The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has revealed that between $88 billion and $94 billion is stolen annually from Nigeria and other African nations through illicit financial flows.
GIABA’s Director General, Edwin Harris, disclosed this on Tuesday during a stakeholder engagement on asset recovery and management in Nigeria, held in Abuja. The event was organised in partnership with the Centre for Fiscal Transparency and Public Integrity (CFTPI). Harris was represented by Tim Melaye.
Citing a report by former South African President Thabo Mbeki under the United Nations Economic Commission for Africa (UNECA), Harris lamented the growing scale of looted funds siphoned from the continent.
“President Thabo Mbeki’s UNECA report once estimated that over $50 billion was stolen annually from Africa. Today, the figures are far more disturbing—between $88 and $94 billion each year,” Harris said.
He called for stronger cooperation among African nations to ensure the return and proper management of stolen assets.
“Where is this money? How do we recover it? How do we manage it once recovered and ensure it isn’t stolen again? These are urgent questions that need collective answers,” he added.
Speaking at the event, CFTPI Executive Secretary Dr. Umar Yakubu emphasized that asset recovery is critical not only for national development but also for rebuilding public trust in government.
“Illegally acquired assets—whether hidden abroad or within Nigeria—are resources that could transform education, healthcare, infrastructure, and welfare. Recovering them is about reclaiming stolen opportunities for national progress,” he said.
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Adamu Aliyu, SAN, also highlighted the central role asset recovery plays in the fight against corruption. He called for collaboration among African countries to extend asset recovery efforts beyond the continent.
Echoing similar sentiments, Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, said the agency has intensified its asset recovery operations in recent years. Represented by Gbolaho Lotana, EFCC’s Director of Asset Recovery, Olukoyede said, “We’ve come to understand that fighting corruption is not just about arrests—it must include recovering and managing stolen assets.”
Panel discussants, including Auwal Rafsanjani, Country Director of Transparency International Nigeria, and representatives from the ICPC, EFCC, and Code of Conduct Bureau, all stressed the urgent need to enhance asset recovery frameworks across Nigeria and the wider African region.
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