The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, has dismissed as “grossly deceptive” latest media reviews claiming Nigeria recovered a staggering $967.5 billion in looted funds in 2024. He clarified that the precise determine, primarily based on verified information, stands at $105.9 million.
Fagbemi made the clarification in an announcement personally signed and launched on Might 30, 2025, setting the file straight on the nation’s asset restoration efforts. He stated the misreported determine inaccurately referenced his deal with on the Asset Restoration Summit held in Abuja on Might 27.
“What I stated in my speech is that, in 2024 alone, the {Economic} and {Financial} Crimes Fee (EFCC) reclaimed over ₦248 billion, $105 million, and 753 duplexes in its asset restoration efforts,” he said. “The Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC) additionally recovered ₦29.685 billion in money and $966,900 in belongings.”
The summit, themed “Synergizing In the direction of Efficient Belongings Restoration and Administration”, served as a platform for stakeholders to evaluate progress and methods within the restoration of looted public belongings.
Fagbemi additionally credited the Nationwide Drug Regulation Enforcement Company (NDLEA) for its rising position in asset seizures tied to drug-related crimes, emphasizing a holistic inter-agency strategy.
On the worldwide entrance, the Minister highlighted main recoveries secured by means of cooperation with international companions. “From 2017 up to now, Nigeria has recovered $763.7 million and £6.47 million by means of worldwide asset repatriation agreements. Of those, $102.88 million and £2.06 million have been recovered between 2024 and now.”
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He emphasised that these funds have been being reinvested into very important nationwide infrastructure and social applications. “From 2017 to 2024, $659.9 million and £6.47 million have been used to help conditional money transfers and important infrastructure such because the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Highway.”
Moreover, repatriated belongings have been earmarked for the event of major healthcare centres in Bayelsa State, rural electrification initiatives, and initiatives beneath the Worldwide Institute for Justice and the Rule of Regulation.
Fagbemi reiterated President Bola Ahmed Tinubu’s administration’s dedication to transparency and accountability. “Asset restoration is not only about reclaiming stolen wealth; it’s about restoring public belief, selling good governance, and strengthening the rule of legislation.”
Calling for accountable journalism, he urged media retailers to confirm information and proper any misinformation. “We commend media homes that reported the proper figures. Others should do the needful to uphold journalistic integrity,” he added.
He concluded by reaffirming Nigeria’s international popularity in anti-corruption efforts, noting that asset restoration is being guided by worldwide frameworks such because the UN Conference In opposition to Corruption (UNCAC) and the World Discussion board on Asset Restoration (GFAR).
