Daud Olatunji
In a significant development, France has declared its commitment to returning $150 million looted by former Nigerian head of State, Sani Abacha.
This announcement was reiterated during the 10th Conference of the State Parties (CoSP) to the United Nations Convention Against Corruption (UNCAC).
This was disclosed in a Joint release issued by Civil Society Legislative Advocacy Centre (CISLAC)/ Transparency International (TI) Nigeria’s Executive Director, Auwal Musa Rasfanjani, and TI France’s Head of Illicit Financial Flows Programme, Sara Brimbeuf.
The statement read that the funds were part of approximately $500 million identified in a 2014 U.S. court judgment that implicated accounts globally, including in France, Jersey, and the U.K., resulting from money laundering associated with Abacha’s corruption.
According to the statement obtained by PLATFORM TIMES,the return process aligns with proceedings initiated in the United States, marking a collaborative effort by Jersey, the U.S., and Nigeria.
It read further that in February 2020, they secured an agreement for the return of $311.7 million, earmarked by the previous Nigerian government for road infrastructure projects.
Concerns about potential double financing and misappropriation of funds have been raised, given that similar repatriated funds from other jurisdictions have already contributed to these projects.
The announcement of France’s commitment to returning $150 million unfolded during the launch of the Global Forum on Asset Recovery (GFAR) Action Series.
This initiative, organized by the Stolen Asset Recovery Initiative (StAR), facilitates communication and negotiation between origin and destination countries in specific asset recovery cases.
However, this development prompts critical questions about the commencement of negotiations, the selection of projects to be financed, and the involvement of civil society organizations in the return process.
Notably, France, though never having returned confiscated assets before, established a legal framework for asset restitution in 2021, emphasizing transparency and accountability.
In contrast, Nigeria, with over $4 billion repatriated over the past three decades, has faced challenges in transparently managing and utilizing these assets.
The recently adopted Proceeds of Crime (Recovery and Management) Act 2022 aims to address these challenges, assigning roles and responsibilities and allowing civil society to monitor its implementation.
The impending restitution of $150 million presents a unique opportunity for both France and Nigeria to showcase the effectiveness of their legal frameworks.
It offers France the chance to become a model for other destination countries returning stolen assets and Nigeria to demonstrate its commitment to transparently managing recovered assets.
The statement emphasized the importance of transparency and accountability in this significant cross-border asset recovery effort.
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