By Peace Udugba
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 thrown his weight behind the House of Representatives’ decision to investigate assets recovered by government agencies since 1999, describing the move as a critical step toward strengthening accountability and preventing recovered assets from being looted again.
The House of Representatives had on Wednesday resolved to conduct a comprehensive audit of all assets seized, forfeited, recovered, managed, disposed of or repatriated by government institutions since Nigeria returned to democratic rule in 1999.
Speaking on Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu, Ogun State, on Thursday, Shittu said a comprehensive inventory of recovered assets was necessary to ensure transparency and proper management of proceeds of crime for the benefit of Nigerians.
“I agree with the House of Representatives. An immediate audit should be carried out so that we know all the assets that have been recovered from 1999 to date,” he said.
The senior advocate warned against the diversion of recovered assets by officials responsible for managing them, stressing that transparency and accountability must guide the recovery process.
“Nothing should be missing. Whoever is found to have connived or is trying to divert these assets should be brought to book,” he said.
According to Shittu, the primary objective of the audit should be to ensure that recovered assets are not looted a second time while establishing an effective legal and management framework for their administration.
“The reason is simple—to ensure that assets recovered from criminals are not re-looted. We need to put in place adequate statutory and management frameworks to manage these assets for the benefit of Nigerian citizens. What the House of Representatives is doing is commendable,” he added.
Shittu argued that the investigation should extend beyond the Economic and Financial Crimes Commission (EFCC), noting that several government agencies have recovered assets over the years and should be included in the exercise.
“All agencies involved in asset recovery—not only the EFCC and ICPC, but also the Code of Conduct Bureau, intelligence agencies, the police and others—should account for all assets recovered since 1999. We should set up a special panel to undertake this exercise,” he said.
The legal scholar also called for a review of the findings of previous asset recovery exercises, 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 total value of recovered assets, the funds currently domiciled in the Consolidated Revenue Fund through the Central Bank of Nigeria (CBN), identify possible leakages, and establish how much of the recovered funds has been returned to victims.
“I am aware that the Salami Panel compiled some of these records. Its report should be revisited to determine how many assets were recovered, how much is currently in the Consolidated Revenue Fund domiciled with the CBN, where any leakages occurred, and how much has been released to victims,” he stated.
Shittu maintained that a credible inventory of recovered assets would boost government revenue and provide additional resources for national development.
“If that inventory is carried out diligently, effectively and efficiently, substantial revenue will accrue to the Federal Government. Those resources can be deployed for developmental purposes and shared among the various tiers of government for the benefit of the people. It is a national priority,” he said.
He 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 recovered assets to a single institution to improve accountability and eliminate duplication.
“There is a designated agency created by the Proceeds of Crime Act for the management of recovered assets. The best approach is to centralise all recoveries under one agency,” he said.
Shittu stressed 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 public good.
“Recovered assets should never be re-looted by those entrusted with managing them. The House should ensure proper records are maintained and that these recoveries are deployed for the common good,” he said.
The senior advocate also commended the anti-corruption efforts of the EFCC under its Chairman, Ola Olukoyede, and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), noting that both agencies have recorded significant successes in asset forfeitures, recoveries and convictions.
“Under Ola Olukoyede’s leadership at the EFCC, alongside the ICPC, significant forfeitures have been recorded, including the Malami and Emefiele forfeiture cases, as well as several convictions and recoveries,” he said.
According to Shittu, these developments reflect improvements in Nigeria’s anti-corruption efforts compared to previous years, although he emphasised that more work remains to be done.
“We are certainly not where we were before the Tinubu administration took office. There has been considerable improvement,” he noted.
He, however, maintained that no nation can completely eliminate corruption, stressing that governments should instead focus on building strong institutions and policies capable of reducing corruption to the barest minimum.
“There is no country that can totally eradicate corruption. What every country can do is to establish effective measures that reduce the menace to the lowest possible level,” Shittu said.
He added that Nigeria’s improving performance on the Corruption Perceptions Index suggests that progress is being made in the country’s fight against corruption.
