Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has denied reports that the Federal Government recovered $967.5 billion in looted funds.
Speaking at the Asset Recovery Summit in Abuja on Tuesday, Fagbemi clarified that while the actual recovered figures are considerably lower, they remain noteworthy.
In a statement signed and released on Friday, he said: “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.”
He emphasized that the correct amount recovered is $105.9 million, not the $967.5 billion reported in some media outlets.
Fagbemi further disclosed that between 2017 and 2024, Nigeria partnered with international bodies to recover about $763.7 million and £6.47 million.
“Of this, around $102.88 million and £2.06 million were recovered in 2024,” he added.
Urging media organizations to correct the erroneous reports, Fagbemi said:
“The figure quoted by the writers is false and completely at variance from my remarks.”
He commended the government’s transparency and highlighted that recovered assets have been redirected into impactful 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 said.
He also noted that the funds are aiding improvements in healthcare, renewable energy, and rule of law programs.
Fagbemi concluded: “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.”
