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Nigeria recovered $5 billion in stolen assets over 25 years

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1731499388 Nigeria recovered 5 billion in stolen assets over 25 years

Nigeria recovered $5 billion – Nigeria has successfully recovered…

Nigeria has successfully recovered over $5 billion in assets over the past 25 years, according to a report from the Civil Society Legislative Advocacy Centre (CISLAC).

Nigeria has recovered over $5 billion in stolen assets in the past 25 years.Significant amounts were returned from Switzerland and the United States.Nigeria has achieved only 29% of key asset recovery indicators.

Nigeria has successfully recovered over $5 billion in assets over the past 25 years, according to a report from the Civil Society Legislative Advocacy Centre (CISLAC).

CISLAC’s Executive Director, Auwal Ibrahim Musa (Rafsanjani), shared this during the launch of the 2024 Report on the Common African Position on Asset Recovery (CARPA) in Nigeria. CARPA, a framework adopted by the African Union in 2020, aims to support African nations in recovering illicit funds.

“Over the past 25 years, Nigeria has recovered over $5 billion in stolen assets, including significant sums returned from Switzerland and the United States. Some notable cases include the Abacha assets, where hundreds of millions of dollars looted by former military ruler Sani Abacha were repatriated after decades of international negotiations,” he said.

Despite these recoveries, Mr. Musa highlighted persistent challenges in managing returned assets, noting that there’s still much to be done, especially when it comes to involving citizens and civil society.

DON’T MISS THIS: 10 most corrupt African countries heading into 2024

Nigeria has achieved just 29% of key asset recovery indicators, hindered by the absence of a unified anti-corruption strategy and fragmented coordination among agencies, which continue to slow down recovery efforts.


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He pointed out the lack of essential frameworks, like whistleblower protection channels, which would empower citizens to report corruption-related issues more safely.

The CISLAC report noted that Nigeria, along with other African nations like Morocco and Kenya, struggles to effectively manage returned assets, which limits their impact on national development.

The report emphasised the need for stronger international cooperation to enhance asset recovery efforts and combat corruption across the continent.
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FG’s ban on foreign goods, testament to re-engineering economy – CSO

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Initiative for Leadership Development and Change (ILDC), a Civil Society Organisation (CSO), says the Federal Government’s ban on foreign goods

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Nigeria's Gambling Sector Experiences Online-Driven Growth Spike

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Nigeria’s online gambling industry is experiencing a significant surge, driven by increased internet accessibility and mobile phone usage. This growth has transformed betting from a traditional pastime into a mainstream entertainment activity.

Gone are the days when betting meant making regular trips to local shops, often at the expense of time and comfort. Today, the gambling experience has shifted online, allowing users to place bets wherever they are—whether lounging at home or on the go. This digital transformation, driven by Nigeria’s high smartphone usage and growing internet access, has made gambling far more convenient. In fact, top tier casinos and successful affiliate companies like NoDepositKings target such players with exclusive mobile no deposit casino bonuses, which reward users just for playing from their phones, making online platforms an increasingly attractive alternative.

 Mobile Technology Fuels a Betting Boom

Over the past decade, Nigeria’s gambling landscape has undergone a dramatic transformation, evolving from traditional betting shops to a dynamic online ecosystem. This shift is primarily attributed to the widespread adoption of smartphones and affordable mobile internet, enabling millions to access betting platforms with ease. Currently, approximately 90% of Nigerian internet users connect via mobile devices, making online gambling more accessible than ever.

The digital revolution has led to a surge in online sports betting, with increasingly sophisticated gambling platforms offering user-friendly interfaces and a wide range of betting options. The convenience of placing bets from anywhere at any time has attracted a new generation of players, further fueling the industry’s growth.

 Diverse Offerings Attract a Broad Audience

Online betting platforms in Nigeria have expanded beyond the realms of traditional sports betting to include live betting, virtual sports, and a broad range of casino games such as roulette and blackjack. Being able to offer consumers a comprehensive suite of options means that these operators cater for a wide range of preferences.

However, the real draw of these platforms lies in their ability to offer real-time betting opportunities and a wide range of markets, thereby enhancing user engagement. Additionally, the potential for financial gain through strategic betting has transformed gambling into both a form of entertainment and a supplementary income source for many Nigerians.​

Regulatory Landscape and Challenges

Despite the industry’s rapid growth, Nigeria’s regulatory framework for online gambling remains fragmented. While the National Lottery Regulatory Commission (NLRC) oversees licensing, the absence of a unified national policy has led to inconsistencies, with individual states implementing their own regulations.​

In November 2024, the Supreme Court nullified the National Lottery Act of 2005, underscoring the need for a comprehensive legal overhaul. To address this, the proposed Central Gaming Bill aims to establish a centralized authority to regulate online and remote gaming, ensuring standardized practices nationwide.​

 Market Outlook and Future Prospects

The Nigerian online sports betting market is projected to grow at a compound annual growth rate (CAGR) of 6.92% from 2024 to 2028. This growth is driven by a youthful, tech-savvy population and increasing internet penetration. As more international operators enter the market, competition is expected to intensify, leading to enhanced services and more innovative offerings for consumers.​


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The leading gambling platforms are poised to capitalize on this growth by continually enhancing user experience, expanding their game portfolios, and adhering to international standards of fairness and security. Their commitment to responsible gambling and customer support further solidifies their position in the market.​

In short, Nigeria’s gambling sector is experiencing a significant online-driven growth spike, reshaping the way Nigerians engage with betting activities. The convergence of mobile technology, diverse gaming options, and evolving regulatory frameworks presents both opportunities and challenges. As the industry continues to mature, stakeholders must collaborate to ensure sustainable growth, consumer protection, and the establishment of a robust regulatory environment.

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Lagos council Poll: Derin Phillips to empower youth, promote tech, education

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Derin Phillips, an aspirant for the chairmanship seat of the Ikoyi-Obalende Local Council Development Area in Lagos State, has promised

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