Nigeria’s Fight against Revenue Loss: Effective Mechanisms for Asset Recovery

Abstract

Nigeria's economy endures substantial setbacks due to considerable revenue loss from corruption and other illicit
activities. These unlawful acts have resulted in extensive adversity, exacerbating socio-economic disparity.
Notwithstanding numerous legal and regulatory initiatives, the nation continues to encounter difficulties in entirely
addressing income loss and recuperating misappropriated assets. This paper examines the urgent need for improved
strategies to battle corruption and improve asset recovery. This paper explores the critical need for enhanced
strategies to combat corruption and improve asset recovery mechanisms in Nigeria. It adopts a doctrinal research
methodology, analyzing relevant statutes, case law, and academic literature to assess the current legal framework
and identify areas for improvement in asset recovery efforts. It highlights enduring deficiencies in enforcement and
coordination among stakeholders that impede the efficacy of asset recovery initiatives. This paper's principal
findings indicate that although advancements have occurred, the issue persists substantially. Therefore, this
paper advocates for enhanced collaboration across pertinent institutions, the application of contemporary
technology for monitoring and recovery, and the elevation of public awareness to promote increased accountability.
It underscores the necessity for extensive policy reforms to improve transparency and efficiency in asset recovery
procedures. This paper indicates that the implementation of these techniques can substantially mitigate income loss
in Nigeria and reinstate public confidence in governance, hence fostering sustained national growth.