Nigeria has recovered over $5 billion in illicitly acquired assets over the past 25 years, according to a new report from the Civil Society Legislative Advocacy Centre (CISLAC). The report, launched on Tuesday in Abuja, highlights the country’s ongoing efforts to combat corruption and recover stolen assets that were illicitly moved abroad.
CISLAC’s Executive Director, Auwal Rafsanjani, presented the findings during the official launch of the 2024 Common African Position on Asset Recovery (CARPA) Implementation Report. The event was attended by various stakeholders, including government officials, civil society groups, and international partners focused on tackling corruption and illicit financial flows in Africa.
Rafsanjani explained that asset recovery has been a core focus of CISLAC’s advocacy efforts, noting that the organization, along with other key stakeholders, played a significant role in the enactment of the Proceeds of Crime (Recovery and Management) Act in 2022. This law aims to streamline the process of identifying, recovering, and managing assets stolen through corruption.
“Our advocacy, alongside other stakeholders, has contributed to the enactment of the Proceeds of Crime Act, 2022,” Rafsanjani said, emphasizing that the legal framework has strengthened Nigeria’s ability to recover stolen assets. He also recalled the 2021 CISLAC report, which evaluated the cooperation of foreign governments in Nigeria’s asset recovery efforts. The report assessed Nigeria’s financial outflows, existing global frameworks for asset recovery, and the role of foreign jurisdictions in either facilitating or hindering these efforts.
Rafsanjani noted that while Nigeria has made significant strides, challenges remain in engaging citizens and civil society in the asset recovery process. He pointed out the lack of effective frameworks for whistleblower protection, which he said is crucial for tackling corruption at all levels.
“Much more needs to be done to engage citizens and civil society, especially with the lack of frameworks like whistleblower protection channels for reporting corruption effectively,” Rafsanjani said.
The report also highlighted Nigeria’s role in driving regional cooperation on asset recovery, noting that the country has forged alliances with other African nations to create a unified strategy for reclaiming and repatriating stolen assets. This effort is particularly important for addressing the challenges of illicit financial flows that plague not only Nigeria but other countries across Africa.
Despite the progress made, Rafsanjani emphasized that the responsible management of recovered assets remains an ongoing challenge. “While we have made progress, prudent management of these recovered assets remains essential,” he stated.
The report also introduced six national assessments evaluating the implementation of the Common African Position on Asset Recovery (CAPAR), a policy framework adopted by the African Union in February 2020. CAPAR provides a comprehensive set of guidelines for identifying, reclaiming, and managing illicitly moved assets across national, regional, and international levels. It strengthens domestic and cross-border recovery efforts within Africa and upholds the continent’s sovereignty in addressing financial crimes.
“CAPAR provides guidelines at both the national and continental levels for identifying, reclaiming, and managing recovered assets,” Rafsanjani explained. “It strengthens domestic and cross-border recovery efforts within Africa and is key to enhancing African countries’ capacity to recover illicitly transferred assets.”
As the fight against corruption and illicit financial flows continues, CISLAC’s report underscores the importance of continued cooperation, both within Africa and with international partners, to ensure that stolen assets are returned and effectively managed for the benefit of the people.
