Strengthening inter-agency cooperation and fostering strong partnerships with civil society and the media has become crucial in the fight against money laundering, corruption and organised crime in Africa.
This was the major call to action from the heads of anti-corruption agencies, civil society leaders, and activists on Monday, at a symposium on the Assessment of Nigeria’s Asset and Recovery Regime in Abuja.
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Nigeria and African countries are urged to urgently step up their efforts to target the huge illicit profits generated by transnational organised crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations.
By deepening regional cooperation, African countries can more effectively combat and disrupt organised crime networks and enhance the effectiveness of crime prevention efforts, the stakeholders said.
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The host of the event, the Centre for Fiscal Transparency and Public Integrity (CFTPI), believes that a robust and efficient asset recovery regime is indispensable for deterring corruption, ensuring accountability for illicit enrichment, and ultimately fostering a culture of integrity within our public and private sectors.
“The issue of asset recovery is not merely a legal or financial matter,” said Umar Yakubu, the executive director of CFTPI. “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,” Mr Yakubu said.
In his remarks, the chairperson of the anti-graft agency, ICPC, Musa Aliyu, stressed that asset recovery is key to the fight against corruption. “We must make a collective decision to trace, recover and repatriate Nigeria’s assets that are beyond our borders,” Mr Aliyu said.
He called for broader collaboration among anti-corruption agencies, financial institutions, civil society organisations and the media to implement preventive measures to fight corruption and organised crime.
In his remarks, the Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Edwin Harris, said that a lot of assets have been stolen from Africa, and these assets are stashed in foreign lands across the world. Mr Harris, who was represented by Tim Melaye, said GIABA will continue to work with civil society organisations to implement programmes that focus on asset recovery and management in the region.
According to a report by the President of the United Nations Economic Commission for Africa (UNECA), over $50 billion was stolen annually from Africa. “The most current and realistic amount today is staggering between 88 – 94 billion US Dollars,” the report stated.
GIABA is a specialised institution of the Economic Community of West African States responsible for facilitating the adoption and implementation of Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) in West Africa. It works with states in the region to ensure compliance with international AML/CFT standards.
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Earlier in his keynote address, the chairperson of the Economic and Financial Crime Commission (EFCC), Olanipekun Olukayode, said the fight against corruption must go beyond arrests and convictions. “The true measure of success lies in the recovery and responsible management of stolen and recovered assets,” said Mr Olukayode, who was represented by EFCC Director of Proceeds of Crime Management, Gbolohan Latona.
“This is not merely a technical task; it is a matter of justice, equity and national renewal. When stolen wealth is returned, public trust is restored, public services are reinvigorated, and the message becomes clear: total deprivation of proceeds of crime and crime does not pay.”
In the past year, he said, the EFCC has secured numerous convictions and recovered a diverse range of assets, including cash, vehicles, real estate, and financial instruments.
In 2024, the commission made the following cash recoveries and forfeitures: “N364 billion, $326 million, 54,318 UK pounds, 31,265 Euros, 2,990 Canadian dollars, 7.8 million CFA, 170 UAE Dirham, 5,115 Saudi Riyals, 73,000 W, 104 Y, 225 Ghanaian cedis, and 50 Rands.”
“However, recovery alone is not enough, and even landmark laws require continual refinement. We must address gaps in implementation, clarify jurisdictional ambiguities and eliminate bottlenecks in coordination if we are to fully realise POCA’s potential,” the EFCC chairman said.
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