EFCC And ICPC Recover £967.5 Billion And ₦277 Billion In Looted Funds, Says Federal Government.
In a significant boost to Nigeria’s fight against corruption, the Federal Government has announced that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have successfully recovered looted funds totalling $967.5 billion (£760 billion) and ₦277 billion in cash and assets. This remarkable achievement underscores the government’s commitment to tackling financial crimes and promoting transparency, as revealed during the Asset Recovery Summit held at the Ministry of Justice in Abuja on 27 May 2025.
The Attorney General of the Federation (AGF), whose remarks were reported by Daily Post Nigeria, detailed the agencies’ efforts. The EFCC alone reclaimed over ₦248 billion, $105 million (£82 million), and 753 duplexes, showcasing its robust asset recovery initiatives. Meanwhile, the ICPC recovered ₦29.685 billion in cash and $966,900 (£760,000) in assets, further contributing to the substantial haul. These recoveries mark a significant milestone in Nigeria’s ongoing battle against economic and financial crimes, with the funds and assets retrieved from high-profile individuals and politically exposed persons (PEPs).
The AGF highlighted the importance of asset recovery as a cornerstone of Nigeria’s anti-corruption strategy, stating, “Asset recovery is a fundamental pillar in our collective fight against corruption, economic crimes, and illicit financial flows that undermine our national development.” He emphasised that these efforts not only serve as a deterrent but also deprive criminals of the proceeds of their illicit activities, thereby fostering public trust and supporting sustainable economic growth.
In addition to the EFCC and ICPC’s successes, the National Drug Law Enforcement Agency (NDLEA) has intensified its efforts to seize assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities. The government also noted that Nigeria has successfully repatriated significant funds from abroad, reinforcing its commitment to financial accountability on a global scale.
The unveiling of the National Central Database of Forfeited Assets during the summit further demonstrates the government’s resolve to enhance transparency and coordination in managing recovered assets. This platform is expected to streamline the tracking and utilisation of seized funds and properties, ensuring they are reinvested into critical development projects such as infrastructure, healthcare, and education. For instance, previous EFCC recoveries, including ₦50 billion allocated to the Nigerian Education Loan Fund (NELFUND) in 2024, have supported initiatives aimed at improving access to education for underprivileged students.
The EFCC’s broader achievements were also highlighted in recent reports. Between October 2023 and October 2024, the agency secured 3,455 convictions and recovered ₦250 billion in cash, alongside millions in foreign currencies and substantial assets, including 975 real estate properties and 931,052 metric tons of petroleum products. These efforts reflect a shift in focus from smaller-scale fraud to high-profile corruption cases that have long plagued Nigeria’s economic progress.
However, challenges remain. A recent proposal in the Nigerian Senate to amend the Proceeds of Crime (Recovery and Management) Act 2022 aims to create a dedicated Asset Recovery Agency, citing poor coordination and transparency issues among existing agencies like the EFCC, ICPC, and Nigeria Customs Service. While some lawmakers support the move to strengthen Nigeria’s anti-corruption framework, others argue that existing agencies are sufficiently empowered and that creating new bodies could lead to bureaucratic inefficiencies.
Despite these debates, the EFCC and ICPC’s recoveries signal a positive step forward. The government’s commitment to reinvesting these funds into transformative projects underscores its dedication to improving the lives of Nigerians. As the nation continues to grapple with entrenched corruption, these efforts highlight the potential for meaningful change through sustained anti-corruption measures.
“We remain resolute in our pursuit of transparency, accountability, and the rule of law,” the AGF concluded, reaffirming Nigeria’s determination to build a more prosperous and equitable future.
