The Executive Director of the Africa Network for Environment and Economic Justice (ANEEJ), Rev David Ugolor, has said the African Union estimates that the continent loses about $150 billion annually, with Nigeria accounting for nearly 20 percent of that loss.
He asserted this during the inception meeting of the project titled “Tackling Illicit Financial Flows through Asset Recovery and Management and Countering Money Laundering, Terrorism Financing and Proliferation Financing (AML/CFT/PF) in Nigeria implemented by ANEEJ and the African Center for Governance, Asset Recovery and Sustainable Development, held in Abuja today.
Rev Ugolor added that Illicit financial flows continue to drain Nigeria of much-needed resources for development, saying the project seeks to build partnerships across government and civil society to ensure that recovered assets are transparently managed and reinvested for the benefit of Nigerians.”
He stressed that the project seeks to build partnerships across government and civil society to ensure that recovered assets are transparently managed and reinvested for the benefit of Nigerians.
Speaking as a co-implementer to the project, Juliet Ibekaku, Nwagu, Executive Director of the African Center for Governance, Asset Recovery and Sustainable Development, highlighted its technical role in strengthening implementation:
“Through this project, we will provide technical support and follow up with training of investigators and prosecutors so they become better aligned with the Proceeds of Crime (Recovery and Management) Act. This will help ensure asset recovery processes are more effective and accountable.”
Delivering his remarks the Honourable Minister of Justice and Attorney-General of the Federation, Prince Lateef Fagbemi SAN, pledged the Ministry’s full support for the project.
Represented by Head of the Asset Recovery and Management Unit, Ali Bozi, Fagbemi lamented that Illicit financial flows remain one of the most significant threats to sustainable development, governance, and national security.
‘ Together, we can ensure that recovered resources are not only returned but are invested in critical sectors that directly benefit the Nigerian people.
“I pledge my continued support to cooperate, coordinate, and back this project to achieve its purpose.”
The UK Government also reaffirmed its partnership. Jehanzeb Khan, the Illicit Finance Advisor from FCDO Nigeria, represented the UK, stating that asset recovery is central to these efforts.
Khan who was represented by Anicetus Atakpu, asserted that confiscating and recovering the proceeds of crime is essential for leveraging sanctions against offenders and securing justice for victims.
Evidence suggests that putting stolen assets towards public goods and services is the most effective way to ensure anti-corruption efforts benefit ordinary citizens.
Dr. Orji Ogbonnaya Orji, Executive Secretary and CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), emphasized the urgency of addressing systemic vulnerabilities. He explained that illicit financial flows are not just abstract statistics; they represent lost opportunities—revenues that could have built schools, hospitals, roads, and created jobs.
“If we do not close the loopholes in oil, gas, and mining governance, asset recovery will remain a revolving door—recovering what is stolen today only to lose more tomorrow,” he warned.
He pledged NEITI’s full cooperation in implementing this project and offered its capability to provide the necessary data.
Princess Aruoriwoh-Esmer Chifiero, the Anti-Corruption Coordinator for UNODC Nigeria, represented the United Nations Office on Drugs and Crime (UNODC).
She reiterated international support through the Stolen Asset Recovery (StAR) Initiative, commending the collaboration of civil society, government, and development partners: “The StAR Initiative will continue to support this progress.
She commended the collaboration of civil society, government, and development partners.
Senior officials from the Nigerian Financial Intelligence Unit (NFIU), the National Drug Law Enforcement Agency (NDLEA), the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the Federal Inland Revenue Service (FIRS), and the Special Control Unit Against Money Laundering (SCUML) also pledged their support.
There was a strong consensus that illicit financial flows pose a serious threat and that the project provides a vital platform for joint action.
With over 60 participants from government, law enforcement, civil society, and international partners, the inception meeting marked a significant step towards a coordinated effort against illicit finance. The Illicit Finance Resilience Project is a nine-month initiative funded by the UK FCDO and implemented by ANEEJ in partnership with the African Centre
