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Looted Funds: EFCC, ICPC recovered $105.9m, not $967.5bn – AGF clarifies
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.
President Bola Tinubu has announced the approval of salary increment for military personnel in Nigeria.
Tinubu made the announcement during an interfaith breaking of fast with Service Chiefs at the Presidential Villa in Abuja.
He assured that the welfare and accommodation challenges of military personnel will be adequately taken care of by his administration.
According to Tinubu: “The interfaith breaking of fast together is a reflection of the diversity of our nation, but God has ordained this period to coincide with one another for self integration, self actualization, and the interfaith base is very laudable that we can celebrate breaking bread together.
“I have listened to COAS and recent approvals given to the Army is well placed. My duty is to thank all of you on behalf of a grateful nation, knowing fully well that many times you are without your families, some are facing attacks from banditry and terrorists.
“We will work hard together, whether in the office or in the medical section, you have been working to serve the country and protecting our sovereignty.
“This nation will always be grateful to you and your sufferings will not be in vain, I can assure you.
“We reflect our diversity, which is the hallmark of progress and solidarity of our country. I’m so grateful to all of you, particularly the leadership of the Armed Forces, you have worked so hard to keep this country from marauders and I assure you that we will do everything possible and collectively to ensure that you have no regrets.
“Your welfare, accommodation and many other opportunities that should be extended to your families will take first priority in our decisions.”
An X user has sparked conversation online after sharing confusion about their genotype.
In the post, the user wrote: “My Dad is AA and my Mom is also AA but I’m AS. Can someone make this make sense to me, please.”
The question quickly drew reactions from other users who tried to explain how genotype inheritance works.
Many pointed out that if both parents are truly AA, a child would typically also be AA, since both parents can only pass the “A” gene.
Some users suggested that the situation could be due to an earlier testing error or that one of the parents might not have been accurately tested.
Others advised the user to consider repeating the genotype test in a reliable laboratory to confirm the result.
A 34-year-old Nigerian man, Adepoju Babtunde Salako, has been sentenced to 78 months in prison in the United States after pleading guilty to wire fra¥d conspiracy and money laundering conspiracy.
The sentencing was announced on March 4, 2026, by the United States Attorney’s Office for the District of Colorado.
As part of his plea agreement, Salako, who lives in Philadelphia, Pennsylvania, also agreed to plead guilty to seven additional counts of wire fra¥d in Alaska. He was further ordered to pay $2,581,002.50 in restitution to victims.
According to court documents, Salako was part of a criminal network that stole more than $5 million in funds from U.S. COVID-19 relief programs in 2021. The schemes targeted the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program, and over 30 state unemployment benefit systems.
Investigators said Salako and two accomplices used stolen identities to fra¥dulently obtain PPP loans and unemployment benefits while submitting fake applications for EIDL loans.
In another scheme, co-conspirators, mostly based in Nigeria, used stolen identities and manipulated romance sc+m victims to obtain government funds.
Authorities said Salako acted as the key contact in the United States, receiving money from victims and government agencies before laundering the proceeds to China and Nigeria. He reportedly took about 25 percent as his commission.
U.S. Attorney Peter McNeilly said Salako and his associates exploited innocent people and defra¥ded American taxpayers of millions of dollars.
Officials from the Internal Revenue Service Criminal Investigation also described him as the U.S.-based operative for an international criminal network.
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