Nigeria’s 25-year stolen assets’ recovery stands at $5bn – CISLAC

Nigeria has recovered more than $5 billion in stolen assets over the past 25 years, according to a recent report launched by the Civil Society Legislative Advocacy Centre (CISLAC).

Auwal Musa, executive director at CISLAC, said this during the launch of a report which evaluated Nigeria’s progress under the Common African Position on Asset Recovery (CAPAR) which is a framework adopted by the African Union in 2020 to help African nations recover illicit funds.

“Over the past 25 years, Nigeria has recovered more than $5 billion in stolen assets, including significant sums returned from Switzerland and the United States. Some notable cases include the Abacha assets, where hundreds of millions of dollars looted by former military ruler Sani Abacha were repatriated after decades of international negotiations,” Musa said.

Despite these recoveries, he lamented ongoing challenges in managing returned assets, noting that there is still significant work to be done, particularly in engaging citizens and civil society.

He stressed the absence of frameworks, such as whistleblower protection channels, which could help citizens disclose corruption-related issues more effectively.

According to the CISLAC report, inability to manage the returned assets by Nigeria and some other African nations, including Morocco and Kenya, undermines their potential to contribute to national development.

It emphasised the importance of international cooperation to improve asset recovery and combat corruption across the continent.

The CAPAR framework, which focuses on identifying stolen assets, recovering them, ensuring proper management, and improving international cooperation, aims to address these challenges.

The report also called for the full implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, to enhance the transparency and management of recovered assets.

The CISLAC report evaluated Nigeria’s progress in detecting, recovering, managing assets, and fostering international cooperation.

Pharmaceuticals, Livestock Feeds, and Meyer Plc had unsold goods inventory of N685 million, N537 million, and N80 million respectively.