$150m Abacha loot return: CISLAC, TI-France push for stronger enforcement of asset recovery laws
…Demand transparency, civil society involvement in repatriation process to safeguard Nigerian funds
By Sodiq Adelakun
Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International (TI-France chapter) have jointly called on Nigeria and France to uphold asset recovery laws in anticipation of the return of $150 million looted by former Nigerian head of State, Sani Abacha.
In a statement co-signed by CISLAC Executive Director, Auwal Musa Rafsanjani, and Sara Brimbeuf, TI’s Head of Illicit Financial Flows Program in France, the organisations urged the Nigerian government to remain vigilant about the misappropriation of funds.
The return of $150 million from France to Nigeria was announced during the launch of the Global Forum on Asset Recovery (GFAR) Action Series.
The statement, titled ‘ $150M Abacha Loot: Time for France and Nigeria to Uphold Asset Recovery Laws,’ raised questions about the commencement of negotiations between France and Nigeria, the criteria for selecting projects or programs funded by the returned funds, and the involvement of civil society organisations in the return process.
CISLAC and TI France chapter, have stressed the importance of transparency and accountability in the repatriation process of funds to Nigeria.
They have called for the involvement of civil society organizations in decision-making to prevent any potential misappropriation or diversion of the returned funds.
In a joint statement, CISLAC and TI-France highlighted that France, despite not having returned confiscated assets previously, has recently established a legal framework for asset restitution that emphasises transparency and accountability principles.
The statement emphasised that the impending restitution presents an opportunity for both France and Nigeria to implement their respective legal frameworks, ensuring transparency and accountability in the return process, with active involvement from civil society organizations.
The CSOs acknowledged Nigeria’s extensive experience in asset return, having recovered over $4 billion from different jurisdictions over the past three decades. However, they also noted that Nigeria faces challenges in the transparent and accountable management of these assets.
The recent adoption of the Proceeds of Crime (Recovery and Management) Act 2022 is seen as a positive step, as it assigns roles and responsibilities to relevant institutions and provides a provision for civil society to monitor implementation.
The return process is part of proceedings initiated in the United States in 2014, where a court entered judgment forfeiting approximately $500 million linked to money laundering involving corruption by former Nigerian leader Sani Abacha.
As part of the same proceedings, an agreement was secured in February 2020 for the return of $311.7 million, proposed for financing road infrastructure projects.
“France, despite not having returned confiscated assets previously, has recently established a legal framework for asset restitution, emphasising transparency and accountability principles.
“The statement emphasised that the impending restitution presents an opportunity for both France and Nigeria to implement their respective legal frameworks, ensuring transparency and accountability in the return process, with active involvement from civil society organizations,” the statement noted.
…Over $4bn recovered in three decades — CSOs
The CSOs noted that Nigeria’s extensive experience in asset return, having recovered over $4 billion from different jurisdictions over the past three decades.
“While commendable for efforts in repatriation, Nigeria faces challenges in the transparent and accountable management of these assets.
“The recent adoption of the Proceeds of Crime (Recovery and Management) Act 2022 is seen as a positive step, assigning roles and responsibilities to relevant institutions and providing a provision for civil society to monitor implementation.
“The return process is part of proceedings initiated in the United States in 2014, where a court entered judgment forfeiting approximately $500 million linked to money laundering involving Abacha’s corruption.
“As part of the same proceedings, an agreement was secured in February 2020 for the return of $311.7 million, proposed for financing road infrastructure projects,” the statement noted.
The statement emphasised the importance of the upcoming restitution, presenting it as a valuable opportunity for France and Nigeria to showcase their dedication to transparency and accountability in asset recovery. This would serve as a blueprint for other countries dealing with similar situations.
