Corruption: Centre, GIABA rally ICPC, EFCC to strengthen Nigeria’s asset recovery

The Centre for Fiscal Transparency and Public Integrity, CFTPI, in collaboration with the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, has rallied the Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences to strengthen asset recovery and management in Nigeria.

In a one-day event in Abuja on Tuesday, CFTPI and GIABA engaged key Nigerian anti-corruption stakeholders to boost asset recovery and its management.

Speaking at the event, the executive security of CFTPI, Dr Umar Yakubu, said asset recovery is pivotal to the nation’s development and the trust-building from citizens.

“The issue of asset recovery is not merely a legal or financial matter; it lies at the very heart of our nation’s development and the trust we strive to build between the government and its citizens. Illicitly acquired assets, whether stashed away in foreign lands or concealed within our borders, represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare. Their recovery is therefore not just about reclaiming stolen wealth but about reclaiming opportunities for a better future for all Nigerians.”

On his part, the Director General of GIABA, Edwin Harris, lamented the level of stolen wealth in Africa.

Citing former South African President Thabo Mbeki’s report under the Nation’s Economic Commission for Africa (UNECA), he, who was represented by Tim Melaye, said between $88 and 94 billion is stolen from the continent annually.

“According to President Thabo Mbeki’s report under the auspices of the United Nation’s Economic Commission for Africa (UNECA).

“The report stated that over 50 billion US dollars was annually stolen from Africa; that was then, and the most current and realistic amount today is staggering, between 88 and 94 billion US dollars.

“Where are these monies? How do we recover them? Those recovered, how do we manage them? How do we ensure that the recovered loot is not re-looted? So many questions begging for answers. I leave you with the answers in your hearts,” he stated.

He further called for collaboration between African countries to facilitate the return of all stolen funds back to the continent.

Earlier, in his goodwill message, the chairman of ICPC, Musa Adamu Aliyu, SAN, said the issue of asset recovery is key to fighting against corruption and called for synergy between agencies to fight against corruption.

“Let us come together to recover assets beyond the African continent,” he stated.

The chairman of EFCC, Olanipekun Olukoyede, noted that the commission has been intentional in its asset recovery stance in the past years.

Olukoyede, represented by Gbolaho Lotana, the director of Asset Recovery at the commission, said, “At EFCC we have come to realise that the anti-corruption fight goes beyond arrest to asset recovery and management.”

Panel discussants, including the country director of Transparency International Nigeria, Auwal Rafsanjani, representatives from ICPC, EFCC, and the Code of Conduct Bureau, and moderator Emmanuel Akomoye, pioneering secretary of EFCC, urged the need for improved asset recovery mechanisms in Nigeria and across Africa.

Corruption: Centre, GIABA rally ICPC, EFCC to strengthen Nigeria’s asset recovery