1. ASSET RECOVERY IN NIGERIA
NOTABLE ISSUES AND DEVELOPMENTS

2. NATIONAL ANTI-CORRUPTION STRATEGY (NACS)
PREVENTION OF CORRUPTION
ENFORCEMENT AND SANCTIONS
PUBLIC ENGAGEMENT
ETHICAL REORIENTATION
RECOVERY OF ASSETS

3. SUPPORTIVE INITIATIVES
ENFORCEMENT OF POLICY ON TREASURY SINGLE ACCOUNT (TSA)
INTRODUCTION OF BANK VERIFICATION NUMBER (BVN)
PRESIDENTIAL INITIATIVE ON CONTINUOUS AUDIT (PICA) AND THE WHISTLE-BLOWER POLICY

4. LEGAL LANDSCAPE LAWS ENABLING CRIMINAL FORFEITURE
ENABLING LAWS OF THE ACAS, CRIMINAL AND PENAL CODES, ADMINISTRATION OF CRIMINAL JUSTICE ACT, OTHERS
LAWS ENABLING CIVIL FORFETURE
ADVANCE FEE FRAUD ACT

5. CASE 1 Suspect is a prominent Politically Exposed Person.
Suspect is a prominent Politically Exposed Person.
Allegations bother on diversion of public funds and money laundering .
The suspect influenced the award of contracts and lucrative business opportunities in the Nigerian Oil and Gas Sector to companies beneficially owned by the suspect’s cronies.
The companies were unqualified and either improperly performed their obligation or, in some instances failed entirely to perform. Nevertheless, these companies received more than $1.5 billion in revenues through the sale of Nigeria crude oil.
In return, the duo corruptly offered and gave millions of dollars worth of gifts and benefits to the suspect and subsequently laundered the proceeds of the illicit business opportunities within and outside Nigeria.
Various properties and accounts belonging to subjects were traced in Nigeria , United Kingdom and the United States of America.

6. CASE 1 CONTD
The EFCC under Section 28 of the EFCC Act applied for and obtained an interim forfeiture of various properties within and outside Nigeria traced as proceeds of crime which were linked to the subjects. Section 28 of the EFCC Act provides for conviction based forfeiture. At the same time the suspect was under investigation by the UK authorities for money laundering offences. The UK authorities collaborated with the EFCC to build the case of money laundering and while the investigation was going on in the UK the suspect was not allowed to leave the UK.
Seeing that the interim forfeiture order obtained in Nigeria was conviction based and with the unavailability of the suspect to stand trial in Nigeria, the Commission changed strategy and applied for civil forfeiture under Section 17 of the Advance Fee Fraud Act of various properties and accounts linked to the subject located with the country.

7. CASE 1 CONTD
The procedure provided under S17 of the AFF Act is for the party making the application to come by way of ex-parte application, then publication of the list of properties in two national dailies for anyone interested to show cause why the properties should not be forfeited after 14 days the party making the application should apply by motion on notice to the court for the final forfeiture of the properties.
14 days after the publication, the Commission applied to the court for final forfeiture of the properties, various persons claiming to have interests in the properties appeared and after weighing the overwhelming evidence in support of the Commission’s application the court ordered the final forfeiture of the properties.

8. International Cooperation
The UK authorities are building a case of money laundering against the suspect for properties traced to the suspect and located in UK while the US department of Justice is in the process of instituting a civil forfeiture proceeding against properties traced to the subject located in the United States.
Various properties in Nigeria worth millions of Naira were forfeited to the Federal Government alongside the sum of N7, 763, 764, (seven billion seven hundred and sixty three million, seven hundred and sixty four thousand and seventy kobo) and $7, 740, (seven million seven hundred and forty thousand, one hundred and ninety seven naira and ninety six kobo.

9. Case Two
Following a tip- off the EFCC searched and recovered $43.4M, 27,800 POUNDS and N23.2M NAIRA from a highbrow location in Lagos.
Using section 17 of the AFF ACT the EFCC recently obtained a final forfeiture order for the monies

10. Case Three
US $9.8 Million was discovered by EFCC in a small house in a poor neighbourhood in Kaduna State following a tip-off
Investigations disclosed that the house belonged to a PEP
Upon arrest he claimed the monies were gifts from well wishers
EFCC obtained an order on Interim forfeiture but a final forfeiture order is being challenged
REASON FOR THE CHALLENGE ?????.

11. ARE WE MAKING PROGRESS CAUTIOUS YES !!!!!!!!
REASONS FOR THE HUGE CASH RECOVERIES

12. APPLICATION OF RECOVERED ASSETS
MAINSTREAMED INTO THE FEDERATION ACCOUNTS IN ACCORDANCE WITH THE CONSTITUTION
REPARATIONS

13. CHALLENGES
DRAGGING PROCESS OF PASSING THE PROCEEDS OF CRIME BILL INTO LAW
MANAGING RECOVERED ASSETS
Dissipation
Cost of Recovery
Public Confidence

14. INTERIM MEASURES ENERGISING THE ASSET RECOVERY UNITS OF THE ACAS
ASSET RECOVERY WORKING GROUP
PRESIDENTIAL COMMITTEE ON RECOVERY OF ASSETS
COMMITTEE ON ASSET TRACING
ASSET MANAGEMENT UNIT IN FMOJ

15. THE ROLE OF CIVIL SOCIETY AND CITIZENS GROUPS
ORGANIZED CSOS , NGOS ETC
ETHNIC AND RELIGIOUS –BASED GROUPS