Watchdog Transparency International (TI) disclosed that many stolen Nigerian assets are yet to be repatriated back to Nigeria.
The organisation said that as much as $5 billion dollars stolen from the country are frozen overseas.
It called on players in the media to initiate the call for the repatriation of said assets.
The disclosure was made by TI’s local arm in Nigeria, the Civil Society Legislative Advocacy Centre (CISLAC), at a media seminar.
The organisation’s Policy Advisor, Vaclav Prusa, according to The Cable, claimed that Nigeria moves the highest illegal flow of funds on the continent and that the country loses between $18 billion and $25 billion on a yearly basis.
Prusa explained, “In the case of Nigeria, it is estimated that $5 billion stolen assets are frozen. What does this mean? It means this is money sitting somewhere in Switzerland or somewhere waiting for reparation.
“It means even though some money have been repatriated from New Jersey, Switzerland back to Nigeria, there is a lot of money still out there. I think it’s important to rely on the media to push for these assets.”
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Highlighting the corruption that enshrouds the recovered looted funds in the country as a hindrance to a transparent process, the Executive Director, CISLAC, Auwal Musa Rafsanjani, called for the need to sign the Proceeds of Crime management Bill into law, as that would ensure that the recovery of looted funds follows through transparent channels.
Rafsanjani posited, “Currently, various institutions like the EFCC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Code of Conduct Bureau, Nigeria Customs Service, National Drug Law Enforcement Agency (NDLEA), the Nigeria police, and other agencies recover assets without synergy.
“This lack of transparency in respect of recovered assets in Nigeria creates room for re-looting and mismanagement. The much-awaited Proceeds of Crime management Bill has not yet been signed into law, supposedly because of the power struggle within agencies about economically and politically lucrative mandate to confiscate and manage stolen assets.
“CISLAC plans to work with the media to uncover national and international cases of stolen corrupt assets with links to politically exposed persons. These assets need to be recovered, better utilised for a post COVID-19 economic recovery.”
