Rev. David Ugolor revealed that Nigeria lost approximately $40 billion to illicit financial flows from 2001 to 2010, contributing to a wider $148 billion annually lost across Africa. He advocated for stronger asset recovery measures and oversight by Civil Society to ensure proper management of recovered funds. The Civil Society Summit emphasized the importance of transparency and accountability for effective asset recovery and targeting corruption as a collaborative effort between government and civic organizations.
Rev. David Ugolor, the Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), disclosed that Nigeria suffered losses of nearly $40 billion due to illicit financial flows between 2001 and 2010. This figure contributes to a staggering annual total of $148 billion lost across the African continent to similar practices. Ugolor emphasized the need for stronger asset recovery measures, legal frameworks, and active monitoring by Civil Society to ensure that recovered funds are properly managed for public benefit.
During the Civil Society Summit on Asset Recovery and Management held in Abuja, Ugolor acknowledged Nigeria’s achievements in recovering stolen assets, while cautioning that significant loopholes persist. He highlighted notable recoveries such as the $322.5 million Abacha loot in 2017, designated for citizen investment programs, and the $311.8 million retrieved in 2020, aimed at infrastructural development. However, he pointed out the critical lack of transparency regarding the management of the recently repatriated Diezani loot, advocating for Civil Society Organizations (CSOs) to be actively involved in monitoring these assets to ensure accountability.
“The challenge before us remains vast,” said Ugolor. He stressed the need for the institutionalization of best practices in asset recovery to ensure recovered funds are effectively utilized. While Nigeria is making strides to align with the Global Forum on Asset Recovery (GFAR) principles focusing on transparency and public benefit, Ugolor insisted greater efforts are necessary to institutionalize these principles to avert future mismanagement of recovered assets.
In support of Ugolor’s concerns, Dr. Femi Ajayi from the United Nations Office on Drugs and Crime (UNODC) advocated for a collaborative approach to combat illicit financial flows. He underscored that addressing corruption necessitates a concerted effort from governmental bodies, international organizations, and Civil Society. Ajayi reiterated UNODC’s commitment to assist Nigeria with technical guidance, capacity enhancement, and research to bolster financial accountability and transparency.
Barrister Pere Ikuetemi, representing the Permanent Secretary of the Federal Ministry of Justice, commended ANEEJ’s facilitation of dialogue between Civil Society and government. He emphasized the continual strengthening of Nigeria’s asset recovery framework to prevent the re-looting of recovered funds. “Asset recovery is a crucial aspect of Nigeria’s fight against corruption,” stated Ikuetemi, highlighting the need for legal enhancement, international cooperation, and transparency for more effective anti-corruption initiatives.
The summit also included a presentation by the Economic and Financial Crimes Commission (EFCC) regarding its compliance with the Proceeds of Crime Act. A panel discussion followed, discussing strategies for strengthening asset recovery and management in Nigeria. ANEEJ unveiled findings from its Asset Recovery Research Project, which evaluated the management of recovered assets and their community impact. The research underscored the necessity for Civil Society to take a more proactive role in tracking and monitoring these funds.
Panelists at the summit concluded that those benefitting from stolen assets are as culpable as the perpetrators of theft, urging CSOs to collaborate in holding the government accountable. Participants unanimously stressed that, with billions lost to illicit financial flows, Nigeria must prioritize transparency and efficiency in its asset recovery strategies to prevent the waste or re-theft of recovered funds, thus reinforcing efforts to combat corruption and advance national development.
In summary, Rev. David Ugolor’s alarming revelation of Nigeria’s $40 billion losses to illicit financial flows between 2001 and 2010 highlights a significant challenge for the nation. The need for robust asset recovery frameworks, enhanced legal structures, and active Civil Society engagement are paramount to ensuring effective utilization of recovered funds. Collaborative efforts with organizations like UNODC and ANEEJ exemplify the approach needed to safeguard Nigeria’s resources against corruption, emphasizing transparency and accountability in asset management.
Original Source: nigerianobservernews.com
