Nigeria recovers nearly ₦1 trillion in looted funds and assets as government unveils central asset database
In a landmark move to bolster transparency and accountability, the Federal Government of Nigeria has announced the recovery of looted assets worth $967.5 billion and ₦277 billion in cash and property in 2024 alone—marking one of the most significant anti-corruption efforts in recent years.
Speaking at the Asset Recovery Summit held in Abuja, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, unveiled a new centralized digital platform—the National Central Database of Forfeited Assets—to track and manage seized assets across various anti-corruption agencies.
According to Fagbemi, the Economic and Financial Crimes Commission (EFCC) accounted for a large share of the recovery, reclaiming over ₦248 billion, $105 million, and 753 duplexes. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) also contributed significantly, recovering ₦29.7 billion and $966,900. Meanwhile, the National Drug Law Enforcement Agency (NDLEA) has stepped up its asset seizures related to drug trafficking and organized crime.
Fagbemi described asset recovery as a vital element in Nigeria’s battle against corruption and illicit financial flows, emphasizing that effective asset management not only deters economic crimes but also restores public confidence in governance.
“We are committed to ensuring that recovered funds are reinvested into critical national development projects, from infrastructure to healthcare,” Fagbemi stated. “This reinforces our dedication to transparency, rule of law, and sustainable economic growth.”
The summit also spotlighted international collaborations that have enabled the repatriation of substantial sums. Since 2017, Nigeria has recovered $763.7 million and £6.47 million through coordinated efforts with global partners. Of these, $102.88 million and £2.06 million were recovered in 2024 alone, including assets from high-profile corruption cases involving entities such as Glencore and Galactica.
These repatriated funds have been channeled into key national projects through the Presidential Infrastructure Development Fund (PIDF)—notably, the Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kano Road. Other allocations include support for rural electrification, renovation of primary healthcare centers, and initiatives under the Rule of Law and Counter-Terrorism Project.
To enhance accountability, Fagbemi announced that all agencies governed by the Proceeds of Crime Act (POCA) must now submit monthly updates to the new centralized asset database. This initiative is supported by new regulations titled “Proceeds of Crime (Standardized Automated Asset Forfeiture Management System) Regulations 2024”, which aim to institutionalize asset transparency.
President Bola Tinubu, represented by Mr. Nadungu Gagare, Permanent Secretary, Office of the Secretary to the Government of the Federation, emphasized the role of digital innovation in improving asset tracking and ensuring looted funds are returned to benefit the Nigerian people.
“Our administration will continue to aggressively pursue asset recovery and invest in systems that prevent corruption,” Tinubu pledged. “We will not spare any effort in holding perpetrators accountable—regardless of their position.”
In her address, Solicitor-General of the Federation, Beatrice Jedy-Agba, warned that the gains of asset recovery could be lost if recovered funds are mismanaged. She called for robust public oversight and transparency in the use of reclaimed assets.
“Citizens deserve to know how these funds are used. Institutionalizing clear reporting frameworks is essential to ensure national progress is genuinely served,” she said.
The unveiling of the asset database and related regulations marks a significant step in Nigeria’s evolving fight against corruption, signaling a renewed commitment to financial accountability and systemic reform.
