SAN urges special panel on recovered assets, supports House investigation

Michael Olumide Alabi

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 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 transparency, accountability and effective asset management in Nigeria.

Speaking during an interview on Frontline, a current affairs programme on Eagle 102.5 FM, Ilese-Ijebu, Ogun State, on Thursday, Shittu called for an immediate nationwide audit of all recovered assets and the establishment of a special panel to ensure that proceeds of crime are not diverted or “re-looted” after recovery.

His comments followed 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.

According to the legal scholar, conducting a comprehensive inventory of recovered assets would provide the government and Nigerians with a clear picture of the nation’s anti-corruption efforts while strengthening public confidence in the management of recovered wealth.

“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,” Shittu said.

He stressed that transparency and accountability must guide every stage of the asset recovery process, warning that officials entrusted with recovered assets should be held accountable for any attempt to divert them.

“Nothing should be missing. Whoever is found to have connived or to be trying to connive to the diversion of these assets should be brought to book,” he stated.
Shittu explained that the primary objective of the proposed 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 re-looted. We need to put in place adequate statutory and management frameworks to manage these assets for the benefit of Nigerian citizens. So, what the House of Representatives is doing is commendable,” he said.

The senior advocate argued that the investigation should extend beyond the Economic and Financial Crimes Commission (EFCC), noting that several government institutions, including anti-corruption agencies, security organisations and intelligence services, have recovered assets over the years.

“All the agencies involved in the recovery of assets are not only the EFCC or the ICPC. The Code of Conduct Bureau, intelligence agencies, the police and others have recovered assets since 1999. We should set up a special panel to undertake this,” he said.

Shittu also urged lawmakers to revisit previous asset recovery exercises, particularly the work of the Salami Panel, to establish a complete record of recovered assets and funds.

“I am aware that the Salami Panel tried to compile some of these assets. They should call for the work of the Salami Panel to understand how many assets were recovered, how much of the funds we have in the Consolidated Revenue Fund domiciled in the Central Bank of Nigeria, where the leakages are, and how much of those funds have been released to victims,” he said.

He maintained that a credible inventory of recovered assets would significantly boost government revenue and provide additional resources for infrastructure, social services and other developmental projects.

“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 shared among other tiers of government for the benefit of our people. So, it’s a priority,” he stated.

The legal scholar further advocated the centralisation of recovered asset management under the agency established by the Proceeds of Crime Act, arguing that all anti-corruption and law enforcement agencies should be required to remit recovered assets to a single institution to eliminate duplication and strengthen oversight.

“There is a designated agency created by the Proceeds of Crime Act for the management of recovered assets. I think the way to go is to centralise these recoveries in one agency,” he said.

Shittu reiterated that the exercise must guarantee that recovered assets are protected from corrupt officials who may attempt to divert them after recovery.

He described the House investigation as a unique opportunity to build a transparent national database of recovered assets while ensuring they are ultimately deployed for the common good.

“That should be emphasised in order to ensure that looted assets recovered are not re-looted by those entrusted with the responsibility of recovering and managing them. The House of Representatives should also ensure that we have adequate records of these recoveries and that they are deployed for the common good,” he added.

Commenting on Nigeria’s anti-corruption efforts, Shittu commended the leadership of the EFCC under its Chairman, Ola Olukoyede, and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), saying both institutions have recorded notable successes in asset forfeitures, convictions and recoveries.

“Under Olukoyede’s administration at the EFCC, alongside the ICPC, a lot of forfeitures are being recorded. The Malami forfeiture, the Emefiele forfeiture and several other forfeitures, including convictions and recoveries, have been made,” he said.

He argued that these developments demonstrate measurable improvements in Nigeria’s anti-corruption campaign compared with previous years, while expressing optimism that the country’s abundant human and natural resources could drive greater prosperity if corruption is effectively curtailed.

“You see that we are not where we were before the Tinubu government took over. Certainly, there is a lot of improvement,” he noted.

Shittu, however, acknowledged that corruption cannot be completely eradicated in any society, stressing that governments should instead focus on strengthening institutions and policies capable of reducing the menace to the lowest possible level.

“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 said.

He further pointed to Nigeria’s improving performance on the Corruption Perceptions Index as evidence that progress is being made in the fight against corruption.

“If you look at our Corruption Perceptions Index, our rating has come down, unlike what it used to be in previous years,” he added.