Nigeria recovered over $5 billion in stolen assets in 25 years – Report

Nigeria has recovered more than $5 billion in stolen assets over the past 25 years, according to a report launched by the Civil Society Legislative Advocacy Centre (CISLAC) on Tuesday.

CISLAC’s Executive Director, Auwal Musa, shared the figure in Abuja during the launch of a report evaluating Nigeria’s progress under the Common African Position on Asset Recovery (CAPAR), a framework adopted by the African Union in 2020 to help African nations recover illicit funds.

“Over the past 25 years, Nigeria has recovered more than $5 billion in stolen assets, including significant sums returned from Switzerland and the United States. Some notable cases include the Abacha assets, where hundreds of millions of dollars looted by former military ruler Sani Abacha were repatriated after decades of international negotiations,” he said.

Former Head of State, Sani Abacha

Despite these recoveries, Mr Musa lamented ongoing challenges in managing returned assets, noting that there is still significant work to be done, particularly in engaging citizens and civil society.

He stressed the absence of frameworks, such as whistleblower protection channels, which could help citizens disclose corruption-related issues more effectively.

According to the CISLAC report, inability to manage the returned assets by Nigeria and some other African nations, including Morocco and Kenya, undermines their potential to contribute to national development.

It emphasised the importance of international cooperation to improve asset recovery and combat corruption across the continent.

The CAPAR framework, which focuses on identifying stolen assets, recovering them, ensuring proper management, and improving international cooperation, aims to address these challenges.

The report also called for the full implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, to enhance the transparency and management of recovered assets.

In his keynote address, anti-corruption expert Vaclav Prusa praised Nigeria for its leadership in developing the CAPAR framework and its significant role in recovering assets, including the repatriation of funds linked to former military ruler Sani Abacha.

“This framework was established to ensure that African nations speak with a unified voice in the global conversation on asset recovery, addressing issues from transparency to repatriation. Nigeria’s leadership here is notable, as it positions the country as a pioneer in regional anti-corruption efforts,” he said.

However, Mr Prusa noted that the management process remains fragmented, with insufficient coordination among agencies involved in asset recovery.

“With the current economic challenges Nigeria faces, alternative sources of revenue have become essential, and recovered assets, if managed effectively, can meaningfully reduce the country’s resource deficit,” he lauded.

Key findings and areas for improvement

The CISLAC report evaluated Nigeria’s progress in detecting, recovering, managing assets, and fostering international cooperation.

Mr Prusa highlighted that Nigeria has met 58 per cent of the indicators for detecting and identifying assets, largely due to financial regulations requiring banks to conduct customer due diligence. However, transparency remains an issue, with asset declarations from public officials largely inaccessible to the public.

In asset recovery, Nigeria has met only 29 per cent of key indicators, with the lack of a unified anti-corruption strategy and fragmented agency coordination slowing recovery efforts.

On managing recovered assets, Mr Prusa emphasised that the Proceeds of Crime Act has yet to be fully implemented, and the absence of public access to records continues to undermine trust in the system.

Calls for reform and greater accountability

Mr Prusa urged stronger coordination among government agencies, legislative reforms to promote transparency, and greater public accountability in asset management.

He called on civil society and the media to advocate for reforms that would strengthen Nigeria’s asset recovery framework and set an example for other African nations.

“As policymakers and journalists, your role is invaluable in addressing these gaps, advocating for transparency, and driving accountability. We urge you to champion reforms in asset management practices, support the publication of accessible reports, and promote inter-agency coordination to ensure Nigeria’s asset recovery efforts reach their full potential.

“Nigeria’s asset recovery efforts do not just benefit Nigeria—they set a precedent for West Africa and the broader continent. Successful frameworks and legislative reforms in Nigeria could inspire similar actions in neighbouring countries, making asset recovery a cornerstone of economic justice across Africa,” he said.

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As corruption and illicit financial flows continue to challenge Africa’s development, CISLAC stressed that effective asset recovery and management are critical for improving governance and fostering economic growth.

The organisation added that Nigeria needs comprehensive reforms to ensure recovered assets are used effectively for national development and to combat future corruption.