ABUJA: The Economic and Financial Crimes Commission (EFCC) has announced that it has made the largest asset recovery since its establishment in 2003. On Monday, Justice Jude Onwuegbuzie issued a ruling for the final forfeiture of a sprawling estate in the Federal Capital Territory (FCT), Abuja, covering 150,500 square meters. The estate includes 753 duplexes and other apartments.
The property is located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The forfeiture of this estate follows an investigation into its acquisition by a former senior government official, who is under investigation by the EFCC for alleged fraudulent activities. According to the EFCC, the forfeiture aligns with its mandate to prevent individuals involved in corruption from benefiting from the proceeds of their illicit actions.
The Commission based its legal action on Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act No. 14 of 2006, as well as Section 44 (2) B of the 1999 Constitution of Nigeria. Justice Onwuegbuzie ruled that the respondent failed to provide a valid explanation for the acquisition of the property, which is suspected to have been financed by proceeds from unlawful activities. As a result, the property was finally forfeited to the federal government.
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This decision follows an interim forfeiture order issued by the same judge on November 1, 2024, which paved the way for the final forfeiture. The asset’s recovery is part of the EFCC’s broader strategy to deprive suspects of ill-gotten gains, a crucial component in the fight against corruption.
The EFCC’s efforts are supported by the EFCC Establishment Act, which grants the Commission the power to investigate individuals, organizations, and their assets when their wealth appears disproportionate to their legitimate income sources. The Commission’s Chairman, Mr. Ola Olukoyede, has consistently emphasized the importance of asset recovery in combating corruption and financial crimes.
In a recent address to the House of Representatives Committee on Anti-Corruption, Olukoyede highlighted the challenges of recovering large sums of money, noting that the Commission now prioritizes asset tracing alongside investigations. He explained that depriving suspects of the proceeds of their crimes weakens their ability to fight back, thereby making asset recovery a key tactic in the anti-corruption battle.
The EFCC’s success in asset recovery is also backed by provisions in the EFCC Establishment Act, which mandates the attachment and potential forfeiture of assets linked to economic crimes. According to Section 24 of the Act, once assets are attached, the Commission must seek a court order for interim forfeiture, leading to the eventual forfeiture if evidence supports it.
This significant asset recovery marks an important milestone for the EFCC and serves as further proof of President Bola Ahmed Tinubu’s commitment to the fight against corruption.
