Rev. David Ugolor revealed that Nigeria lost nearly $40 billion to illicit financial flows between 2001 and 2010. He emphasized the need for stronger legal frameworks, transparency, and Civil Society participation in monitoring recovered funds to prevent mismanagement and enhance national development. The UNODC and ANEEJ reiterated the importance of collaboration among various sectors in combating financial crimes and fostering accountability.
Rev. David Ugolor, the Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), reported that Nigeria lost approximately $40 billion to illicit financial flows from 2001 to 2010. This loss is part of a broader issue, with an estimated $148 billion being stolen annually across Africa. He emphasized the necessity for stronger asset recovery protocols and effective legal frameworks to prevent mismanagement of recovered funds, which are critical for infrastructure and developmental needs.
During the Civil Society Summit on Asset Recovery and Management held in Abuja, Rev. Ugolor acknowledged Nigeria’s achievements in asset recovery, citing significant repatriations such as the $322.5 million from the Abacha loot in 2017. Nonetheless, he pointed out existing gaps in transparency, particularly regarding the recently recovered Diezani loot, advocating for the involvement of Civil Society Organizations in the monitoring of these funds.
Ugolor remarked, “The challenge before us remains vast. The United Nations and African Union estimate that nearly $40 billion left Nigeria through illicit financial flows in just a decade, and across Africa, the figure stands at $148 billion annually.” He advocated for standardized practices in asset recovery to ensure that returned funds serve the public good effectively.
Dr. Femi Ajayi of the United Nations Office on Drugs and Crime (UNODC) supported this sentiment, emphasizing a collaborative approach involving government bodies, international organizations, and Civil Society to combat corruption. He reaffirmed UNODC’s dedication to assisting Nigeria in enhancing financial transparency and accountability through technical support and capacity building.
Barrister Pere Ikuetemi commended ANEEJ for facilitating dialogue between Civil Society and government officials, advocating for continuous strengthening of Nigeria’s asset recovery framework. He stated, “Asset recovery is a crucial aspect of Nigeria’s fight against corruption, financial crimes, and illicit wealth accumulation.
In conclusion, Rev. Ugolor’s insights highlight the substantial losses Nigeria endures due to illicit financial flows and the critical role of effective asset recovery mechanisms. The collaboration of Civil Society, government, and international organizations is essential to enhance transparency, accountability, and efficiency in managing recovered assets. A continued commitment to improving legal frameworks and practices will aid Nigeria in its ongoing fight against corruption and the promotion of development.
Original Source: nigerianobservernews.com
