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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: ongoing

Themes: Asset recovery

Last updated: October 2018

Classification:

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

Notes:

October 2018 update: 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.

June 2018 update: 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.

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