ANTI-CORRUPTION AND ASSET RECOVERY AND FORFEITURE IN NIGERIA: LESSONS FROM U.S.A AND U.K. EXPERIENCE

Abstract

Assets recovery has emerged as one of the most important tools in the fight against corruption. In recent years, it has received significant attention from the international community. The theft by public officials and other powerful interests of state resources has a major impact on nation building and the stability of the state, especially in developing countries. The strategy was recently introduced in Nigeria with a view to quick repatriation of Nigeria assets. In view of the above, the present paper examines the effort of EFCC in asset recovery and forfeiture, the methodology adopted is mainly content analysis informed by review of literature. The study examines the application of the asset recovery strategy in both the U.S. and the UK with a view to drawing lessons for Nigeria. The findings showed that asset recovery is a new phenomenon in Nigeria with inadequate and weak legislation. Also there is failure of the suspects to disclose accurate information on their assets. The study recommends among others that the criminal justice system should be strengthened, reformed and transformed. There should also be legal structure for depriving criminals from acquiring illicit wealth because most politically exposed persons have political immunity and have the means to evade or delay trials. However, where assets are seized or forfeited, it will be in their best interest not to loot public funds or avoid the delay in trials.