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EFCC, ICPC Recover N277bn, $105m From Financial Crimes in 2024

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By Adedapo Adesanya

The agencies saddled with the responsibilities of curbing financial crimes in Nigeria, the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), recovered about N277 billion and $105 million in 2024.

This information was disclosed by Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi (SAN), while speaking recently at an asset recovery summit in Abuja.

Giving a breakdown, the AGF said the EFCC, which investigates and prosecutes financial crimes, recovered N248 billion, $105 million, and 753 duplexes in 2024, while the ICPC, which handles prosecution of corruption and embezzlement, reclaimed N29.685 billion in cash and $966,900 in looted assets in the same year.

Mr Fagbemi said Nigeria has successfully repatriated significant funds from abroad, reinforcing the country’s commitment to financial accountability.

He also said other enforcement bodies have also carried out their functions adequately in the last year. Foe instance, the National Drug Law Enforcement Agency (NDLEA) intensified its efforts in seizing assets linked to drug-related crimes, ensuring that illicit proceeds do not fuel further criminal activities.

“In 2024 alone, the Economic and Financial Crimes Commission (EFCC) is reported to have reclaimed over N248 billion, $105 million, and 753 duplexes in its asset recovery efforts. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also reported to have recovered N29.685 billion in cash and $966,900 in assets.

“With regards to international recovery and repatriation of assets which is within the purview of the Federal Ministry of Justice, 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), was able to facilitate the execution of various agreements, leading to the payment of fines, recovery and repatriation of assets in the sum of $763,734,000, and £6,472,610.

“Of these sums, a total of $102.88 million and £2,062,000 (Galactica Assets $52.88 million, Glencore Fined $50 million, Useni/Miner GBP 2,062,000) was recovered from 2024 to date.

“However, discussions and negotiations are still ongoing and pending with regards to some other assets located offshore, with a view to finalising their forfeiture and/or repatriation to Nigeria,” he said.

Mr Fagbemi said that based on assets’ repatriation agreements in line with international best practices, mechanisms have been put in place to ensure the transparent utilisation and management of repatriated assets on specific identified critical infrastructure projects, noting that the mechanisms include the participation of civil society organisations (CSO) as independent monitors of the repatriated assets; engagement of independent auditors to regularly audit the repatriated assets accounts;

The justice minister said despite the achievements, some challenges persist, adding that, “The complexities of cross-border asset recovery, the need for enhanced international collaboration, and the imperative of ensuring transparency in asset management demand our collective attention and action.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Chimamanda Ngozi Adichie Loses One of Twin Sons After Brief Illness

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Chimamanda Ngozi Adichie

By Adedapo Adesanya

Nigerian author, Ms Chimamanda Ngozi Adichie, and her husband, Dr Ivara Esege, have lost one of their twin sons, Nkanu Nnamdi.

According to a statement issued on Thursday by Ms Omawumi Ogbe, on behalf of the family, the 21-month-old baby passed away on Wednesday, January 7, 2026, after a brief illness.

The statement said the family is devastated by the loss, and requested that their privacy be respected during this difficult time.

“We’re deeply saddened to confirm the passing of one of Ms Chimamanda Ngozi Adichie and Dr Ivara Esege’s twin boys, Nkanu Nnamdi, who passed on Wednesday, 7th of January 2026, after a brief illness. He was 21 months old.

“The family is devastated by this profound loss, and we request that their privacy be respected during this incredibly difficult time.

“We ask for your grace and prayers as they mourn in private.

“No further statements will be made, and we thank the public and the media for respecting their need for seclusion during this period of immense grief,” the statement read.

Ms Adichie is known for works including Half of a Yellow Sun, Americanah and her 2012 Ted Talk and essay We Should All Be Feminists, which was sampled by Beyoncé on her 2013 song Flawless.

The 48 year old writer had her first child, a daughter, in 2016. In 2024, her twin boys were born using a surrogate.

In 2020, her 2006 novel Half of a Yellow Sun was voted the best book to have won the Women’s Prize for Fiction in its 25-year history.

Her latest book, Dream Count, was published in 2025.

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Peter Obi Questions Tinubu’s Approval of NNPC Debt Cancellation

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By Adedapo Adesanya

The presidential candidate of Labour Party in the 2023 general elections, Mr Peter Obi, has queried the decision of President Bola Tinubu to write-off about N8 trillion in debts owed by the Nigerian National Petroleum Company (NNPC) Limited despite unresolved audit queries running into trillions of Naira.

Mr Obi, in a statement titled Era of Financial Recklessness, described the reported debt forgiveness as alarming, especially at a time Nigerians are grappling with rising energy costs, inflation and heavier tax burdens.

“Just last week, it was alarmingly reported that the President approved the write-off of N5.57 trillion and $1.42 billion, approximately N8 trillion, in debts owed by NNPC, a company that recently announced profits and claimed it had turned a new leaf,” Mr Obi said in the statement on X, formerly Twitter.

He noted that the development comes amid ongoing audit investigations into NNPC over an alleged failure to account for N210 trillion, a figure he said exceeds Nigeria’s combined federal budgets between 2023 and 2026.

“For context, the total federal government budgets from 2023 to 2026 amount to about N178.56 trillion. Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions,” Mr Obi stated.

The former Anambra State governor questioned the rationale behind the debt write-off, pointing out that NNPC is also under scrutiny over trillions of naira spent on non-functional refineries.

“This is the same agency facing serious audit inquiries and yet the President, who also serves as the Minister in charge, has approved the write-off of about N8 trillion in NNPC debts,” he said.

Mr Obi argued that the debt forgiveness effectively shifts the revenue burden to ordinary Nigerians, who are already reeling from the removal of fuel and electricity subsidies.

“Nigerians, already enduring severe hardships, are now confronted with this unexplained debt forgiveness. The nearly N8 trillion write-off will effectively replace revenue that the government is now seeking through unfair taxation,” he said.

Mr Obi stressed that the amount written off could have significantly strengthened key sectors of the economy.

“This almost N8 trillion exceeds the combined 2025 federal budget allocations for education, health and agriculture, which total N7.1 trillion,” he noted, adding that it is also “nearly twice the 2025 federal security budget of N4.9 trillion.”

He maintained that such resources could have been deployed to stimulate productivity, create jobs and reduce poverty, particularly in an economy struggling with unemployment and weak growth.

“The President owes Nigerians clear answers. Citizens deserve honesty, fiscal discipline and governance that protects their interests, not the interests of mismanaged corporations or political elites,” Mr Obi said.

He called for transparency around the reported write-off, warning that unchecked fiscal decisions in the energy sector could further undermine public trust and economic stability.

“This betrayal of the people must be stopped,” Mr Obi concluded.

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Togo, Niger, Benin Owe Nigeria $17.76m for Electricity

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By Adedapo Adesanya

Three international customers owe Nigeria $17.8 million for electricity supplied under bilateral arrangements, according to the Nigerian Electricity Regulatory Commission (NERC).

The electricity regulator in its Third Quarter 2025 report, noted that Togo, Niger, and Benin Republic were invoiced a total of $18.69 million by the Market Operator for electricity supplied during the period, but only remitted only $7.125 million, leaving an outstanding balance of $11.56 million.

The regulator identified the international offtakers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of the Republic of Benin, and Société Nigérienne d’Électricité of the Republic of Niger.

Electricity supplied to the three countries was generated by grid-connected Nigerian generation companies (GenCos) and delivered through bilateral cross-border power arrangements.

According to the report, the three international customers had legacy invoices of $14.7 million, out of which they paid $7.84 million, leaving a balance of $6.2 million.

The debt incurred from the previous quarters and that of Q3 2025 amounted to $17.76 million.

NERC’s report stated that the remittance level represented a 38.09 per cent remittance performance, with more than half of the invoices remaining unpaid at the end of the quarter.

“The three international bilateral customers being supplied by GenCos in the NESI made a payment of $7.12 million against the cumulative invoice of $18.69 million issued by the MO for services rendered in 2025/Q3, translating to a remittance performance of 38.09 per cent.”

The commission explained that some bilateral customers paid for power purchased in the quarters before the one being reviewed.

“It is noteworthy that some bilateral customers also made payments for outstanding MO invoices from previous quarters, as follows: the MO received $7.84 million from the international bilateral customers and N1.3 billion from the domestic bilateral customers,” the report added.

In contrast, NERC said domestic bilateral customers performed better, remitting N3.19 billion out of the N3.64 billion invoiced to them during the quarter, representing a remittance rate of 87.61 per cent.

“The domestic bilateral customers made a cumulative payment of N3.19 billion against the invoice of N3.64 billion issued to them by the MO for services rendered in 2025/Q3, translating to 87.61 per cent remittance performance,” it added.

The commission further disclosed that Nigeria’s 11 electricity distribution companies remitted a combined N381.29 billion to the Nigerian Bulk Electricity Trading (NBET) Plc and the Market Operator in Q3 2025, out of a total invoice of N400.48 billion, translating to a remittance performance of 95.21 per cent.

As part of its statutory assessment of the commercial performance of the electricity market, the regulator noted that the figures were based on reconciled market settlements submitted to the commission as of December 18, 2025.

Nigeria supplies electricity to neighboring, however, faces significant challenges with unpaid bills data showing millions unpaid in arrears from these customers, despite NERC capping exports to prioritise domestic needs due to generation shortfalls and payment indiscipline.

These exports utilise Nigeria’s surplus power but highlight issues with consistent payment and balancing regional obligations with local demand, leading to reduced export levels.

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