From Femi Mustapha, in Kaduna
The fight against illicit financial flows in Nigeria requires a multifaceted approach involving government agencies, international organizations, and civil society.
The Country representative of the United Nations Office on Drugs and Crime (UNODC), Dr.Femi Ajayi, said this in his presentation at the Civil Society Pre-Summit on asset recovery and management held in Abuja today (Tuesday).
Speaking on the topic “illicit financial flows (IFFs) in Nigeria and the significant efforts made by the United Nations Office on Drugs and Crime (UNODC) in addressing this challenge” he said Illicit financial flows undermine economic development, fuel corruption, and contribute to insecurity.
Dr. Ajayi disclosed that UNODC, has a long-standing commitment to supporting Nigeria in its fight against IFFs, saying their efforts are guided by the United Nations Convention against Corruption (UNCAC) and the Stolen Asset Recovery (StAR) Initiative, a partnership between UNODC and the World Bank.
He added that in line with this, UNODC is collaborating with various stakeholders, including CSOs, who are at the forefront of combating IFFs in Nigeria.
He expressed dismay that IFFs pose a significant threat to Nigeria (and many other developing countries
too) as billions of dollars are siphoned annually.
It is estimated that Nigeria loses between $15 billion and $18 billion each year to IFFs, noting that these funds, instead of contributing to national development, end up financing criminal
enterprises and perpetuating corruption and inequality.
Dr. Ajayi said his organization is supporting the fight in areas of capacity Building: “We have conducted extensive training programs for law enforcement,
the judiciary, and financial institutions. These programs focus on detecting, preventing, and prosecuting IFF-related crimes.
“Therefore, UNODC remains committed to supporting Nigeria in this endeavor through its technical expertise, capacity building, research, and collaborative support when needed” he said.
In his remarks earlier the Executive Director of Africa Network for Environment and Economic Justice (ANEEJ)Rev. David Ugolor surmised that the Civil Society Summit on Asset Recovery and Management is not just another meeting
He said it is a strategic platform to strengthen their collective resolve in ensuring that recovered assets are effectively managed and transparently utilized for the benefit of the Nigerian people and sustainable national development.
Rev. Ugolor stressed that the summit supported by the Foreign, Commonwealth & Development Office (FCDO) Nigeria, is taking place at a defining moment when issues of transparency, accountability, and asset management are at the forefront of national and global conversations.
According to him, Nigeria has made significant strides in asset recovery, including landmark repatriations such as $322.5 million Abacha loot in 2017, allocated to social investment programs.$311.8 million was recovered in 2020 for key infrastructure projects.
“These additional funds retrieved from corrupt public officials, bolstering our anti-corruption efforts.
‘These recoveries represent critical successes, but they also highlight the urgent need for stronger legal frameworks, institutional reforms, and sustained civil society oversight to prevent mismanagement and ensure that returned assets deliver real impact.
“The challenge before us remains vast. The United Nations and African Union estimate that Nigeria lost nearly $40 billion to illicit financial flows between 2001 and 2010, contributing to the $148 billion stolen annually across Africa.
“This underscores the need for enhanced global collaboration, robust domestic policies, and active civic engagement in tracking and utilizing recovered assets.
“As many of you know, the Global Forum on Asset Recovery (GFAR) has set out 10 key principles emphasizing transparency, accountability, and the public benefit of recovered assets.
“While Nigeria has made commendable progress in adhering to these principles, we must work collectively to institutionalize best practices and foster a culture of accountability that ensures lasting impact.”
Speaking on the reason for the Summit the ANEEJ E Executive Director opined that the is not just a discussion forum—it is a catalyst for action, saying It serves three key purposes:
“Assessing Nigeria’s progress in asset recovery and management, highlighting successes, challenges, and areas for improvement.
“Informing ANEEJ’s ongoing research, supported by FCDO, which will be instrumental in shaping policy recommendations and advocating for stronger asset recovery frameworks ahead of the 11th Conference of States Parties (CoSP11) to the UNCAC.
“Preparing for the National Asset Recovery Summit proposed by the Federal Ministry of Justice in March 2025, ensuring that civil society perspectives contribute meaningfully to shaping national strategies.”
He, therefore, urged all stakeholders, government agencies, anti-corruption institutions, civil society organizations, the media, and young advocates—to actively engage in the discussions.
” Your insights, expertise, and recommendations are critical in shaping policies and mechanisms that will ensure that recovered assets are effectively utilized for the greater good.”
Similarly Barr. Pere Ikuetemi of the Federal Ministry of Justice said the proposed Asset Recovery Summit is a brainchild of the Federal Ministry of Justice, and it is an avenue for showcasing the milestones the Nigerian Government has achieved over the years in asset recovery and management.
He explained that the layman has this belief that assets are recovered to be relooted, but that this is a fallacy because, under the structures on the ground, the system has made it difficult for such practices to be possible.
Asset recovery, according to him, is a crucial aspect of Nigeria’s fight against corruption, financial crimes, and illicit wealth accumulation.
“The enforcement of asset recovery laws in Nigeria is governed by various legal frameworks, institutional mechanisms, and international cooperation efforts.
“This brief presentation examines the legislative framework for asset recovery in Nigeria, the enforcement mechanisms, challenges, and recommendations for improving the process” He concluded
