BY EUBALDUS ENAHORO
Rev. David Ugolor, the Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), has revealed that Nigeria lost nearly $40 billion to illicit financial flows between 2001 and 2010, contributing to the $148 billion stolen annually across Africa.
He warned that without stronger asset recovery measures, robust legal frameworks, and active Civil Society oversight, recovered funds could be mismanaged, depriving citizens of much-needed development and infrastructure.
Speaking at the Civil Society Summit on Asset Recovery and Management in Abuja, Ugolor commended Nigeria’s progress in recovering stolen assets but cautioned that loopholes still exist.
He cited major repatriation, including the $322.5 million Abacha loot in 2017, which was allocated to investment programs benefiting citizens, and the $311.8 million recovered in 2020, earmarked for key infrastructure projects.
However, he criticized the lack of transparency in the handling of the recently repatriated Diezani loot, stressing that Civil Society Organizations (CSOs) must be included in the monitoring process to ensure accountability.
“The challenge before us remains vast,” Ugolor said. “The United Nations and African Union estimate that nearly $40 billion left Nigeria through illicit financial flows in just a decade, and across Africa, the figure stands at $148 billion annually. These losses significantly hinder development and deepen poverty.
“We must institutionalize best practices in asset recovery and management to ensure that stolen funds, once recovered, are used effectively.”
He emphasized that while Nigeria has taken steps to comply with the Global Forum on Asset Recovery (GFAR) principles, focusing on transparency, accountability, and public benefit, more work is needed to institutionalize these principles and prevent future mismanagement of recovered assets.
Dr. Femi Ajayi, representing the United Nations Office on Drugs and Crime (UNODC), reinforced the need for a multi-faceted approach to tackling illicit financial flows.
He stressed that fighting corruption requires a joint effort involving government agencies, international organizations, and Civil Society.
Ajayi reaffirmed UNODC’s commitment to supporting Nigeria by providing technical expertise, capacity building, and research to strengthen financial transparency and accountability.
Barrister Pere Ikuetemi, speaking on behalf of the Permanent Secretary of the Federal Ministry of Justice and the Secretary to the Government of the Federation, commended ANEEJ for its role in fostering dialogue between Civil Society and the government.
He noted that Nigeria’s asset recovery framework must be continuously strengthened to prevent recovered funds from being re-looted.
“Asset recovery is a crucial aspect of Nigeria’s fight against corruption, financial crimes, and illicit wealth accumulation,” Ikuetemi said.
“While significant progress has been made, challenges remain. Strengthening legal frameworks, improving international cooperation, and ensuring transparency in managing recovered assets will enhance Nigeria’s anti-corruption efforts.”
The summit also featured a presentation by the Economic and Financial Crimes Commission (EFCC) on its compliance with the Proceeds of Crime Act, along with a panel discussion on strategies for strengthening asset recovery and management in Nigeria.
ANEEJ presented findings from its Asset Recovery Research Project, which assessed how recovered assets have been managed and their impact on communities.
The research emphasized the need for Civil Society to play a more active role in tracking and monitoring recovered funds.
Panelists pointed out that those who benefit from stolen funds are just as culpable as those who steal them, urging CSOs to work together to hold the government accountable.
Participants stressed that with billions lost to illicit financial flows, Nigeria must prioritize transparency and efficiency in its asset recovery process.
Without sustained oversight, recovered funds risk being wasted or re-stolen, undermining efforts to combat corruption and promote national development.
