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Nigeria recovered $5 billion in stolen assets over 25 years

Published

Saturday, 19 April 2025, 12:20 pm

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.

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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.

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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Poverty, food insecurity remain high despite Tinubu's economic reforms – IMF

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3 hours ago

April 19, 2025

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The International Monetary Fund (IMF) says that the tough economic reforms introduced by President Bola Tinubu’s administration have yet to have a positive trickle-down effect on average Nigerians, nearly two years after they were implemented.

IMF Mission Chief for Nigeria, Axel Schimmelpfennig, made this known in a statement on Friday, April 18, 2025.

Upon assumption of office in May 2023, the President launched sweeping economic policies aimed at reforming the country’s public finances. Though the decisions have led to widespread discontent and criticism of the administration, the government insisted that they were necessary to redirect the nation’s economic trajectory, an argument fully supported by the IMF.

However, as these policies continue to negatively impact many ordinary Nigerians, who are currently living through the worst cost-of-living crisis in a generation, the Fund overserved that poverty and food insecurity remain major concerns.

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The government has taken “important steps to stabilise the economy, enhance resilience, and support growth,” Schimmelpfennig wrote.

However, he said those “gains have yet to benefit all Nigerians, as poverty and food insecurity remain high,” following nearly two weeks of routine discussions with the Nigerian government officials and civil society representatives.

The IMF chief warned that “the outlook is marked by significant uncertainty,” noting that increased global uncertainty and falling oil prices will also impact the Nigerian economy.

Regardless, Schimmelpfennig said Tinubu’s reforms have put the economy in a “better position to navigate this external environment.”

Tinubu’s reform measures include unifying the forex market to reflect the naira’s true value, removing subsidies on fuel, and ending the Central Bank’s financing of the fiscal deficit.

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A World Bank report in October 2024 said poverty in Nigeria had surged over the past years, with more than half the population now affected, as 129 million people live in poverty.