Nigeria recovers $5bn in stolen assets over past 25 years—CAPAR report 

Nigeria recovers $5bn in stolen assets over past 25 years—CAPAR report 

JOEL OLADELE, Abuja 

In a presentation held in Abuja on Tuesday, international expert Vaclav Prusa unveiled the findings of the “Common African Position on Asset Recovery: Implementation in Nigeria” report, revealing that Nigeria has successfully recovered over $5 billion in stolen assets over the past 25 years. 

The report, commissioned by the Civil Society Legislative Advocacy Centre (CISLAC), serves as a comprehensive assessment of Nigeria’s adherence to the African Union’s framework for asset recovery, known as the Common African Position on Asset Recovery (CAPAR).

Prusa emphasized Nigeria’s pivotal role in establishing CAPAR, which was adopted by the African Union in 2020, stating, “Nigeria’s leadership here is notable, as it positions the country as a pioneer in regional anti-corruption efforts.” He pointed out that the nation has made considerable strides in returning significant amounts of stolen wealth, particularly notable was the recovery of assets looted by former military ruler Sani Abacha from foreign jurisdictions like Switzerland and the United States.

Despite these achievements, Prusa highlighted serious challenges that remain for Nigeria’s asset recovery efforts. “While our report shows that 58% of the indicators in detecting and identifying assets have been successfully met, a key shortfall is the lack of transparency in asset declarations by public officials,” he reported. The absence of public access to these declarations creates an oversight gap that undermines accountability.

The report also found that Nigeria has partially succeeded in the recovery and return of assets, noting that “only 29% of indicators in this pillar are fully met.” Inter-agency coordination remains fragmented, with no renewal of anti-corruption strategies since the previous one ended in 2022. 

Prusa therefore urged the need for a unified strategy, stating, “For Nigeria to continue as a leader in asset recovery, strengthening inter-agency coordination and establishing a unified strategy are paramount.”

The management of recovered assets was another focal point. While the Proceeds of Crime (Recovery and Management) Act has been enacted, public access to records remains limited. Prusa asserted, “The lack of public accountability in asset management continues to erode confidence in Nigeria’s recovery framework.”

The anti-corruption advocate with CISLAC emphasized the importance of public engagement in the recovery process, highlighting the absence of whistleblower protection as a serious impediment. “Introducing accountability measures for whistleblowers, civil society organizations, and the media would empower Nigerian citizens,” said Prusa, elaborating on the need for mechanisms that allow citizens to report concerns about asset misuse.

As the presentation concluded, Prusa called for action from journalists and policymakers alike. “We urge you to champion reforms in asset management practices and promote inter-agency coordination to ensure Nigeria’s asset recovery efforts reach their full potential,” he said. 

The full report encapsulates a rigorous analysis of the progress made, challenges faced, and the roadmap ahead for Nigeria’s asset recovery journey, highlighting the importance of transparency and accountability in governance.