CISLAC, TI Nigeria Hail UK’s $9.5m Asset Recovery, Demand Transparency Under POCA

Maryam Aminu

The Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria (TI Nigeria) have commended the United Kingdom Government for facilitating the recovery of $9.5 million in stolen Nigerian assets, describing the development as a major boost to the fight against corruption and illicit financial flows.

In a statement signed by the Executive Director of CISLAC and Head of Transparency International Nigeria, Comrade Auwal Musa Rafsanjani, the organisations said the recovery reflects the strength of international cooperation and aligns with the provisions of Nigeria’s Proceeds of Crime Act (POCA), 2022.

They noted that POCA provides a comprehensive legal framework for tracing, freezing, confiscating, managing, and repatriating proceeds of crime, both locally and internationally, stressing that the law remains Nigeria’s most important tool for ensuring that criminals do not benefit from corruption, especially funds looted and hidden abroad.

According to CISLAC and TI Nigeria, the latest recovery highlights the importance of mutual legal assistance and cross-border collaboration, which are central to POCA’s objectives and critical to strengthening Nigeria’s asset recovery architecture and deterring illicit financial flows.

However, while welcoming the return of the stolen funds, the organisations raised serious concerns about transparency and accountability in the utilisation of recovered assets. They observed that despite multiple recoveries over the past decade, Nigerians still have limited access to information on how such funds are managed and deployed.

The groups said public dissatisfaction persists over the opacity surrounding recovered assets, noting that civil society organisations have developed accountability frameworks in line with POCA to prevent re-looting and ensure that recovered funds are channelled towards the public good.

CISLAC and TI Nigeria stressed that Nigeria must go beyond asset recovery to address the systemic weaknesses that enable corruption in the first place. With an estimated $18 billion lost annually to illicit financial flows, they warned that recovery alone is insufficient, calling for a thorough sanitisation of financial institutions and systems to block leakages and prevent the illegal export of public funds.

They added that Nigeria’s high contribution to illicit financial flows in Africa directly fuels poverty, infrastructure deficits, and underdevelopment, while also damaging the country’s international reputation. According to the organisations, weak accountability at home often results in Nigerians facing suspicion and discrimination abroad, as national data and credentials are frequently questioned due to credibility concerns.

To guarantee transparency, CISLAC and TI Nigeria outlined key accountability measures, including 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. They also called for regular public reporting, routine audits, and strict sanctions against anyone involved in the re-looting of recovered proceeds, as stipulated under POCA.

The organisations further advocated for recovered assets to be lodged in dedicated accounts to enable proper tracking and accountability, warning that once such funds are paid into general government accounts, transparency becomes difficult and the risk of misuse increases.

They 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 manage recovered assets transparently and use them to improve citizens’ welfare.

CISLAC and TI Nigeria also called for independent oversight by the National Assembly to ensure that recovered funds are properly traced, tracked, and measured in line with POCA’s objectives, noting that accountability is almost impossible when recovered assets are absorbed into routine government spending without clear reporting mechanisms.

The statement highlighted persistent challenges faced by civil society groups, particularly limited access to timely and accurate information on recovered assets, urging the government to provide clearer and more consistent data to improve transparency and counter misinformation.

While describing the asset recovery as a positive step for Nigeria’s financial system, the organisations warned that weak enforcement, prolonged litigation, institutional deficiencies, and procedural delays continue to undermine existing laws and allow significant losses to persist.

They called on the government to prioritise the effective implementation of POCA, strengthen institutions, block financial leakages, and prevent looting to safeguard public resources and ensure that recovered assets deliver tangible benefits to Nigerians.