EFCC Achieves Largest Asset Recovery to Date
On December 2, 2024, Justice Jude Onwuegbuzie ruled on the final forfeiture of a vast estate in Abuja, marking the Economic and Financial Crimes Commission’s (EFCC) largest asset recovery since its establishment in 2003. The estate, located on Plot 109 in the Lokogoma District, spans 150,500 square meters and includes 753 duplex units and other apartments.
This significant asset recovery stems from the EFCC’s ongoing efforts to ensure that individuals involved in corruption and fraud do not benefit from the proceeds of their unlawful activities. The forfeiture followed legal action based on Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act No. 14 of 2006 and Section 44(2)(b) of Nigeria’s 1999 Constitution.
In his ruling, Justice Onwuegbuzie affirmed that the respondent failed to provide a valid defense against the forfeiture, which was grounded in the suspicion that the estate was acquired through illicit means. As a result, the property was permanently forfeited to the federal government.
The process leading to this final forfeiture began with an interim forfeiture order granted by the same judge on November 1, 2024. The former government official under investigation by the EFCC is suspected of fraudulently developing the estate. Forfeiting assets like this is a crucial strategy to prevent suspects from profiting from their criminal actions.
The EFCC’s authority to pursue such forfeitures is rooted in the EFCC Establishment Act, which allows the Commission to investigate individuals or entities whose wealth and property appear to be unjustified by their lawful income.
EFCC Executive Chairman, Mr. Ola Olukoyede, has consistently emphasized the importance of asset recovery in combating corruption and financial crimes. During a recent appearance before the House of Representatives Committee on Anti-corruption, he stressed that recovering illicit wealth is vital in undermining the financial power of corrupt individuals. He noted that asset tracing and recovery should begin as soon as an investigation starts, as it significantly weakens the corrupt by depriving them of the proceeds from their crimes.
Olukoyede reiterated that asset recovery is one of the most powerful tools in the fight against corruption, describing it as a key tactic to reduce the influence of fraudulent individuals and organizations.
