“Asset recovery is pivotal in the anti-corruption fight. If you allow the corrupt to access the proceeds of their crime, they will fight you with it. Depriving them weakens their capacity,” declared Ola Olukoyede
Executive Chairman of the Economic and Financial Crimes Commission (EFCC), while announcing the single largest asset recovery since the agency’s inception in 2003.
Justice Jude Onwuegbuzie, on Monday, December 2, 2024, delivered a landmark ruling ordering the final forfeiture of a massive estate in Abuja measuring 150,500 square meters. The estate, located on Plot 109 Cadastral Zone C09 in Lokogoma District, comprises 753 units of duplexes and other apartments, now forfeited to the federal government.
The recovery stems from EFCC’s investigation of a former high-ranking government official suspected of acquiring the estate with illicit funds. This decision follows an interim forfeiture order granted on November 1, 2024.
In his ruling, Justice Onwuegbuzie noted, “The respondent has not shown cause as to why he should not lose the property, which has been reasonably suspected to have been acquired with proceeds of unlawful activities. The property is hereby finally forfeited to the federal government.”
Justification for Forfeiture
The EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44 (2)(B) of the 1999 Constitution to secure the forfeiture. Additionally, the agency cited Part 2, Section 7 of its Establishment Act, which mandates investigations into properties that appear disproportionate to an individual’s lawful income.
“Asset tracing and recovery have become integral to our investigations. The moment we commence an investigation, we also begin asset tracing. This approach has significantly enhanced our recoveries,” Mr. Olukoyede explained during a briefing with the House of Representatives Committee on Anti-Corruption.
The EFCC emphasized that asset recovery serves as a powerful deterrent against corruption. By depriving suspects of their illicit wealth, the Commission weakens their ability to resist prosecution and undermines their influence.
Landmark Achievement
This monumental recovery is celebrated as a milestone in the EFCC’s history and a testament to the administration of President Bola Ahmed Tinubu’s commitment to combating corruption. The estate will now serve as a resource for national development, symbolizing justice against economic and financial crimes.
This case exemplifies the EFCC’s mission to ensure that corrupt individuals are stripped of unlawfully acquired wealth, reinforcing Nigeria’s stance against corruption and fraud.
However despite the landmark achievement, the EFCC failed to disclose the identity of the corrupt official involved, a move that some Nigerians have criticized as a breach of public trust. This omission has led to concerns about the credibility of the record and the transparency of the process.
