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Asset Recovery Guidelines

We commit to developing internationally endorsed guidelines for the transparent and accountable management of returned stolen assets.

Country: Nigeria

Status: inactive

Themes: Asset recovery

Last updated: December 2020

Classification:

Concrete: Concrete | New: New | Ambitious: Somewhat Ambitious

  • 14 Evidence:

    A $100 million question for Nigeria’s asset recovery efforts

    CISLAC welcomes repatriation of looted assets to Nigeria

    CISLAC's communique' and recommendations

    Asset Tracing, Recovery and Management Regulations 2019

    Nigeria participates in the Addis Ababa Action Agenda

    Stolen Asset Recovery Management of Returned Assets: Policy Considerations

    Corruption: PACAC proposes asset recovery strategy

    Buhari signs 9 agreements with UAE to strengthen FG’s anti-corruption campaign

    EFCC recovers assets.

    Corruption: CISLAC calls for clear guidelines on recovered assets

    StAR Asset Recovery Quarterly Newsletter Oct 2018

    Buhari meets members of advisory committee against corruption

    Nigeria PACAC devising new anti-corruption approaches.

    Third International Conference on Financing for Development

  • 6 Notes:

    There have been no new developments in this regards following the gazetting of the Asset Tracing, Recovery and Management Regulations on the 29th of October, 2019. Advocacy efforts has been intensified to demand that the Federal Government of Nigeria should release a guideline on managing the recovered assets.

    Updated: October 31, 2020

    The Presidential Advisory Committee Against Corruption (PACAC) has published a number of guidelines for anti-corruption agencies and judiciary on how to conduct final and interim forfeiture of assets. Crucially, guidelines on non-conviction based forfeitures have been also published. However, the PACAC is only an advisory committee with no authority to implement the guidelines. The Ministry of Justice issued executive orders on asset recovery including their management. However, this guideline comes without consultations and is being ignored by the respective anti-corruption agencies and law enforcement involved in asset recovery. International asset recovery has reached some successes. Domestic asset recovery operates without guidelines and accusations of mismanagement, corruption and politically motivated seizing of assets are frequent.

    Peer reviewer: 1

    Updated: April 30, 2020

    The Presidential Advisory Committee against Corruption (PACAC) has proposed an asset recovery strategy to fulfil one of the UNCAC requirements. PACAC has also published a number of publications on various aspects of asset recovery including the non-conviction based approach to asset recovery which is increasingly used by judiciary and can yield higher results in terms of forfeited assets. However, it is not clear if PACAC has the mandate and power to enforce the implementation of the guidelines. Legal anchoring of the policy advises is absent. The anti-corruption agencies seem to ignore the provisions on asset recovery. Accountability of interim and final forfeitures remains a challenge.

    Updated: May 30, 2019

    The signing of the mutual legal assistance in criminal matters into law by the President of the Federal Republic of Nigeria on the 24th of August 2017 is a step in the right direction to actualising this commitment. This piece of legislation gives Nigerian government access to identify assets in different jurisdictions. There are recommendations by interest parties (local and international) in this regard, but have not been adopted by the Nigerian Government. The Presidential Committee has audit all recovered assets by governmental organisations and submitted to the president. Details of all recovered assets are not made public. Key legal provision Proceeds of Crime Act has not been passed, yet.

    Updated: October 30, 2018

    The Presidential Advisory Committee Against Corruption (PACAC) has published a number of guidelines for anti-corruption agencies and judiciary on how to conduct final and interim forfeiture of assets. Crucially, guidelines on non-conviction based forfeitures have been also published. However, the PACAC is only an advisory committee with no authority to implement the guidelines. There has been a sharp increase in the volume of seized assets reported by the Economic Financial Crime Commission (EFCC). There is however no independent review on the management of these forfeited assets.

    Updated: June 30, 2018

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