The ability to trace assets across the world is becoming increasingly relevant to the business sphere as businesses continue to become progressively more global. As individuals and companies continue to move assets away from countries in which they are subject to dispute it is important that parties are able to trace assets across jurisdictions.
This Guide draws together contributions from tracing experts across a number of territories.
We hope you will find the Guide a useful resource for getting to grips with the framework in asset tracing law in each of these territories, safe in the knowledge that if further specialist advice is needed, it’s only a call or email away.
How to Use: You can use the tools below to create bespoke reports for the jurisdiction(s) and topic(s) covered. Click into single jurisdiction for one location or use the compare tool to compare multiple jurisdictions. Select the jurisdictions and topics of interest to create your unique report. You also have the option to print or download using the ellipsis button in the top right corner.
In Nigeria, the Law Enforcement Agencies, particularly the Economic and Financial Crimes Commission (EFCC) acting through the court has a duty to protect an asset where there is a real and imminent risk of removing the assets from the jurisdiction of the Court. The court may order an injunction/interim forfeiture which is a preservative relief designed to prevent the dissipation of an asset(s) pending the final determination of the suit or pending a certain date.
Yes. Every individual upon acquisition of a property is required to register their ownership in the Land Registry established in every state. Information relating to ownership, assignment of interest in the property, mortgages, charges, and liens over property is publicly available at the State Land Registries. However, the registry list is by no means comprehensive as not every person registers their titles. Some assets are also held under customary ownership and this type of ownership does not require registration.
The Corporate Affairs Commission [CAC] maintains a register of all business entities, including information pertaining to business proprietors, company shareholders, and directors, as well as mortgages, charges, and liens over company assets.
The National Collateral Registry is also a registry where security interests over moveable assets are registered.
Public officials are also expected to fill out a form listing their assets and submit same to the Code of Conduct Bureau before they take office and when they leave office. However, it is the public officer’s choice to publish the list of assets to the public.
To identify asset holders, a search of any of the Registries mentioned under (2) above is required. An application is made to the relevant heads of the agencies and an official fee is paid subsequent thereto. An application can also be made under the Freedom of Information Act.
Yes. An order of interim forfeiture, freezing order and/or injunction [formerly called Mareva Injunction is an interim order directed against a party requiring them not to dissipate assets or remove them from a particular jurisdiction. An asset freezing injunction prevents a party from disposing of its assets and frustrates enforcement of any existing or potential judgment. This Injunction is usually granted pending the determination of the dispute between the parties
To obtain a freezing injunction in Nigeria, an ex-parte application must be made to court before putting the other party on notice. Before a court may grant such an application, the applicant must show: - He has a cause of action against the other party which is justiciable in Nigeria;
For an order of interim forfeiture, the Applicant must show prima facie evidence that the asset was acquired from proceeds of crime or that the asset itself is a proceed of crime.
In Nigeria, freezing order is not just limited to physical properties. It can extend to bank accounts of individuals and even corporate bodies. It can also extend to movable assets. Nigeria just like most common law jurisdictions can grant worldwide Freezing Orders [WFO] in deserving cases. The WFO allows a party’s assets located across the world to be frozen, rather than those limited to the jurisdiction where the order is issued. Nigeria Courts are mostly inclined to grant freezing orders on assets within Nigeria with limited cases of granting freezing orders outside her jurisdiction.
Search Order otherwise called Search Warrant in Nigeria are usually issued by the court upon application by a law enforcement agent. The search warrant enables the law enforcements agents to enter into any property upon reasonable suspicion that an offence is being committed in or with the property.
Yes. Freezing injunctions or search orders can be obtained so long that the requirements are met. It is immaterial that the proceedings are outside the jurisdiction. Evidence of such proceedings must however be placed before the court. In applicable circumstances, any order obtained outside of the jurisdiction will have to be locally registered.
Yes. Generally, there are legislations in Nigeria that permits the registration and enforcement of foreign judgment where validly obtained.
Disclaimer: This guide contains summaries of general principles of law. It is not a substitute for specific legal advice and should not be relied upon in relation to the application of the law or subject matter covered.
