Nigeria’s Asset Recovery Totals $5bn Over 25 Years – CISLAC

Nigeria’s Asset Recovery Totals $5bn Over 25 Years – CISLAC

By Fly Cable News

The Civil Society Legislative Advocacy Centre (CISLAC) has revealed that Nigeria has successfully recovered more than $5 billion in assets over the past 25 years. This disclosure was made during the launch of the 2024 Report on the Common African Position on Asset Recovery (CARPA) Implementation in Nigeria on Tuesday.

According to Auwal Rafsanjani, CISLAC’s Executive Director, the issue of asset recovery has been a key focus of the organization’s advocacy and anti-corruption efforts. “Our advocacy, in partnership with other critical stakeholders, played a part in the passage of the Proceeds of Crime (Recovery and Management) Act, 2022,” he said.

Rafsanjani also highlighted the organization’s previous work, including a 2021 report evaluating international cooperation in Nigeria’s asset recovery efforts. The report assessed Nigeria’s financial outflows, the existing global frameworks for asset recovery, and the role of foreign governments in either supporting or obstructing these efforts.

“Nigeria has recovered over $5 billion in assets in the past 25 years,” Rafsanjani noted. “We’ve been a major player in addressing asset recovery challenges, not only in Nigeria but across Africa and the West African region. Nigeria has built alliances with other countries to promote a unified African strategy for reclaiming and repatriating illicitly moved assets. However, much more needs to be done, particularly in terms of involving citizens and civil society organizations in the process. The absence of frameworks like whistleblower protection channels remains a challenge to effective corruption reporting.”

Rafsanjani also stressed that the responsible management of recovered assets remains a critical issue. “While significant progress has been made, it is essential that these recovered assets are managed prudently,” he said.

Additionally, he announced the launch of six assessments that evaluate the national implementation of the Common African Position on Asset Recovery (CAPAR), a policy framework adopted by the African Union in February 2020. CAPAR provides a comprehensive set of guidelines at both the national and continental levels to support the identification, recovery, and management of illicitly moved assets, while safeguarding Africa’s sovereignty.

“CAPAR strengthens domestic and cross-border recovery efforts, providing essential recommendations to support asset recovery and repatriation across the continent,” Rafsanjani concluded.