The Civil Society Legislative Advocacy Centre (CISLAC) has commended the United Kingdom government for its role in combating illicit financial flows following the recovery of 9.5 million dollar in stolen Nigerian assets.
In a statement, Executive Director of CISLAC and Head of Transparency International Nigeria, Auwal Rafsanjani, described the recovery as a positive demonstration of international cooperation consistent with Nigeria’s Proceeds of Crime Act (POCA), 2022.
According to him, 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.
“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 latest recovery underscores the importance of mutual legal assistance and cross-border collaboration, which are central objectives of POCA, such cooperation are 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.
Rafsanjani stated that citizens remain dissatisfied with the level of transparency surrounding recovered assets.
He stressed 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 dollars, 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.
Rafsanjani noted that these systemic vulnerabilities have global consequences. “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.
“Strengthening accountability, transparency, and enforcement would protect national wealth, restore international confidence, and reduce the negative perception of Nigerian citizens globally.”
He 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.
According to him, the commitment stipulates that recovered assets are managed transparently and used to improve citizens’ welfare.
CISLAC/TI boss concluded by urging the government to prioritise the effective implementation of the Proceeds of Crime Act, strengthen institutions and block financial leakages.