EFCC, ICPC have recover $967.5bn, N277bn in looted funds, says FG
The Federal Government of Nigeria announced on Tuesday the recovery of looted funds totaling an astonishing $967.5 billion in cash and assets. Attorney-General of the Federation, Prince Lateef Fagbemi, SAN, revealed that these recoveries were made within the year 2024 alone.
During the Asset Recovery Summit held in Abuja, where the National Central Database of Forfeited Assets was launched, Fagbemi shared, “Asset recovery is a fundamental pillar in our collective fight against corruption, economic crimes, and illicit financial flows that undermine our national development.”
He detailed the contributions of the Economic and Financial Crimes Commission (EFCC), which successfully reclaimed over N248 billion, alongside $105 million and 753 duplexes. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also registered significant successes, recovering N29.685 billion in cash and $966,900 in assets.
In his address, Fagbemi emphasized the value of transparency in asset management, stating, “The Federal Government has implemented stringent measures to ensure that repatriated funds are utilized transparently and accountably.” He highlighted that from 2017 to now, various international agreements facilitated the recovery and repatriation of $763,734,000 and £6,472,610 GBP.
President Bola Tinubu, represented by Mr. Nadungu Gagare, underscored the role of technology in asset tracking, remarking, “We must act decisively, with courage and unity of purpose, to tackle corruption effectively.” He reaffirmed the administration’s commitment to returning stolen assets to the Nigerian people, stating, “Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption.”
The summit marks a significant step forward in Nigeria’s ongoing battle against corruption, aiming to ensure that the nation’s wealth benefits all citizens.
Source: Vanguard newspaper
