“Nigeria Has Made Significant Strides In Asset Recovery” _Rev. David Ugolor

Abuja, Nigeria.

By Igbotako Nowinta

Rev. David Ugolor, Executive Director, Africa Network for Environment & Economic Justice (ANEEJ), has declared that Nigeria has made significant strides in assets recovery.

The prominent environmental activist made this assertion on Tuesday, March 18th, 2025, in Abuja, in his welcome address at the Validation Meeting of ANEEJ Research Report On Assessing The Implementation Of Key GFAR Principles In Asset Return And Management In Nigeria, held at Hawthorn Suites And Hotels.

Rev. Ugolor said ANEEJ received support from the Foreign, Commonwealth & Development Office (FCDO) Nigeria, to carry out this important research and assess how well Nigeria has implemented the Global Forum on Asset Recovery (GFAR) principles with respect to asset recovery and management.

According to him: “During this period, ANEEJ worked with researchers and international experts to deliver on this task. In the course of our work, we engaged key stakeholders, including international development partners, government institutions, civil society organizations (CSOs), project beneficiaries and the media, through consultation meetings, focus group discussion (FGD), field visits, and other activities to gather factual data and ensure the success of this research. Through this initiative, we have remained committed to advancing accountability and good governance in the return and utilization of recovered assets, in line with the GFAR principles, which emphasize transparency, accountability, citizen engagement, beneficial ownership disclosure and the use of recovered assets for sustainable development”.

Rev. Ugolor expansiated further:” As we all know, the recovery of stolen assets is only one step in the long journey toward justice and development. The real impact lies in how these assets are effectively utilized to improve lives, reduce poverty, and strengthen trust in governance. Nigeria has made significant strides in asset recovery, including landmark repatriations such as:
$322.5 million Abacha loot in 2017, allocated to social investment programs. $311.8 million recovered in 2020, earmarked for key infrastructure projects. Additional funds retrieved from corrupt public officials. This research, therefore, seeks to assess the level of compliance with GFAR principles in Nigeria’s asset return and management framework. Our goal is to provide evidence-based insights that will inform policy reforms and ensure greater public participation in the return, and utilization of recovered assets”.

The celebrated human right advocate hit the nail on the head : “The findings of this research will refine our recommendations and strengthen the advocacy for a more transparent and accountable asset management system in Nigeria. The outcome of this meeting will not only validate our research but also serve as a guide for strategic engagements with policymakers and stakeholders in asset recovery. The report will be transmitted to FCDO and adopted as a working document for evidence-based advocacy in the fight against Illicit Financial Flows”.

ANEEJ has been working with the Foreign, Commonwealth & Development Office (FCDO) to undertake the research on the review of the implementation of Key GFAR Principles in Asset Return Nigeria. The research has evaluated the implementation of the Global Forum for Asset Recovery (GFAR) principles in the recovery and management of stolen assets, such as the $311.8 million recovered loot from the Bailiwick of Jersey used for legacy projects and the $954,807.40 recovered Alamieyesiegha loot from the United States of America, for Bayelsa State.

The key GFAR Principles in focus were those relating to transparency and accountability; inclusion of non-government stakeholders; return of funds to beneficiaries; and the preclusion of benefit to offenders. The research also identified gaps in the current asset recovery process in Nigeria and provided recommendations for improving future asset return agreements.