EFCC Secures Largest Asset Recovery in Nigeria

The Economic and Financial Crimes Commission (EFCC) has scored a landmark victory in its fight against corruption, securing the largest asset recovery in its history with the final forfeiture of a sprawling estate in Abuja.

The estate, located on Plot 109 Cadastral Zone C09, Lokogoma District, spans an impressive 150,500 square meters and houses 753 units of duplexes and other apartments.

In a ruling delivered on December 2, 2024, by Justice Jude Onwuegbuzie, the court granted the federal government permanent ownership of the estate after concluding that it had been acquired through unlawful means.

The forfeiture, which follows an interim order secured on November 1, 2024, is the culmination of months of investigation by the EFCC, which suspects that the property was financed through proceeds of corruption.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Justice Onwuegbuzie, in his judgment, emphasized that the respondent – a former high-ranking government official – failed to provide sufficient evidence to justify the acquisition of the property, which was deemed to be linked to illegal activities.

“The property has been reasonably suspected to have been acquired with proceeds of unlawful activities, and the respondent has not shown cause as to why it should not be forfeited,” Justice Onwuegbuzie stated. “Therefore, the property is hereby finally forfeited to the federal government.”

The Commission’s Executive Chairman, Mr. Ola Olukoyede, has frequently highlighted the importance of asset recovery in weakening corrupt individuals and organizations.

In a recent address to the House of Representatives Committee on Anti-Corruption, Olukoyede underscored the pivotal role of asset tracing in financial crimes investigations.

“If you understand the intricacies involved in financial crimes investigation and prosecution, you will discover that recovering one billion naira is a war,” Olukoyede remarked. “Asset recovery is pivotal in the anti-corruption fight; one of the potent instruments you can deploy is asset tracing and recovery.”

The forfeiture also aligns with the mandates of the EFCC Establishment Act, particularly Part 2, Section 7, which grants the Commission the authority to investigate the sources of wealth and assets of individuals suspected of corruption.

READ ALSO: Court Strikes Out  Bobrisky’s Fundamental Rights Suit Against EFCC

The law allows for the seizure and forfeiture of properties linked to illegal activities, and the EFCC has adhered to this process throughout the course of the investigation.

According to the EFCC, the procedure for asset forfeiture involves obtaining an interim attachment order from the court, followed by a final forfeiture once there is clear evidence that the assets were obtained through criminal activities.