums of $763,734,000 USD, and £6,472,610 GBP. Of these sums, a total of $102.88m and £2, 062,000 GBP was recovered from 2024 to date.”

He reiterated the President Bola Tinubu-led administration’s commitment to transparency and accountability, adding that it remains resolute in its pursuit and management of recovered assets.

The AGF stated further, “Asset recovery is a fundamental pillar in our strategy to address corruption, economic crimes, and illicit financial flows, which undermine our national development.

“It is quite a significant strategy, as it serves as a deterrent, deprives criminals of the benefit of their criminal actions and restores confidence in government.

“I am pleased to note that Nigeria has earned global recognition in the area of asset recovery and no room should be given for mischiefs in these efforts.

“These funds are being managed through internationally recognized frameworks, including the United Nations Convention Against Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.

“From 2017 to 2024, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF) namely – the Lagos Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).

“Furthermore, part of the repatriated assets has been earmarked for renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project and development of the Rule of Law and Counter-Terrorism Project under the International Institute for Justice and the Rule of Law.”