1. Criminal Asset Recovery
a) Tracing
Through Souspicious Transactions Reports (STRs) and Currency Transactions Reports (CTRs) filed with the Nigeria Financial Intelligence Unit (NFIU), Tip-offs, Whistle Blowers Reports/Intelligence Reports, etc.
Temporary freezing after arrest and during investigation and prosecution. Final freezing, confiscation and forfeiture after conviction of suspect.
c) Repatriation
Usually to victims after conviction, confiscation and disposal.
Not allowed, but possible under Advance Fee Fraud provisions.
3. Civil Law Suits
Asset recovery cannot be commenced through the civil process. However there may be civil causes spinning off from criminal trials particularly where there are allegations of violation of human rights. Such actions would normally not stop the continuation of the criminal trial that will enable the recovery of stolen assets but may cause delays.
The procedures for asset recovery in Nigeria can be summarized as follows:
Under the EFCC Act, 2004 and ICPC Act, 2000, assets may be restrained by an order exparte once investigation commences. This order will continue until criminal charges are filed in court and throughout the prosecution of the case. Forfeiture covers all assets including instrumentalities howsoever named. In the case of a foreign request, the assets will also be restrained by an order exparte if evidence is provided to establish a prima facie case that the assets involved are proceeds of a crime. However there must be evidence that the culprit is being investigated/prosecuted by the requesting country.
