The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, has rejected claims suggesting that the Federal Government recovered $967.5 billion in stolen assets.
Speaking at the Asset Recovery Summit in Abuja on Tuesday, and in a statement released Friday, Fagbemi clarified that the actual recovery figures are significantly lower, though still meaningful.
According to the AGF, “In 2024 alone, the Economic and Financial Crimes Commission reclaimed over N248 billion, $105 million, and 753 duplexes. The Independent Corrupt Practices Commission also recovered N29.685 billion in cash and $966,900 in assets.” This statement was aimed at correcting media reports that misquoted him, alleging that nearly a trillion dollars had been recovered.
Fagbemi further explained that from 2017 to the present, Nigeria, in collaboration with international partners, recovered approximately $763.7 million and £6.47 million. Out of these totals, about $102.88 million and £2.06 million were recovered in 2024 alone.
Emphasizing the importance of accurate reporting, the Attorney General urged media organizations that had circulated the incorrect $967.5 billion figure to amend their publications. “The figure quoted by the writers is false and completely at variance from my remarks,” he stated.
Fagbemi commended the government’s commitment to transparency and highlighted that the recovered assets have been utilized to fund significant national projects. “From 2017 to 2024, recovered funds helped fund critical infrastructure like the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road,” he noted. Additionally, he said the assets are also being channeled into the healthcare sector, renewable energy initiatives, and programs that promote the rule of law across the country.
He reaffirmed the administration’s dedication to using asset recovery as a tool to combat corruption and build public confidence in government operations. “Asset recovery is key to fighting corruption and building trust in government. Nigeria has earned global recognition for its efforts, and we will continue to pursue transparency and justice,” Fagbemi concluded.
What you should know
Attorney General Lateef Fagbemi debunked reports that the Nigerian government recovered $967.5 billion in stolen funds, clarifying the actual figure as $105.9 million in 2024.
He stressed the importance of transparency and the strategic use of recovered assets to fund infrastructure and public service projects.
