Nigeria has reclaimed more than $763 million and N248 billion in stolen public assets between 2017 and 2024, according to the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN).
The disclosure was made on Tuesday during the Asset Recovery Summit at the Abuja Continental Hotel, where the Minister emphasized that asset recovery remains a cornerstone in the country’s anti-corruption drive and financial accountability framework.
Fagbemi described the summit, centered on the theme “Synergizing Towards Effective Assets Recovery and Management” as a timely initiative to reinforce the progress made in asset tracing and retrieval while navigating the persistent obstacles of cross-border recovery and transparency deficits.
Speaking before a diverse assembly of stakeholders, he pointed to data from 2024 alone that underscores the scope and scale of recent efforts.
The Economic and Financial Crimes Commission (EFCC), in particular, was credited with recovering N248 billion, $105 million, and 753 duplexes this year.
Complementing this, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) retrieved N29.7 billion and $966,900. Additionally, the National Drug Law Enforcement Agency (NDLEA) accelerated seizures of property tied to narcotics syndicates, further bolstering national asset recovery figures.
Fagbemi also highlighted the success of Nigeria’s international collaborations with partners including the United States, United Kingdom, Ireland, Switzerland, and the Bailiwick of Jersey.
Through these alliances, a total of $763.7 million and £6.47 million were repatriated. In the same 2024 window, the Ministry of Justice independently recovered $102.88 million and £2.06 million, drawing from negotiations and financial penalties, including from entities like Galactica and Glencore.
Underscoring the broader implications of asset recovery, the minister stressed that the pursuit goes beyond legal redress—it speaks to the restoration of public confidence and the advancement of national development goals.
He noted that proceeds have been strategically directed toward infrastructure upgrades like the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road. Funds have also supported conditional cash transfer schemes targeting vulnerable populations.
Fagbemi commended the role of civil society organizations such as ANEEJ and CLEEN Foundation, which have monitored the application of recovered funds and published reports that are open to public scrutiny. This external oversight, he explained, reinforces accountability and sustains public engagement.
In pursuit of deeper transparency and systemic reform, the Minister announced the unveiling of the National Central Database of Forfeited Assets and the 2024 Regulations on Proceeds of Crime.
These new provisions mandate all relevant enforcement agencies to report asset forfeitures monthly, as part of the Standardized Automated Asset Forfeiture Management System. This centralized platform, he said, is essential for minimizing duplication, enhancing tracking, and facilitating data-driven policy decisions.
While celebrating the progress achieved so far, Fagbemi acknowledged that significant barriers remain, particularly in navigating the legal and diplomatic intricacies of international asset repatriation.
He called on all participants to remain adaptive and committed, exploring new methodologies to optimize recoveries and channel them into sectors with the highest societal impact.
He concluded his remarks with a call to action: “Let us ensure that recovered assets are not only reclaimed but also reinvested in sectors that matter most to our people—education, healthcare, and infrastructure.”
The summit convened high-level representatives from Nigerian government institutions, the legal profession, law enforcement bodies, and international development partners, all united by a shared objective: to reinforce and modernize Nigeria’s approach to asset recovery.
What you should know
Between 2017 and 2024, Nigeria recovered over $763 million and N248 billion in stolen assets, with 2024 alone accounting for a major portion of these efforts.
These funds have been allocated to key infrastructure projects and monitored by civil society organizations to ensure transparency, while new reforms seek to streamline asset management and promote cross-border cooperation.
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