The Attorney General of the Federation and Minister of Justice Prince Lateef Fagbemi SAN has clarified that the Economic and Financial Crimes Commission EFCC and the Independent Corrupt Practices and Other Related Offences Commission ICPC recovered $105.9m, not $967.5bn looted funds in 2024 alone and not $967.5bn as mistakenly reported in some media.
Fagbemi said the figures quoted by the writers were false
and completely at variance from his remarks at the Asset Recovery Summit held
on May 27 in Abuja and entitled, “Synergizing Towards Effective Assets Recovery
and Management.”
The AGF made the clarification on Friday in a statement he
personally signed.
The statement read in part
“What I said in my speech is that, “In 2024 alone, the Economic and
Financial Crimes Commission 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 successfully recovered N29.685 billion in cash
and $966,900 in assets.
”The National Drug Law Enforcement Agency, NDLEA, has
equally intensified its efforts in seizing assets linked to drug-related
crimes, ensuring that illicit proceeds do not fuel further criminal activities.
“With regards to international recovery and repatriation of
assets, it is pertinent to state that from 2017 to date, the Federal Ministry
of Justice working in collaboration with its counterparts and international
partners (the US, UK, Bailiwick of Jersey, Ireland, Switzerland), has
facilitated the execution of various agreements, leading to the payment of
fines, recovery and repatriation of assets in the sums of USD 763,734,000, and
£6,472,610 GBP. Of these sums, a total of $102.88 million and £2, 062,000 GBP
was recovered from 2024 to date.”
“While we commend the media houses who reported the correct
figure, we appeal to those who reported the erroneous figure to do the needful
by correcting the anomaly.
“President Bola Ahmed Tinubu’s administration remains
resolute in its pursuit of transparency, accountability, and adherence to the
rule of law in the management of recovered assets.
“Asset recovery is a fundamental pillar in our strategy to
address corruption, economic crimes, and illicit financial flows, which
undermine our national development. It is quite a significant strategy, as it
serves as a deterrent, deprives criminals of the benefit of their criminal
actions and restores confidence in government.
“I am pleased to note that Nigeria has earned global
recognition in the area of asset recovery and no room should be given for
mischiefs in these efforts.
“These funds are being managed through internationally
recognized frameworks, including the United Nations Convention Against
Corruption (UNCAC) and the Global Forum on Asset Recovery (GFAR) principles.
“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),
2nd Niger Bridge (2NB), and Abuja-Kano Road (AKR).
“Furthermore, part of the repatriated assets has been
earmarked for the 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 under the
International Institute for Justice and the Rule of Law”, he said.
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