Juliet Ibekaku-Nwagwu, Researcher, School of Law, Politics and Sociology, University of Sussex and an asset recovery expert writes on the recent efforts by Nigeria to implement the international regime on proceeds of crime.
On February 21, 2025, the Economic and Financial Crimes Commission (EFCC) demonstrated Nigeria’s commitment to combating financial crimes by giving over $132,000 and ₦ $78 million to victims of fraud in the United States, Spain, and Switzerland. The asset return, which took place at EFCC’s headquarters in Abuja, was led by Executive Chairman Ola Olukoyede.
This is not just about returning stolen assets, it reinforces Nigeria’s stance against economic and financial crimes while strengthening international cooperation. The restitution of funds, vehicles, and real estates to victims highlights EFCC’s proactive role in ensuring justice and rebuilding trust in the country’s financial system.
Representatives from the Federal Bureau of Investigation (FBI) at the Embassy of United States, Nigeria, the Spanish Embassy, and the Embassy of Switzerland in Nigeria expressed appreciation for Nigeria’s dedication to recovering and returning assets obtained through fraudulent means. This restitution aligns with global legal frameworks, including Nigeria’s Proceeds of Crime Act (POCA), 2022 and the Mutual Legal Assistance in Criminal Matters Act MLACMA (2019), as well as the United Nations Convention Against Corruption (UNCAC), 2003 and the Global Forum on Asset Recovery (GFAR) Principles, ensuring transparency and integrity in asset recovery.
The funds were returned in conformity with Section 70 (b) (c ) and (d) of the POCA 2022, which provides that funds in the Confiscated and Forfeited Properties Account can be utilised to compensate a state or a person who suffered a loss on account of the offence or conduct that brought about the confiscation. In line with these laws, the Court must order the payment to any foreign country under the provision of a treaty agreement or scheme for mutual legal assistance where the confiscated assets were obtained due to unlawful conduct committed in another country. Additionally, under Section 67 (2) and (4) of the MLACM Act 2019, the proceeds of crime obtained through a court order may be shared with a foreign state. While a coordinated effort with the Federal Ministry of Justice was anticipated, since it serves as the Central Authority Unit, EFCC’s leadership has nevertheless signaled that accountability in asset management and disposal at the domestic level is possible, especially for a country that has been the victim and recipient of proceeds of corruption from other countries.
Remarkably, Nigeria is one of the few countries with specific legal frameworks – the Proceeds of Crime Act, enacted in 2022, encourages the return of property to legitimate owners and victims of crime. This also reflects Nigeria’s commitment to the African Union Common African Position on Asset Recovery, the United Nations Sustainable Development Goals and the African Union 2063 Agenda
By setting a precedent for restitution, Nigeria signals that financial fraud will not be tolerated. Other countries are expected to reciprocate by returning all of Nigeria’s assets. This action also emphasises the importance of collaboration between African nations and global law enforcement in tackling cybercrime and illicit financial flows.
With continued efforts, Africa can position itself as a global financial transparency and justice leader, proving that accountability and governance can drive sustainable development.
