Nigeria Recovers Over $5 Billion In Stolen Assets In 25 Years – CAPAR Report.
In a major development for anti-corruption efforts, Nigeria has successfully reclaimed over $5 billion in stolen assets over the past 25 years, according to a report presented in Abuja on Tuesday. The findings, unveiled by international expert Vaclav Prusa, form part of the “Common African Position on Asset Recovery: Implementation in Nigeria” report, a project commissioned by the Civil Society Legislative Advocacy Centre (CISLAC).
The report assesses Nigeria’s adherence to the African Union’s Common African Position on Asset Recovery (CAPAR), a framework established in 2020 to aid African nations in reclaiming looted assets. Prusa noted Nigeria’s crucial role in CAPAR’s inception, stating, “Nigeria’s leadership is notable, positioning the country as a pioneer in regional anti-corruption efforts.” Among the notable recoveries were assets looted by former military ruler Sani Abacha, reclaimed from foreign jurisdictions such as Switzerland and the United States.
Despite significant progress, Prusa highlighted several challenges facing Nigeria’s asset recovery initiatives. The report reveals that while Nigeria has met 58% of key indicators for detecting and identifying assets, transparency in asset declarations by public officials remains an issue, creating an oversight gap that hinders accountability.
Further findings indicated that Nigeria has partially succeeded in reclaiming assets, achieving only 29% of indicators in this area. Prusa emphasised that fragmented inter-agency coordination and the lack of an updated anti-corruption strategy, since the previous one ended in 2022, hinder progress. “For Nigeria to continue leading in asset recovery, strengthening inter-agency coordination and establishing a unified strategy are paramount,” he stated.
The management of recovered assets was also a focus of the report. While the Proceeds of Crime (Recovery and Management) Act has been enacted, public access to asset records remains limited. “The lack of public accountability in asset management continues to erode confidence in Nigeria’s recovery framework,” Prusa noted.
Highlighting the need for citizen involvement, Prusa underscored the importance of whistleblower protection. “Empowering whistleblowers, civil society organisations, and the media with accountability measures would strengthen Nigeria’s recovery framework,” he said, advocating for mechanisms to allow citizens to report potential asset misuse.
Concluding the presentation, Prusa called on journalists and policymakers to champion reforms in asset management and promote greater inter-agency collaboration. “We urge you to support reforms to ensure Nigeria’s asset recovery efforts reach their full potential,” he asserted.
The report encapsulates Nigeria’s achievements and ongoing challenges, offering a roadmap to enhance transparency and accountability in asset recovery and management, key pillars for future progress.
