Abstract

It is estimated that proceeds of corruption, also referred to as illicit enrichment, constitutes the main predicate for money laundering in Africa. It, therefore, remains the greatest obstacle to development. This paper presents the issue of illicit enrichment involving politically exposed persons and, drawing from the lessons of Nigeria in the recovery of such proceeds, discusses some international initiatives, as well as the legal framework for asset recovery in Nigeria. The main thrust of the paper is to discuss the key legal issues and challenges in the recovery of the proceeds of illicit enrichment and recommend steps to address those challenges.

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