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Nigeria recovered $5 billion in stolen assets over 25 years - BUSINESS INSIDER
Nigeria has successfully recovered over $5 billion in assets over the past 25 years, according to a report from the Civil Society Legislative Advocacy Centre (CISLAC).
Nigeria has successfully recovered over $5 billion in assets over the past 25 years, according to a report from the Civil Society Legislative Advocacy Centre (CISLAC).
CISLAC’s Executive Director, Auwal Ibrahim Musa (Rafsanjani), shared this during the launch of the 2024 Report on the Common African Position on Asset Recovery (CARPA) in Nigeria. CARPA, a framework adopted by the African Union in 2020, aims to support African nations in recovering illicit funds.
“Over the past 25 years, Nigeria has recovered over $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,” he said.
Despite these recoveries, Mr. Musa highlighted persistent challenges in managing returned assets, noting that there’s still much to be done, especially when it comes to involving citizens and civil society.
Nigeria has achieved just 29% of key asset recovery indicators, hindered by the absence of a unified anti-corruption strategy and fragmented coordination among agencies, which continue to slow down recovery efforts.
He pointed out the lack of essential frameworks, like whistleblower protection channels, which would empower citizens to report corruption-related issues more safely.
The CISLAC report noted that Nigeria, along with other African nations like Morocco and Kenya, struggles to effectively manage returned assets, which limits their impact on national development.
The report emphasised the need for stronger international cooperation to enhance asset recovery efforts and combat corruption across the continent.
