EFCC, ICPC Recover Over $967bn, N277bn in Looted Funds in 2024 – FG

The Federal Government has announced the recovery of looted funds totaling $967.5 billion and N277 billion in cash and assets in the year 2024.

Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), made this known during the Asset Recovery Summit held in Abuja, where the government also unveiled the National Central Database of Forfeited Assets.

Providing a breakdown, Fagbemi revealed that the Economic and Financial Crimes Commission (EFCC) recovered over N248 billion, $105 million, and 753 duplexes. Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) recovered N29.685 billion and $966,900.

He also highlighted that the National Drug Law Enforcement Agency (NDLEA) has ramped up its asset seizure efforts targeting dr¥g-related crimes.

“Asset recovery is key in the fight against corruption and illicit financial flows. It serves as a deterrent and denies criminals the benefits of their crimes,” he said.

On international recoveries, Fagbemi stated that since 2017, the Ministry of Justice, in collaboration with global partners, has facilitated the repatriation of $763.7 million and £6.47 million. Of this, between 2024 and now, $102.88 million and £2.06 million were recovered, including funds from Galactica Assets and fines from Glencore.

He added that negotiations are ongoing to recover more offshore assets.

According to him, a total of $659.9 million and £6.47 million recovered from 2017 to 2024 were invested in conditional cash transfers and key infrastructure projects such as the Lagos-Ibadan Expressway, Second Niger Bridge, and the Abuja-Kano Road, under the Presidential Infrastructure Development Fund (PIDF).