A Senior Advocate of Nigeria (SAN) and Lecturer in the Department of Jurisprudence and International Law, Faculty of Law, University of Lagos, Dr. Wahab Shittu, has backed the House of Representatives’ move to investigate assets recovered by government agencies since 1999, calling for an immediate audit and the establishment of a special panel to ensure such assets are not re-looted.
His position follows Wednesday’s resolution by the House of Representatives directing a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of, or repatriated by government institutions since Nigeria’s return to democratic rule in 1999.
Speaking on Thursday during an interview on Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu, Ogun State, Dr Shittu said a comprehensive inventory of recovered assets was necessary to strengthen accountability and ensure the proceeds of crime are managed in the interest of Nigerians.
“I agree with the House of Representatives. An immediate audit should be taken so that we know all assets that have been recovered from 1999 to date” he said.
The senior advocate warned that recovered assets must not be diverted by those entrusted with their management, stressing that transparency and accountability should guide the entire recovery process.
“Nothing should be missing. Whoever is found to have connived or to be trying to connive to diversion of these assets should be brought to book.”
According to him, the primary objective of the audit should be to prevent recovered assets from being looted for a second time while ensuring they are properly managed for national development.
“The reason is simple, to ensure that these assets recovered from criminals are not relooted and then we need to put in place adequate statutory and management framework to really manage these assets for the benefit Nigerian citizens. So what the House of Representatives is doing is commendable.”
Shittu said the investigation should not be limited to the Economic and Financial Crimes Commission (EFCC), noting that several government institutions have recovered assets over the years and should be brought under the exercise.
“All the agencies involved in recovery of assets are not only EFCC ICPC alone, Code of Conduct bureau alone, even intelligence agencies, police, foundation, all the assets they have recovered since 1999. We should set up a special panel to undertake this.”
The legal scholar also called for the findings of previous recovery exercises to be revisited, particularly the work of the Salami Panel, to establish a complete record of assets and funds recovered over the years.
He said the proposed audit should determine the volume of assets recovered, funds currently domiciled in the Consolidated Revenue Fund through the Central Bank of Nigeria, possible leakages, and the proportion of recovered assets returned to victims.
“I am aware that the SALAMI panel tried to compile some of these assets. They should call for that for the work of the SALAMI panel to understand how many assets were recovered. How many funds, how much of the funds we have in the consolidated revenue fund of recovery, domiciled in the CBN? What is the leak? What is the escape? And how much of those funds have been released to the victims?”
Dr Shittu maintained that a credible inventory of recovered assets would boost government revenue and provide additional resources for development across the country.
“If that inventory is done diligently, effectively, and efficiently, a lot of revenue will accrue to the federal government, which can also be deployed for developmental purposes, and also shared among other tiers of government for the benefit of our people. So, it’s a priority.” he said.
The legal scholar further advocated centralising the management of recovered assets under the agency established by the Proceeds of Crime Act, arguing that all law enforcement and anti-corruption agencies should report recoveries to a single body to improve accountability and prevent duplication.
“There is a designated agency that is created by the Procedure of Crime Act for the management of recovered assets. I think the way to go is to centralize these recoveries in one agency.”
Dr Shittu stressed that the exercise must ensure recovered assets are protected from being diverted or looted again by officials responsible for their recovery and management.
He added that the House of Representatives’ investigation presents an opportunity to build a transparent and comprehensive database of recovered assets while ensuring they are deployed for the common good.
“That should be emphasized in order to ensure that assets recovered, looted assets recovered are not re-looted by those who are entrusted with the responsibility of recovering and managing these assets. And the House of Representatives should also join them in ensuring that we have adequate records of these recoveries, and these recoveries are deployed for the common good.” he said.
The legal scholar noted that the Economic and Financial Crimes Commission (EFCC), under the leadership of Ola Olukoyede, alongside the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has recorded significant successes in asset forfeitures, convictions and recoveries.
“Under Olukoyede, EFCC administration, and the ICPC, a lot of forfeitures are being recorded. The Malami forfeiture, the Emefiele forfeiture, and some other forfeitures like that have been made, including convictions and recoveries, that have been made” he said
He argued that these developments indicate improvements in the country’s anti-corruption efforts compared to the period before the Tinubu administration took office, while stressing that Nigeria’s abundant human and natural resources should make it a far more prosperous nation.
“You see that we are not where we were before the Tinubu government took over, certainly there is a lot of improvement”, he noted.
The senior advocate also acknowledged that no country can completely eliminate corruption, arguing that the goal of government should be to strengthen institutions and policies that reduce the problem to the lowest possible level.
“Well, there is no country that can totally eradicate corruption. What a country can do is to put in place adequate measures for reducing the menace to the barest minimum” he stated.
He added that Nigeria’s improved standing on the Corruption Perceptions Index suggests progress in the fight against graft
“If you look at our corruption perception index, our rating has come down, unlike what it used to be in previous years”, he noted.
