GIABA Praises Tinubu for Targeting Corrupt Officials

Nigeria’s Commitment to Combating Economic Crime

The Nigerian government has taken significant steps to address economic crimes, including corruption and money laundering. A key initiative involves the establishment of special courts to handle cases related to financial crimes. This move reflects a broader effort to ensure that justice is served fairly and impartially, regardless of the status or power of the individuals involved.

Asset Recovery as a Key Strategy

Asset recovery plays a crucial role in combating financial crimes. The recent seizure of 750 duplexes in Abuja from a former Central Bank Governor highlights the government’s commitment to recovering stolen public funds. This action not only serves as a deterrent but also helps to reintegrate these resources into the economy for public benefit.

Edwin Harris, Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), emphasized the importance of asset recovery in his speech at the 2025 National Conference on Public Accounts and Fiscal Governance. He stated that such efforts are essential for maintaining the integrity of Nigeria’s financial system and meeting international standards set by the Financial Action Task Force (FATF).

Legal Frameworks and Implementation

Nigeria has enacted the Proceeds of Crime (Recovery and Management) Act, which provides a comprehensive legal basis for the seizure, forfeiture, and management of criminal assets. However, the focus now must shift towards implementation and acceleration of asset recovery cases. Every case should include efforts to trace and freeze related assets from the onset of the investigation, rather than after the fact.

Leveraging mutual legal assistance agreements is also crucial for pursuing assets located abroad. This approach ensures that criminals cannot hide their ill-gotten gains in foreign jurisdictions.

Beneficial Ownership Transparency

Transparency in corporate ownership is another critical area. Opaque corporate structures and anonymous shell companies have long facilitated financial crimes. The FATF’s Recommendation 24 emphasizes the need for states to identify and verify the real individuals who own or control legal entities.

Nigeria has made notable progress in this regard. Over the past two years, the coverage of the corporate beneficial ownership register has expanded significantly. The Corporate Affairs Commission (CAC) has sanctioned thousands of companies for non-disclosure of ownership, demonstrating a commitment to transparency.

However, there is still work to be done. The information in the registers must be independently verified and readily accessible to relevant authorities. Closing remaining loopholes is essential to prevent the misuse of corporate vehicles for illicit purposes.

Strengthening Oversight Institutions

Empowering oversight institutions such as the National Assembly’s Public Accounts Committees and anti-corruption agencies is vital. These bodies play a crucial role in ensuring accountability and transparency in public spending. Recent legislative efforts have aimed to ensure that recommendations from the Office of the Auditor-General are acted upon.

At the sub-national level, State Assemblies and Auditors-General are increasingly engaged in training and peer exchanges to harmonize oversight practices. These efforts strengthen the checks and balances that underpin fiscal discipline.

Challenges and Future Directions

Despite progress, challenges remain. Nigeria is currently listed by FATF among jurisdictions under Increased Monitoring due to strategic deficiencies in anti-money laundering and counter-terrorism financing (AML/CFT) implementation. Overlapping mandates and siloed operations have led to duplication, bureaucratic delays, and turf rivalries that weaken enforcement.

Coordination platforms such as the Inter-Agency Task Team on Anti-Corruption need to be more action-oriented. Timely sharing of financial intelligence and case information between agencies remains inconsistent. Breaking down these silos is critical for effective enforcement.

Consistency and proportionality of sanctions are also important. Enforcement actions must be applied consistently and carry sufficient weight to deter wrongdoing. Sanctions for non-compliance must be effective, proportionate, and dissuasive.

Recent efforts by the judiciary to establish special courts and expedite economic crime cases are encouraging. These initiatives can increase the certainty and swiftness of sanctions, reinforcing public trust in the justice system.

Conclusion

Nigeria’s fight against economic crime requires sustained efforts, strong legal frameworks, and effective implementation. By addressing challenges and strengthening oversight, the country can enhance its credibility in combating financial crime and improve governance. The path forward involves collaboration, transparency, and a commitment to justice without fear or favor.