The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, said the Federal Government has recovered $102.88m and £2.06m worth of foreign assets between 2024 and May 2025.
Fagbemi disclosed this on Tuesday while speaking at the Asset Recovery Summit held at the Abuja Continental Hotel.
The AGF said the funds were recovered from offshore assets of politicians through international collaboration, bringing the total recovered and repatriated from 2017 to date to $763.73m and £6.47m.
He revealed that the most recent recoveries include $52.88m from Galactica Assets, $50m in fines from Glencore, and £2.06m in the Useni/Miner case.
“These figures are not just statistics; they represent stolen wealth brought back into public custody. They are a testament to our unwavering commitment to transparency, justice, and accountability,” the AGF said.
He added that asset recovery remains a key pillar in the country’s anti-corruption strategy and a tool for restoring public trust, saying that “When stolen assets are recovered and reinvested in critical sectors like infrastructure and healthcare, the public begins to believe again in the rule of law,”
“The EFCC alone recovered over N248 billion, $105 million, and 753 duplexes in 2024. These are not small feats. The ICPC recovered N29.6 billion and nearly $1 million in assets, and the NDLEA is actively disrupting drug-funded crime by targeting illicit assets.”
“Our work with the United States, United Kingdom, Switzerland, Bailiwick of Jersey, Ireland and others has been instrumental in executing agreements and repatriating funds. These partnerships demonstrate that asset recovery is a global effort requiring trust and cooperation,” Fagbemi said.
The AGF announced the launch of a National Central Database of Forfeited Assets and the Proceeds of Crime (Standardised Automated Asset Forfeiture Management System) Regulations, 2024.
He explained that the recovered funds are being channelled into developmental projects, which are being monitored by Independent bodies and Civil Society Organisations (CSOs).
“From 2017 to 2024, USD 659,900,000 and GBP 6,472,610 of recovered funds were invested in conditional cash transfer and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF) namely – the Lagos-Ibadan Expressway (LIE), Second Niger Bridge (2NB), and Abuja-Kano Road (AKR).”
“Part of the repatriated assets in question have also been earmarked for renovation of selected Primary Healthcare Centres in Bayelsa State, provision of renewable energy under the Rural Electrification Project, and development of the Rule of Law and Counter-Terrorism Project.”
“We have engaged CSOs and independent auditors to monitor project execution. The CLEEN Foundation and ANEEJ have led efforts to ensure funds go to where they are meant to—be it roads, healthcare, or social programs. These reports are publicly available. We want Nigerians to know where every dollar goes.
“Let us not relent. Let us reinvest recovered assets in a way that visibly improves lives. The success of our asset recovery framework must be judged by the impact on our people, not just the figures on a report.”
Also speaking, Solicitor-General of the Federation and Permanent Secretary at the Ministry of Justice, Mrs. Beatrice Jedy-Agba, emphasized that transparency and open reporting must form the backbone of asset recovery.
“The purpose is defeated if the public cannot see where repatriated funds are going,” she said.
Jedy-Agba said 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 said.
She also 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.
Furthermore, Executive Director of the African Center for Governance, Asset Recovery and Sustainable Development, Juliet Ibekaku-Nwagwu, praised Nigeria’s leadership in asset return on the continent.
She said Nigeria has not only recovered domestic assets but also returned assets to countries such as Canada, Spain, and the U.S., describing it as “a new phase in reciprocal justice and accountability.”
Ibekaku-Nwagwu commended the AGF and development partners for their continued support towards the asset recovery.
The summit brought together government officials, law enforcement agencies, civil society actors, international partners, and legal experts to discuss improvements to Nigeria’s asset recovery systems.