The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, has announced that from 2017 to 2024—a six-year period—$659 million and £6.4 million in recovered funds were channeled towards conditional cash transfers and partly funded critical infrastructure development across Nigeria.
Fagbemi disclosed this on Tuesday during his opening remarks at the Ministry’s Asset Recovery Summit in Abuja.
According to him, Nigeria has made remarkable strides in asset recovery, both domestically and internationally, over the past several years.
“From 2017 to 2024, $659,900,000 and £6,472,610 of recovered funds were invested in conditional cash transfers and to partly fund critical infrastructure development under the Presidential Infrastructure Development Fund Projects (PIDF), namely the Lagos-Ibadan Expressway (LIE), 2nd Niger Bridge (2NB), and Abuja-Kano Road(AKR)”, he added.
He stressed that the conditional cash transfer project, for instance, was monitored by a coalition of civil society organizations (CSOs) led by ANEEJ, with reports published on its website.
He stressed that the CSO that monitored the utilization of recovered assets on the PIDF projects was the CLEEN Foundation, which publishes periodic reports on its website at www.assetmonitoring.org.ng.
Insights on Asset Recoveries
Fagbemi explained that asset recovery is a fundamental pillar in the nation’s collective fight against corruption, economic crimes, and illicit financial flows that undermine national development.
- He added that it serves as both a deterrent and a means to deprive criminals of the benefits of their illegal acts.
“The Federal Government of Nigeria has remained resolute in its pursuit of transparency, accountability, and the rule of law, recognizing that the effective recovery and management of assets are crucial to restoring public trust and fostering sustainable economic growth”, he added.
- He attributed these developments to the synergy between the Federal Ministry of Justice (through its Asset Recovery & Management Unit), anti-corruption and law enforcement agencies (including the EFCC, ICPC, NDLEA, NFIU, and Police), and other relevant organizations actively involved in asset recovery.
“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) reportedly reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts.
“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also reportedly recovered N29.685 billion in cash and $966,900 in assets.
“ The National Drug Law Enforcement Agency (NDLEA) has intensified efforts to seize assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities,” he added.
- He further stated that from 2017 to date, the Federal Ministry of Justice, working in collaboration with its counterparts and international partners (including the US, UK, Bailiwick of Jersey, Ireland, and Switzerland), has facilitated the execution of various agreements, resulting in the payment of fines, recovery, and repatriation of assets totaling $763,734,000 USD and £6,472,610 GBP.
- He stated that out of these sums, $102.88 million and £2,062,000 GBP (including Galactica Assets $52.88 million, Glencore fined $50 million, and Useni/Miner £2,062,000) were recovered from 2024 to date.
He added, however, that discussions and negotiations are still ongoing regarding some other offshore assets, with the aim of finalizing their forfeiture and/or repatriation to Nigeria.
Fagbemi acknowledged that despite these achievements, challenges persist.
He emphasized the need to simplify the complexities of cross-border asset recovery while enhancing international collaboration and transparency in asset management across the board.
Backstory
Recall that in January 2025, the AGF announced that the Federal Government of Nigeria and the United States Government had formalized an agreement for the repatriation of $52.88 million, proceeds from the forfeiture of assets allegedly linked to former Petroleum Resources Minister Diezani Alison-Madueke and her associates.
- Fagbemi highlighted the significance of the agreement, emphasizing that it represents Nigeria’s unwavering commitment to fighting corruption.
- The Minister expressed gratitude to the U.S. government for its support and cooperation in making the agreement a reality.
Responding to the development at the time, Senior Advocate of Nigeria Mike Ozekhome alleged that the reported repatriation of $52.88 million, proceeds from the forfeiture of assets linked to former Petroleum Resources Minister Diezani Alison-Madueke, was an attempt to tarnish her image and reputation.
