The Economic Community of West African States (ECOWAS) is set to introduce a groundbreaking protocol that will require Western nations to pay interest on repatriated looted funds and artefacts. This development was revealed by Ola Olukoyede, the President of the Network of Anti-Corruption Institutions in West Africa, during the 6th Annual General Assembly of the organization in Abuja.
Olukoyede, who also serves as the Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), criticized the current practice where looted funds and cultural artefacts are returned without any interest or compensation for the time they were held. He emphasized that the existing international frameworks, including United Nations protocols, fail to address this critical issue, which is especially pertinent to the African context.
Olukoyede highlighted the limitations of the current United Nations and African Union protocols regarding asset recovery. He noted that while these protocols have facilitated the repatriation of stolen assets, they do not cater to the specific needs of the West African sub-region.
“One of the major gaps in the existing protocols is the absence of provisions for interest payments on repatriated funds. These funds have often been held in Western financial institutions for years, if not decades, generating significant revenue. It is only fair that we demand compensation for this,” Olukoyede stated.
Another critical aspect of the proposed ECOWAS protocol is the demand for accountability regarding the revenue generated from African artefacts held in Western museums. Many of these artefacts have been on display for decades, attracting visitors and generating income for these institutions.
Olukoyede argued that simply returning the artefacts is not enough. “We must also ask, what happened to the proceeds from the artefacts that were displayed? We will be demanding a share of these revenues as part of the repatriation process,” he said.
The proposed protocol aims to ensure that repatriation is not just about returning stolen assets or artefacts but also about addressing the financial injustices associated with their theft and prolonged detention.
In addition to the new protocol, ECOWAS countries are being urged to leverage technology in their fight against corruption. Musa Aliyu (SAN), Chairman of the Independent Corrupt Practices Commission (ICPC), stressed the importance of digital tools in combating corruption.
“Digitalization can significantly enhance our efforts to dismantle corrupt networks. As corruption becomes more sophisticated, so must our strategies. A well-implemented digital policy can strengthen institutions and foster greater international cooperation,” Aliyu explained.
By integrating advanced technology into their anti-corruption strategies, ECOWAS countries can better enforce the upcoming protocol and ensure that repatriated assets are managed transparently and effectively.
The move by ECOWAS to demand interest on repatriated loot and artefacts marks a significant step in addressing the historical injustices suffered by West African nations. By pushing for a new protocol that includes interest payments and revenue sharing, the region is sending a strong message that the days of one-sided repatriation deals are over. As these countries continue to strengthen their anti-corruption efforts through digitalization, they will be better equipped to recover and manage their assets, ensuring that the benefits are felt across the sub-region.
