The Centre for Fiscal Transparency and Public Integrity (CFTPI) has joined forces with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to strengthen Nigeria's asset recovery and management systems. The collaboration, which also involves the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), was formalized during a one-day event held in Abuja on Tuesday.
Speaking at the event, CFTPI Executive Secretary Dr. Umar Yakubu emphasized that asset recovery is fundamental to national development and building citizen trust in government institutions.
"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," Dr. Yakubu stated. "Illicitly acquired assets represent resources that could have been invested in vital sectors such as education, healthcare, infrastructure, and social welfare."
The Director General of GIABA, Edwin Harris, represented by Tim Melaye, presented alarming statistics on the scale of wealth being siphoned from Africa. Citing former South African President Thabo Mbeki's report under the United Nations Economic Commission for Africa (UNECA), Harris revealed that between $88 and $94 billion is stolen from the continent annually.
"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?" Harris questioned, calling for increased collaboration between African countries to facilitate the return of stolen funds to the continent.
ICPC Chairman, Musa Adamu Aliyu, SAN, described asset recovery as key to fighting corruption and advocated for greater synergy between anti-corruption agencies. "Let us come together to recover assets beyond the African continent," he urged.
EFCC Chairman, Olanipekun Olukoyede, represented by Gbolaho Lotana, Director of Asset Recovery at the commission, highlighted the EFCC's intentional focus on asset recovery in recent years. "At EFCC, we have come to realize that the anti-corruption fight goes beyond arrest to asset recovery and management," Lotana stated.
The event featured panel discussions with key stakeholders including the Country Director of Transparency International Nigeria, Auwal Rafsanjani, representatives from ICPC, EFCC, and the Code of Conduct Bureau. The panel, moderated by Emmanuel Akomoye, pioneering secretary of EFCC, emphasized the need for improved asset recovery mechanisms in Nigeria and across Africa.
This collaboration marks a significant step in Nigeria's fight against corruption, with a particular focus on not just recovering stolen assets but also ensuring their proper management for the benefit of Nigerian citizens.
