The recent announcement by France to return $150 million looted by former Nigerian head of State, Sani Abacha, signifies a pivotal moment for both countries in upholding asset recovery laws and ensuring transparency in the restitution process.
France’s commitment to returning the looted funds was made public during the launch of the Global Forum on Asset Recovery (GFAR) Action Series, organized by the Stolen Asset Recovery Initiative (StAR). The funds are part of the approximately $500 million tied to money laundering from Abacha’s corruption, located in various accounts worldwide, including in France, Jersey, and the UK.
Questions now arise regarding the negotiation timeline between France and Nigeria, the selection of projects financed by the returned funds, and the involvement of civil society organizations in the restitution process.
France’s recent legal framework for asset restitution, established through Law No 2021-1031 and circular No 6379/SG, emphasizes transparency, accountability, and clear guidelines for the return process. In contrast, Nigeria has a history of asset return, having retrieved over $4 billion from various jurisdictions but has faced challenges in transparently managing these funds.
The Proceeds of Crime (Recovery and Management) Act 2022 in Nigeria assigns roles and responsibilities for the management of recovered assets, allowing civil society to monitor its implementation, a significant step towards transparency.
The upcoming restitution presents an opportunity for both France and Nigeria to adhere to their legal frameworks, ensuring a transparent and accountable return process that includes civil society participation. France’s adherence could set a precedent for other destination countries, while Nigeria could demonstrate its commitment to transparent asset management.