Executive Director, Africa Network for Environment and Economic Justice, ANEEJ, Rev. David Ugolor has advocated for the urgent need for stronger legal frameworks, institutional reforms and sustained Civil Society oversight to prevent mismanagement and ensure that returned assets deliver real impact to the people.
The ANEEJ Executive Director who made this call in his opening remarks at the Civil Society Summit on Asset Recovery and Management held in Abuja said Nigeria has made significant strides in Asset Recovery, including landmark repatriations such as $322.5 Million Abacha loot in 2017, allocated to investment programs, which a lot of people benefited from, $311.8 Million recovered in 2020 for key infrastructure projects as well as additional funds retrieved from corrupt public officials, bolstering anti corruption efforts.
According to him, ” these recoveries represent critical successes, but they also highlight the urgent need for stronger legal frameworks, institutional reforms and sustained Civil Society oversight to prevent mismanagement and ensure that returned assets deliver real impact.
While pointing out that the underlying principle is the inclusion of the Civil Society, Rev. Ugolor disclosed that there was no inclusion of Civil Society in the last repatriated Asset, the Diezani loot to the country.
“The challenge before us remains vast. The United Nations and African Union estimate that Nigeria lost nearly $40 billion to illicit financial flows between 2001 and 2010, contributing to the $148 billion stolen annually across Africa. This underscores the need for enhanced global collaboration, robust domestic policies and active Civil engagement in tracking and utilizing recovered assets.
“Today’s Summit supported by the Foreign Commonwealth and Development office, FCDO, Nigeria takes place at a defining moment when issues of transparency, accountability and asset management are at the forefront of national and global conversations. As many of you know, the Global Forum on Asset Recovery (GFAR) has set out ten key principles emphasizing transparency, accountability and the public benefit of recovered assets.
“While Nigeria has made commendable progress in adhering to these principles, we must work collectively to institutionalize best practices and foster culture of accountability that ensures lasting impact,” he added.
The Country representative of the United Nations Office on Drugs and Crime (UNODC) represented by Dr. Femi Ajayi said the fight against illicit financial flows in Nigeria requires a multi faceted approach involving government agencies, international organizations and Civil Society, adding that, UNODC remains committed to supporting Nigeria in this endeavor through its technical expertise, capacity building, research, and collaborative support when needed and together, a more transparent and accountable financial system that promotes sustainable development and security can be created.
In a presentation on the enforcement of legislation on Asset Recovery in Nigeria, Barr. Pere Ikuetemi on behalf of the Permanent Secretary, Federal Ministry of Justice and Secretary and Secretary to the Government of the Federation thanked ANEEJ for the Pre-National Asset Recovery Summit wherein stakeholder engagement, especially from the Civil Society will be elicited.
“ANEEJ is evidently acting as a bridge between the CSO’s and the Government before the National Asset Recovery Conference and this engagement is highly commendable. The Federal Ministry of Justice is elated about this gesture and the special encouragement and support from ANEEJ in ensuring the Asset Recovery Summit becomes a reality,” Barr. Ikuetemi noted.
According to him, “Asset recovery is a crucial aspect of Nigeria’s fight against corruption, financial crimes and illicit wealth accumulation. The enforcement of Asset recovery laws in Nigeria is governed by various legal frameworks, institutional mechanisms and international cooperation efforts. Enforcing Asset recovery legislation in Nigeria is critical in combating corruption and financial crimes.
“While significant progress has been made, challenges remain strengthening legal frameworks, improving international cooperation and ensuring transparency in the management of recovered Assets will enhance Nigeria’s efforts in Asset recovery,” he noted.
There was also a presentation on EFCC’s Compliance with the Proceeds of Crime Act,by the representative of the Executive Chairman, Economic and Financial Crimes Commission, EFCC, Mrs. Yetunde Alabi, Panel discussions on strengthening Asset Recovery and Management in Nigeria, and Presentation of ANEEJ Asset Recovery Research Project and Initial findings by the Executive Director, Rev. Ugolor.
The Panel discussion among other recommendations identified the real thieves as the recipient of the stolen funds and that CSO’s should speak with one voice to actually monitor what is happening with the recovered stolen money.
