The Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria (TI Nigeria) have commended the United Kingdom government for its role in combating corruption and illicit financial flows following the recovery of $9.5 million in stolen Nigerian assets.
In a statement signed by the Executive Director of CISLAC and Head of Transparency International Nigeria, Comrade Auwal Musa Rafsanjani, the organisations described the recovery as a positive demonstration of international cooperation consistent with Nigeria’s Proceeds of Crime Act (POCA), 2022.
According to CISLAC and TI Nigeria, POCA provides Nigeria with a comprehensive legal framework for tracing, freezing, confiscating, managing, and recovering proceeds of crime, both within the country and from foreign jurisdictions. The law remains Nigeria’s principal instrument for ensuring that criminals do not benefit from corruption or other financial crimes, particularly funds looted and concealed abroad.
The organisations added that the latest recovery underscores the importance of mutual legal assistance and cross-border collaboration, which are central objectives of POCA, describing such cooperation as critical to strengthening Nigeria’s asset recovery efforts and deterring illicit financial flows.
While welcoming the return of the stolen funds, CISLAC and TI Nigeria expressed concern over the utilisation and management of recovered assets. The statement noted that despite significant asset recoveries over the past decade, Nigerians continue to experience limited access to information on how recovered funds are deployed.
The organisations stated that citizens remain dissatisfied with the level of transparency surrounding recovered assets, stressing that civil society groups have developed accountability frameworks aligned with POCA to prevent re-looting and ensure recovered funds are used for the public good.
CISLAC and TI Nigeria emphasised that we must focus not only on recovering looted funds but on blocking lapses that allow theft in the first place. Nigeria must take illicit financial flows seriously. With estimated annual losses of $18 billion, the country cannot rely on recovery efforts alone. Financial institutions and systems must be thoroughly sanitised to prevent looters and ensure that taxpayers’ money does not exit the country illegally. Nigeria accounts for a large percentage of illicit financial flows in Africa, and allowing this situation to continue directly contributes to poverty and deficits in infrastructure development.
The statement further noted that these systemic vulnerabilities have global consequences. Nigerians often face suspicion and discrimination abroad because their information, certifications, and data are routinely questioned, reflecting the lack of credibility caused by domestic financial mismanagement. Strengthening accountability, transparency, and enforcement would protect national wealth, restore international confidence, and reduce the negative perception of Nigerian citizens globally.
Key accountability measures required to guarantee transparency include independent monitoring and oversight of recovered assets, public disclosure of Memoranda of Understanding guiding asset repatriation, and clear information on where and how recovered funds will be spent. Public reporting, regular auditing, and strict sanctions against any individuals involved in the re-looting of recovered proceeds of crime, as provided under POCA, are essential.
CISLAC and TI Nigeria emphasised that recovered assets should be lodged in dedicated accounts to enable proper tracking and accountability. Once recovered funds are paid into the general government account, transparency becomes difficult, and the process risks being absorbed into routine government spending without adequate oversight.
The organisations welcomed the latest recovery and urged the Nigerian government to fully implement the Proceeds of Crime Act and honour its commitments under the Global Forum on Asset Recovery, where Nigeria pledged to ensure that recovered assets are managed transparently and used to improve citizens’ welfare.
The statement also called for independent oversight by the National Assembly to ensure that recovered funds are effectively traced, tracked, and measured in line with POCA’s objectives. It noted that accountability becomes nearly impossible when recovered assets are merged into regular government expenditure without clear reporting mechanisms.
CISLAC and TI Nigeria highlighted ongoing challenges faced by civil society organisations, particularly limited access to timely and accurate information on recovered assets. The groups urged the government to improve transparency by providing clearer and more consistent data, noting that openness would also help counter misinformation, rumours, and fake news.
While describing the asset recovery as a positive development for Nigeria’s financial system, the organisations warned that weak enforcement continues to undermine existing laws. They noted that Nigeria still loses significant amounts of stolen funds due to prolonged litigation, institutional weaknesses, and procedural delays.
The statement concluded by urging the government to prioritise the effective implementation of the Proceeds of Crime Act, strengthen institutions, block financial leakages, and prevent looting to safeguard public resources and ensure that recovered assets deliver tangible benefits to Nigerians.