71 assets repatriation and global best practices: lessons for nigeria

This study enquires into the multi-dimensional challenges involved in tracing, freezing and repatriating looted state assets in foreign jurisdictions. It is the view of this paper that the forms of proceeding available in Nigeria to recover looted assets are inadequate. The paper discusses the successful assets recovery cases and the not so successful cases involving Nigerian corrupt officials. The paper examines the main challenges to assets recovery through criminal proceedings and also highlights various approaches to assets recovery. The paper recommends that for effective assets recovery, Nigeria must among others enact forfeiture and confiscation laws that should be applied through the civil process rather than the traditional criminal justice system. The paper proposes some strategies for assets repatriation, but warns that the success of these proposals are contingent on strong political will on the part of the Nigerian government and its ability to constructively engage the requested state.