The UK government’s recovery of $9.5 million in stolen Nigerian assets has been commended by the Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria. According to CISLAC Executive Director Auwal Rafsanjani, this move demonstrates strong international cooperation against corruption. The recovery aligns with Nigeria’s Proceeds of Crime Act (PoCA) 2022, which facilitates cross-border collaboration in tracing and recovering illicit assets.
PoCA provides a comprehensive framework for tracing, freezing, confiscating, managing, and recovering proceeds of crime both locally and internationally. The legislation is Nigeria’s primary instrument for ensuring that criminals do not benefit from corruption, particularly funds looted and hidden abroad. CISLAC and Transparency International Nigeria emphasized that the recovery highlights the importance of mutual legal assistance, which is critical to deterring illicit financial flows.
While welcoming the return of the funds, the organizations expressed concerns about the utilization of the recovered assets, citing limited public information on how they are deployed. Despite significant recoveries over the past decade, transparency in managing returned funds remains weak and inadequate. The groups urged the government to fully implement PoCA and honor its commitments under the Global Forum on Asset Recovery.
Furthermore, they called for independent National Assembly oversight to ensure that recovered assets are traced, tracked, and measured transparently. Rafsanjani warned that accountability suffers when recovered funds are merged into general expenditure without clear reporting mechanisms. He emphasized the need for stronger enforcement, improved transparency, and institutional reforms to ensure that recovered assets deliver tangible benefits to Nigerians.
The recovery of stolen assets is a significant step towards combating corruption and promoting transparency. The collaboration between the UK government and Nigerian authorities demonstrates the importance of international cooperation in this effort. As Nigeria continues to work towards recovering and managing stolen assets, it is essential to prioritize transparency and accountability to ensure that these funds benefit the Nigerian people. The successful implementation of PoCA and the Global Forum on Asset Recovery will be crucial in achieving this goal.
