Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, announced on May 25, 2025, that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) recovered ₦277 billion and $105 million in stolen assets in 2024.
Speaking at an anti-corruption conference in Abuja, Fagbemi detailed the agencies’ efforts to combat corruption, including high-profile cases involving former government officials, bank executives, and oil sector players. The recoveries included cash, properties, and foreign currency stashed in offshore accounts.
The EFCC’s haul included ₦180 billion and $75 million, with notable cases involving a former Central Bank official and a $2 billion fraud in the petroleum sector. The ICPC recovered ₦97 billion and $30 million, focusing on public sector graft, including a ₦50 billion pension scam. Fagbemi highlighted improved inter-agency collaboration and international partnerships with the FBI and UK’s National Crime Agency, which facilitated asset tracing. The recovered funds have been channeled to the Federation Account, with plans to allocate them to infrastructure and social programs.
The announcement has bolstered public confidence in Nigeria’s anti-corruption drive, but critics argue that convictions remain low, with many cases stalled in court. Fagbemi acknowledged judicial bottlenecks and promised reforms to expedite trials. The recoveries have also sparked debate about asset management, with calls for transparent utilization. The EFCC and ICPC’s performance in 2024 reflects Nigeria’s ongoing battle against corruption, with Fagbemi urging sustained public support to achieve systemic change.