By John Umeh
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has set the record straight regarding the actual amount recovered by Nigeria’s anti-corruption agencies from looted public funds. Contrary to widespread reports that a staggering $967.5 billion had been recovered, Fagbemi clarified that the actual figure stands at $105.9 million.
Speaking during a public event in Abuja, Fagbemi described the $967.5 billion figure as grossly exaggerated and misleading, urging the public and media outlets to rely on verified data provided by authorized government sources. His comments were in response to recent media reports that circulated the inflated figure, attributing it to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Setting the Record Straight
Fagbemi emphasized the importance of transparency and accuracy in public discourse, particularly on matters as sensitive as asset recovery and anti-corruption efforts. He stated that as of May 2024, the combined recovery by both the EFCC and ICPC totaled approximately $105.9 million in cash and assets traced to corrupt practices.
“The claim that $967.5 billion was recovered is not only incorrect but also damaging to the credibility of our anti-corruption efforts,” Fagbemi said. “We must be careful not to circulate unverified figures that can mislead the public and misrepresent the progress made.”
Actual Recovery Figures
The breakdown of the $105.9 million includes both local and foreign currency recoveries, as well as assets converted to cash through legal processes. A significant portion of the recovered funds is expected to be channeled into developmental projects, in line with Nigeria’s commitment to using recovered assets to improve public infrastructure and services.
Fagbemi also highlighted ongoing efforts by the Ministry of Justice, in collaboration with anti-graft agencies, to track and repatriate illicit funds stashed abroad, assuring Nigerians that all recoveries would be transparently documented and publicly disclosed.
Media Urged to Verify Information
In his remarks, Fagbemi called on the media to exercise due diligence when reporting on financial data, especially concerning sensitive topics like corruption and asset recovery. He stressed the need for collaboration between the media and government institutions to ensure that the public is accurately informed.
“We are in a critical period where the fight against corruption must be grounded in facts, not fiction. The media plays a crucial role, and I encourage journalists to verify information through official channels before publication,” he added.
Public Accountability and Transparency
Fagbemi reiterated the federal government’s unwavering commitment to transparency and accountability, noting that regular updates on asset recovery efforts would be made available to the public. He assured that mechanisms are in place to ensure that recovered funds are not re-looted but are instead redirected into projects that benefit the citizens.
Both the EFCC and ICPC have echoed Fagbemi’s clarifications, confirming that the purported $967.5 billion recovery was never recorded in their official reports. They reaffirmed their dedication to upholding the rule of law and enhancing public trust through verifiable and transparent anti-corruption measures.
Fagbemi’s clarification marks an important moment in Nigeria’s fight against corruption, as it seeks to balance public expectations with factual reporting and institutional transparency. While $105.9 million may be far less than the previously circulated amount, it represents a significant achievement in a country where illicit financial flows remain a challenge. The government continues to assure the public of its commitment to recover more stolen assets and ensure their responsible utilization.
