By Gabriel Ewepu, Abuja

Ahead of the return of $150 million Abacha loot, the Civil Society Legislative Advocacy Centre, CISLAC, and Transparency International, TI-France chapter, Thursday, called on both the Nigerian and French Governments to strictly adhere to asset recovery laws.

This was contained in a statement co-signed by the Executive Director, CISLAC, Auwal Rafsanjani, and Head, Illicit Financial Flows Programme, TI, France, Sara Brimbeuf, respectively, where they called on the Tinubu-led administration to guard against misappropriation of the funds, therefore should ensure prudent and transparent management of the funds in the interest of Nigerians.

They also expressed concern about commencement of negotiations between Nigeria and France on the modalities to return the money, the basic criteria for selection of projects, or programmes funded by the returned loot, and inclusivity of civil society organizations in the process of returning the loot.

The statement described the restitution as an excellent chance for both France and Nigeria to demonstrate commitment to transparency and accountability in asset recovery, setting a model for other destination countries.

The return of $150 million from France to Nigeria was made known during the launch of the Global Forum on Asset Recovery, GFAR, Action Series.

The statement reads in part, “France, despite not having returned confiscated assets previously, has recently established a legal framework for asset restitution, emphasizing transparency and accountability principles.

“The impending restitution presents an opportunity for both France and Nigeria to implement their respective legal frameworks, ensuring transparency and accountability in the return process, with active involvement from civil society organizations.

“Nigeria’s extensive experience in asset return, having recovered over $4 billion from different jurisdictions over the past three decades.

“While commendable for efforts in repatriation, Nigeria faces challenges in the transparent and accountable management of these assets.

“The recent adoption of the Proceeds of Crime (Recovery and Management) Act 2022 is seen as a positive step, assigning roles and responsibilities to relevant institutions and providing a provision for civil society to monitor implementation.

“The return process is part of proceedings initiated in the United States in 2014, where a court entered judgment forfeiting approximately $500 million linked to money laundering involving Abacha’s corruption.

“As part of the same proceedings, an agreement was secured in February 2020 for the return of $311.7 million, proposed for financing road infrastructure projects.”