The organisations described the development as a significant step in the global fight against corruption and illicit financial flows.
The Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria (TI Nigeria) have commended the United Kingdom government for its role in the recovery and repatriation of $9.5 million in stolen Nigerian assets.
The organisations described the development as a significant step in the global fight against corruption and illicit financial flows.
In a statement signed by the Executive Director of CISLAC and Head of Transparency International Nigeria, Comrade Auwal Musa Rafsanjani, the organisations said the asset recovery reflects effective international cooperation and aligns with the objectives of Nigeria’s Proceeds of Crime Act (POCA), 2022.
According to the groups, POCA provides a comprehensive legal framework for tracing, freezing, confiscating, managing, and recovering proceeds of crime, both locally and internationally.
They noted that the Act remains Nigeria’s principal legal instrument for ensuring that criminals do not benefit from corruption and other financial crimes, particularly funds looted and hidden in foreign jurisdictions.
CISLAC and TI Nigeria said the successful recovery underscores the importance of mutual legal assistance and cross-border collaboration, which they described as central pillars of POCA.
They stressed that such international partnerships are critical to strengthening Nigeria’s asset recovery capacity and discouraging illicit financial flows that undermine economic development.
While welcoming the return of the recovered funds, the organisations expressed deep concern over the utilisation and management of recovered assets in Nigeria.
They observed that despite billions of dollars recovered over the past decade, Nigerians still have limited access to information on how these funds are deployed.
The statement noted growing public dissatisfaction with the lack of transparency surrounding recovered assets, adding that civil society organisations have developed accountability frameworks consistent with POCA to prevent re-looting and ensure that recovered funds are used strictly for the public good.
The groups warned that asset recovery alone is insufficient to address Nigeria’s corruption challenges.
According to them, the country must urgently focus on blocking systemic weaknesses that allow public funds to be stolen in the first place.
They cited estimates showing that Nigeria loses about $18 billion annually to illicit financial flows, noting that reliance on recovery efforts without preventive measures is unsustainable.
CISLAC and TI Nigeria emphasised the need to sanitise financial institutions and regulatory systems to prevent looters from exploiting loopholes.
They noted that Nigeria accounts for a significant share of illicit financial flows in Africa, a situation they said directly contributes to poverty, underdevelopment, and infrastructure deficits.
The organisations further warned that Nigeria’s domestic financial mismanagement has global consequences.
They observed that Nigerians abroad often face suspicion and discrimination, as official documents, certifications, and data are frequently questioned due to credibility issues linked to corruption at home.
Strengthening transparency, accountability, and enforcement, they said, would help restore international confidence and protect the reputation of Nigerian citizens globally.
To ensure transparency in asset management, CISLAC and TI Nigeria outlined key accountability measures, including independent monitoring and oversight of recovered assets, public disclosure of Memoranda of Understanding governing asset repatriation, and clear information on where and how recovered funds will be spent.
They also called for regular public reporting, auditing, and strict sanctions against any individuals involved in re-looting recovered proceeds, as stipulated under POCA.
The groups stressed that recovered assets should be kept in dedicated accounts to allow proper tracking and accountability.
They warned that once such funds are paid into general government accounts, transparency becomes difficult and the funds risk being absorbed into routine expenditure without adequate oversight.
While welcoming the latest recovery, the organisations urged the Nigerian government to fully implement POCA and honour its commitments under the Global Forum on Asset Recovery, where Nigeria pledged to manage recovered assets transparently.