AGF CLARIFIES RECOVERED LOOTED FUNDS FIGURE, SAYS $105.9M, NOT $967.5BN
The Office of the Attorney General of the Federation and Minister of Justice has clarified that the federal government recovered $105.9 million and not $967.5 billion in looted funds. The clarification was made in a press release signed by Prince Lateef O. Fagbemi, SAN, Attorney-General of the Federation and Minister of Justice.
According to Prince Fagbemi, the figure of $967.5 billion quoted by some media outlets is false and completely at variance from his remarks at the Asset Recovery Summit held on May 27 in Abuja. Fagbemi explained that the Economic and Financial Crimes Commission (EFCC) reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts, while the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered N29.685 billion in cash and $966,900 in assets.
Fagbemi further stated that from 2017 to date, the Federal Ministry of Justice working in collaboration with its counterparts and international partners has facilitated the execution of various agreements, leading 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 $102.88 million and £2,062,000 GBP was recovered from 2024 to date,” he added.
The Attorney-General of the Federation emphasized that asset recovery is a fundamental pillar in the government’s strategy to address corruption, economic crimes, and illicit financial flows, which undermine national development. He noted that Nigeria has earned global recognition in the area of asset recovery and that the recovered 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.
The recovered funds have been invested in critical infrastructure development projects, including the Lagos Ibadan Expressway, 2nd Niger Bridge, and Abuja-Kano Road, as well as in healthcare and renewable energy projects. Fagbemi appealed to media outlets that reported the erroneous figure to correct the anomaly.
