How we recovered over $700m looted funds abroad – ICPC boss

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that Nigeria has successfully recovered $700 million in looted funds stashed abroad.

The disclosure was made by the ICPC Chairman, Dr. Musa Aliyu, during a one-day media engagement with journalists from the North-West and North-East, held in Kano.

Dr. Aliyu noted that the recovered funds could have otherwise been used to provide critical social amenities and improve the quality of life for millions of Nigerians.

According to him, “Nigeria from 2017 till date recovered over $700 million. So asset recovery is the best strategy.

“The asset recovered would be used in developmental projects such as roads and health,” he said.

He further said the commission recorded recoveries of cash totaling N7.2 billion in the North-West and N43.3 million in the North-East regions, as well as $1.066 million recovered in the North-West.

He said the recoveries were made within a 2-year period, between May 2023 and July 2025.

“We also engaged in Project Tracking and Financial Recoveries. A total of 1,440 projects were tracked, valued at approximately ₦271.054 billion. Of these, 767 projects valued at ₦112.737 billion were in the Northeast,
and 673 projects valued at ₦158.317 billion were in the Northwest.

But the real story in project tracking is this: citizens and journalists who flagged abandoned projects made these interventions possible, ensuring resources reached the intended beneficiaries.

“Our cash recoveries totalled ₦7.269 billion in the Northwest and ₦43.335 million in the Northeast, with a total of $1.066 million also recovered in the North-West.

“We also seized assets in the Northwest, including 14 buildings, 25 plots
of land, and three farmlands.

“On Enforcement and Legal Actions, a total of 171 cases were investigated, with 117 in the Northwest and 54 in the Northeast. This led to 16 cases being
filed in court, with eight from the Northwest and the Northeast. Four convictions were recorded in each of the two zones,” the ICPC Chairman said.

He said Nigerians were gradually refusing to pay bribes and could achieve 90 percent compliance in four years if the whistleblower bill is passed into law.

He, however, called on the National Assembly, NASS, to expedite the passage of the whistleblower bill into law to protect Nigerians and journalists, thereby encouraging them in the crusade against the menace.

“The UNODC-NBS survey reveals that the North-West recorded the highest
bribe refusal rate in the country at 76%, while the North-East recorded 60%. This demonstrates that ordinary people are willing to stand up against corruption.

“Equally encouraging is the growing courage to report corruption. Reports of bribery in the Northern zones rose from 4.7% in 2019 to 13.4% in 2023. More importantly, the share of these reports leading to formal action has almost tripled, from 16% in 2019 to 43% in 2023. These are not just statistics—they
tell real stories of Nigerians refusing to be exploited.

“I therefore call on the National Assembly to expedite the passage of the Whistleblower Bill, which will empower and protect the citizens and journalists to report corruption without fear.”

He said the commission has started implementing a programme titled “Accountability and Corruption Prevention Program for Local Governments initiative” to beam it searchlight and ensure accountability at the local government level, and if fully implemented, there will be value for money and the local government across the country will witness progress.

Earlier, Dr. Umar Yakubu, Executive Director of the Center for Fiscal Transparency and Public Integrity, stated that the ICPC’s initiative is the first mechanism in the world designed as a proactive measure to prevent corruption, rather than responding to corruption after it has occurred.