Recovered $9.5m: Groups Praise UK, Caution Against Misuse Of Similar Funds

Two front-line civil society organisations (CSOs), the Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria (TI Nigeria), have hailed the United Kingdom for the recovery of $9.5 million of stolen Nigerian assets.

They urged the Nigerian government to prioritise the effective implementation of the Proceeds of Crime Act, strengthen institutions, block financial leakages and prevent looting to safeguard public resources and ensure that recovered assets deliver tangible benefits to Nigerians.

In a statement signed by the executive director of CISLAC and head of TI Nigeria, Auwal Musa Rafsanjani, the organisations described the recovery as a positive demonstration of international cooperation consistent with Nigeria’s Proceeds of Crime Act (POCA), 2022.

According to them, POCA provides Nigeria with a comprehensive legal framework for tracing, freezing, confiscating, managing, and recovering proceeds of crime, both within the country and from foreign jurisdictions.

CISLAC and TI said the law remains Nigeria’s principal instrument for ensuring that criminals do not benefit from corruption or other financial crimes, particularly funds looted and concealed abroad.

The organisations added that the latest recovery underscores the importance of mutual legal assistance and cross-border collaboration, which are central objectives of POCA, describing such cooperation as critical to strengthening Nigeria’s asset recovery efforts and deterring illicit financial flows.

While welcoming the return of the stolen funds, CISLAC and TI Nigeria expressed concern over the utilisation and management of recovered assets. The statement noted that despite significant asset recoveries over the past decade, Nigerians continue to experience limited access to information on how recovered funds are deployed.

The CSOs stated that citizens remain dissatisfied with the level of transparency surrounding recovered assets, stressing that civil society groups have developed accountability frameworks aligned with POCA to prevent re-looting and ensure recovered funds are used for the public good.

“Nigeria must take illicit financial flows seriously. With estimated annual losses of $18 billion, the country cannot rely on recovery efforts alone. Financial institutions and systems must be thoroughly sanitised to prevent looters and ensure that taxpayers’ money does not exit the country illegally.

“Nigeria accounts for a large percentage of illicit financial flows in Africa, and allowing this situation to continue directly contributes to poverty and deficits in infrastructure development, CISLAC and TI Nigeria said.

The statement further noted that these systemic vulnerabilities have global consequences, saying Nigerians often face suspicion and discrimination abroad because their information, certifications and data are routinely questioned, reflecting the lack of credibility caused by domestic financial mismanagement.

It said strengthening accountability, transparency, and enforcement would protect national wealth, restore international confidence, and reduce the negative perception of Nigerian citizens globally.

CISLAC and TI Nigeria emphasised that recovered assets should be lodged in dedicated accounts to enable proper tracking and accountability.

“Once recovered funds are paid into the general government account, transparency becomes difficult, and the process risks being absorbed into routine government spending without adequate oversight.

“The organisations 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 ensure that recovered assets are managed transparently and used to improve citizens’ welfare,” they said.