…Says EFCC Recovers Over N248b In 2024
Lucky Obukohwo, Reporting
President Bola Tinubu has said his administration would take deliberate steps to strengthen all anti-corruption institutions and ensure that every stolen asset from the country is recovered.
The president said this while declaring open a Summit on Asset Recovery in Abuja.
He was represented by the Permanent Secretary, Political and Economic Affairs in the Office of the Secretary to the Government of the Federation, Mr Nadungu Gagare.
According to him, asset recovery is a vital tool in our anti-corruption strategy as it is not merely a legal exercise but a moral obligation.
“Recovering stolen public funds and channelling them towards developmental needs represents both justice and restitution.
“It is about restoring the people’s trust and ensuring that every kobo of our national wealth works for the common good.
“Asset recovery sends a clear and unwavering message that there will be no safe haven for corruption in Nigeria, and it serves as a deterrent, a symbol of accountability and a practical tool to rebuild national confidence in public institutions.”
He also said his administration has prioritised the use of recovered assets in financing critical infrastructure such as the Lagos-Ibadan Expressway, the Second Niger Bridge and the Abuja-Kano Expressway.
He said that even though the challenge was significant, so too was his administration’s resolve to ensure that the goal was achieved.
“We must act decisively, with courage and unity of purpose to tackle corruption effectively and deprive criminals of the proceeds of their crime.
“In this way, we can ensure that the nation’s wealth is used for the benefit of the people.
“I would like to reassure you that my administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to the Nigerian people
“Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption.
“We will also enforce transparency and accountability and hold perpetrators accountable for their actions and ensure that justice is served no matter whose ox is gored,” he said.
In his remarks, the Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, said asset recovery was a fundamental pillar to the fight against corruption, economic crimes, and illicit financial flows.
According to him, it serves as a deterrent and also deprives criminals of the benefit of their criminal act.
“The government has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognising that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth.
The minister said that in the past couple of years, Nigeria had made remarkable strides in asset recovery, both domestically and internationally.
“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, 105 million dollars, and 753 duplexes in its asset recovery efforts.
“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and 966,900 dollars in assets.
“The 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.
“Nigeria has successfully repatriated significant funds from abroad, reinforcing our commitment to financial accountability.
“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, it is pertinent to state that from 2017 to date, the ministry, working in collaboration with its counterparts and international partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), was able to facilitate the execution of various agreements.
“This led to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000 dollars, and 6,472,610 pounds.
“Of these sums, 102.88 million dollars and 2, 062,000 pounds (Galactica Assets 52.88 million dollars, Glencore Fined 50 million dollars, Useni/Miner 2,062,000 pounds) was recovered from 2024 to date,” he said.
He said that discussions and negotiations were still ongoing and pending with regards to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria.
Representatives of the United States Ambassador to Nigeria, the British High Commissioner and chairmen of EFCC, NDLEA and NFIU, among others, also attended the summit.
Meanwhile, the Solicitor General of the Federation (SGF), Mrs. Beatrice Jedy-Agba, has called for transparency and openness in the utilisation of assets recovered from perpetrators of economic crimes both within the country and abroad.
Jedy-Agba, who doubles as the Permanent Secretary of the Federal Ministry of Justice (FMOJ), noted that the purpose of asset recovery would be defeated if repatriated funds are mismanaged or improperly allocated.
She told participants that transparency must be the guiding principle for the efforts on asset recovery to be successful and meaningful.
“Citizens have the right to know how recovered assets are being used, and we must establish reliable mechanisms for public reporting and oversight.
“By institutionalising clear asset utilisation frameworks, we prevent misappropriation and ensure recovered funds serve the interests of national progress.
“We must empower civil society organisations, journalists, and citizen-led initiatives to actively participate in tracking hidden wealth and advocating for responsible asset utilisation.
This summit is more than a policy discussion, it is a testament to our shared vision of a Nigeria where transparency, accountability, and the rule of law prevail.
“Strengthening the Whistleblower Policy will encourage information sharing and uncover undisclosed assets.
“Over the years, Nigeria has recovered substantial funds that had been unlawfully taken from the public trust. These assets, whether repatriated from foreign jurisdictions or reclaimed through domestic enforcement, hold immense potential for national development,” she revealed.
She explained that Nigeria is at a crossroads where decisive action can reshape the asset recovery landscape.
The SGF explained that the summit provides an opportunity to assess challenges and propose legislative improvements that will fortify national anti-corruption efforts.
She expressed appreciation to the United States of America, United Kingdom, Bailiwick of Jersey, Ireland, Switzerland, and France for their continuing support and engagement in Nigeria’s asset recovery efforts.
According to her, the fight against corruption and asset misappropriation transcends borders. Nigeria has made great strides working alongside global enforcement bodies such as the United Nations Office on Drugs and Crime, UNODC, INTERPOL, and the Financial Action Task Force, FATF.
She revealed that collaborations among these nations have been instrumental in tracking illicit financial flows, securing repatriations, and reinforcing international accountability mechanisms. It is through partnerships that Nigeria has reclaimed several stolen assets.
The Permanent Secretary called for steadfast commitment to build and leverage strong alliances that safeguard Nigeria’s financial integrity.
