Nigeria Strengthens Anti-Corruption Efforts with FATF’s New Asset Recovery Guidance

From: Femi Oyelola in Kaduna

The Africa Network for Environment and Economic Justice (ANEEJ) has welcomed the Financial Action Task Force (FATF)’s new Asset Recovery Guidance and Best Practices, calling it a significant framework to enhance global efforts in recovering stolen assets and depriving criminals of their illicit wealth.

Rev. David Ugolor, ANEEJ’s Executive Director, stated that the guidance aligns closely with Nigeria’s current reforms in asset recovery, anti-corruption, and financial transparency. “Nigeria’s experience over the past two decades demonstrates that asset recovery is not only about reclaiming stolen wealth but also about rebuilding public trust and enhancing accountability,” Ugolor said.

The FATF’s guidance highlights the necessity of removing the financial incentives for crime. It offers comprehensive recommendations for the asset recovery process, including tracing and freezing illicit assets, as well as ensuring their transparent return to benefit victims and affected communities.

Ugolor noted that Nigeria has made significant progress in strengthening its anti-corruption framework, particularly through reforms to the Proceeds of Crime (Recovery and Management) Act (POCA) of 2022.

However, he pointed out gaps in the country’s asset recovery framework, such as weak inter-agency coordination, limited public reporting, and inadequate victim compensation mechanisms.

ANEEJ is urging the Federal Government and relevant stakeholders to adopt the FATF’s recommendations and incorporate them into Nigeria’s asset recovery and management processes.

The organization is also calling on civil society, the media, and citizens to actively monitor the utilization of recovered assets to prevent re-looting.

“FATF’s guidance serves as a timely reminder that true justice is not only achieved through the prosecution of offenders but also through ensuring that stolen wealth is returned to the people and used to restore systems weakened by corruption,” Ugolor concluded.