The Economic and Financial Crimes Commission (EFCC) has announced its largest recovery in the agency’s history.
In a statement on Monday, the EFCC revealed it had recovered 753 duplexes and other apartments in Abuja.
“On Monday, 2 December 2024, Justice Jude Onwuegbuzie delivered a ruling for the final forfeiture of an estate in Abuja, covering 150,500 square metres and comprising 753 duplexes and other apartments. This represents the single largest asset recovery by the EFCC since its establishment in 2003. The estate is located on Plot 109, Cadastral Zone C09, Lokogoma District, Abuja,” the statement read.
The EFCC explained that the property, acquired by a former senior government official, was forfeited to the federal government as part of its mandate to ensure that those involved in corruption and fraud do not benefit from their ill-gotten gains. The agency relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria to make its case.
In the ruling, Justice Onwuegbuzie noted that the respondent had failed to demonstrate why the property, which was reasonably suspected to have been acquired with the proceeds of unlawful activities, should not be forfeited. He subsequently ordered its final forfeiture to the federal government.
The final forfeiture followed an interim forfeiture order issued by the same judge on 1 November 2024. The EFCC stated that the government official responsible for fraudulently constructing the estate is under investigation. The asset’s forfeiture is seen as a key step in depriving the suspect of the benefits of their crimes.
The EFCC highlighted that the decision aligns with Part 2, Section 7 of the EFCC Establishment Act. This provision authorises the Commission to investigate individuals whose lifestyles and properties appear inconsistent with their legitimate sources of income.
The Commission’s Executive Chairman, Mr Ola Olukoyede, has described asset recovery as essential in the fight against corruption and financial crimes. Addressing the House of Representatives Committee on Anti-corruption, he emphasised the importance of asset tracing alongside investigations.
He said: “Recovering even one billion naira requires significant effort. As soon as investigations commence, asset tracing must begin simultaneously. Asset recovery is pivotal in the anti-corruption fight because if suspects retain access to proceeds of their crimes, they can use them to resist prosecution. Tracing and recovering assets weakens their ability to fight back, which has been critical to our success.”
The EFCC underscored that its procedures for asset forfeiture adhere to the Establishment Act. The Act allows for interim and final forfeitures of assets linked to crimes, subject to judicial review.
This recovery marks a milestone in the EFCC’s operations and underscores President Bola Ahmed Tinubu’s commitment to combating corruption.
EFCC Makes Single Largest Asset Recovery till Date
Justice Jude Onwuegbuzie, on Monday, December 2, 2024 gave a ruling on a final forfeiture of an estate in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments. This is the single… pic.twitter.com/k6CpFvreEL
— EFCC Nigeria (@officialEFCC) December 2, 2024