Navigating Nigeria’s Asset Recovery Landscape

In recent years, Nigeria has witnessed notable strides in asset recovery. This is coupled with the Nigerian government’s public request that foreign nations where Nigerian stolen wealth is purportedly concealed make greater steps to assist Nigeria in recovering these assets. This in part has been prompted by the assertion of Nigeria being “fantastically corrupt“. However, proceeds of assets recovered have often fallen short in transparency in its utilisation.

The Nigerian government’s partnership with United Nations Office on Drugs and Crime (UNODC) and Economic Community of West African States (ECOWAS) has been critical to recovery efforts. So has the Crime Bill, signed by President Buhari, which established a mechanism for anti-corruption agencies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC), and Code of Conduct Bureau (CCB) to collaborate and tackle corruption in Nigeria, involving various agencies as well as global assistance for cases involving multiple jurisdictions.  

A case in point amongst many is former Minister of Petroleum Resources Diezani Alison-Madueke, who was charged with corruption to the tune of billions of Naira. Through international cooperation, Nigeria recovered millions of dollars in assets, machinery, cars, shops, and money stolen by Alison-Madueke. Such high-level cases clearly show Nigeria’s efforts to bring corrupt individuals to justice and reclaim their loot, no matter how far.

State governments have also engaged in various efforts at asset recovery. Zamfara State Government confirmed the operation of the Nigeria Police Force that led to the recovery of vehicles allegedly looted by the former state Governor, Bello Matawalle. The government’s asset recovery efforts have also been diverse to encompass illegal mining activities. The unlawful mining practice in Zamfara has been a lingering challenge, especially in the gold mining industry.  There has been a focus on individuals and business entities involved in illegal mining, thereby confiscating unlawfully acquired properties. In addition, it doubles as a deterrent and provides an opportunity for recovered assets to be used for the benefit of the state and its citizens.

Similarly, Benue State is not leaving any stone unturned in the stroke of asset recovery. Here, the main focus has been on the tracing and repatriation of monies and assets looted through corrupt activities in sectors such as agriculture and infrastructural sector development, among others. The state hopes to rejuvenate these sectors by vigorously pursuing asset recovery to uplift the economy and the welfare of its populace.

Despite Nigeria’s progress in asset recovery, problems of transparency and the effective utilisation of the assets remain. Concerns regarding the management and distribution of this resource warrant the need for guidelines and procedures to be clearly defined to guarantee efficient utilisation of recovered assets. This transparency is essential in creating public trust and showing the government’s political will. Fraud in the asset recovery landscape could disrepute the process and jeopardise government efforts. Therefore, Nigeria must develop measures to protect the country against such practices and ensure proper control of the recovered assets. It is necessary to install adequate monitoring and auditing mechanisms to achieve accountability and prevent mismanagement.

To tackle the many challenges and reinforce the progress made towards asset recovery, Nigeria needs a well-structured asset recovery framework that plugs the leaks existent with asset recovery such as illegal sale of forfeited properties and the absence of a comprehensive asset recovery register. This framework aims to provide a clear legislative and procedural framework that governs the entire asset recovery process. This would simplify the systems, boost accountability, and ensure that the recovered assets are appropriately used for the benefit of the Nigerian people. A sound and functional recovery asset framework would act as a deterrent and a model for other countries dealing with similar issues.

To further strengthen Nigeria’s asset recovery outlook, a separate oversight committee responsible solely for asset recovery is needed under the executive arm, which would help in proper coordination, monitoring, and evaluation processes. This committee will serve as a watchdog that needs to check whether the entire process is transparent and accountable.

It is also essential to have transparency in reporting asset recovery statistics. There should be regular and detailed reports on assets recovered, their value and utilisation, which must be publicised, ensuring transparency and public trust. Also, working with experienced international partners and organisations proficient in asset recovery would be beneficial. Nigeria should look for technical assistance and knowledge-sharing activity to improve its capability in asset recovery and learn from what worked in other jurisdictions.

Nigeria has made reasonable progress in its asset recovery journey. The efforts in states like Zamfara and Benue and other cases of recovered assets are the clear indicators of government’s eagerness to fight corruption and claw back the loot. Transparency, efficiency, and coherent architecture are pivotal to proceeding sustainably. Adopting the recommended measures will enable Nigeria to manage its asset recovery terrain successfully and cultivate an anti-corruption and integrity character.