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Illicit financial flow: Group seeks establishment of National Asset Recovery Agency

By Thompson ABISOLA

The African Network for Environment and Economic Justice (ANEEJ) has called for the establishment of a National Assets Recovery Agency in Nigeria to oversee the process of recovery and management of stolen funds stashed in developed countries.

The Executive Director of ANEEJ, Mr David Ugolo, made the call in Abuja on Thursday.  Ugolo also spoke of the need to ensure transparency and accountability in the management of the recovered loot.

“But the first fundamental thing that we all agree on is there is transparency and accountability and there should be a national asset recovery agency that will be having the responsibility to manage the fund.

“And the other thing is about the issue of participation of the citizen, it is very important, particularly against the background where there is lack of transparency.

“And then, the institutional framework has to be designed in a way that citizens can have access to what they are doing.

“And in the current situation we find our self now in the absence of legal framework like the proceeds of crime bill.

“it has become almost difficult for asset recovered so far to the managed in a manner that  we send the right positive signal to the international community.

“And for us as civil society , our basic demand  is very clear we , we are demanding that government should create  a framework where there  should be institutional framework and asset recovery regime that can help send the right signal  to  the countries where  monies are  located .

“So that when they return it, the fears that the monies will not be re-looted will not be there.”

According to him, ANEEJ has launched a new project on monitoring recovered stolen assets, adding that the project is currently receiving support from DFID.

Ugolo said the project was designed to build the capacity of at least 100 civil society groups on how they would monitor the funds recovered.

According to him, ANEEJ, via the project, is helping to monitor the recovered 322.5 million dollars Abacha loot.

“We are working with the Attorney General, working closely with the national cash transfer office and other stakeholders.”

He said ANEEJ was encouraged by the collaboration between the Nigerian government and civil society groups on the management of the recovered monies looted by Nigerian officials.

“And we are very  encourage  by the step  that the government  have  taken by openly collaborating with the civil  society and  for me , this  is  something that is very  remarkable.

“It is a practice that we are also encouraging other African countries to adopt as a way of moving forward.”

On challenges encountered by governments in the recovery of looted funds from developed countries, Ugolo said: “The issue of asset recovery is a challenging process   and particularly for a country like Nigeria and other developing countries that has capacity problem, first we must put our house in order.

“The institutions that will have to go for asset identification and tracking need to have the capacity. They need to have the right resources, and there is need to also create trust, trust is very important in asset recovery.“

He added that it was important to also take advantage of the global framework as enshrined in Chapter 5 of the United Nations Convention against corruption to engage countries where the looted funds were located.

“Our governments need to firm up how they engage with other jurisdictions, Is very important, and  also  collaborate with civil societies  across the globe.“

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