The Economic and Financial Crimes Commission (EFCC) has announced its largest single asset recovery to date—a sprawling estate in the Lokogoma District of Abuja containing 753 duplexes and apartments.
The estate, which spans 150,500 square meters and is located on Plot 109, Cadastral Zone C09, was forfeited to the Federal Government following a ruling by Justice Jude Onwuegbuzie on Monday, December 2, 2024.
The EFCC disclosed this achievement through a statement shared on its X handle, highlighting that the estate had been seized from a former top government official suspected of acquiring the property with proceeds from unlawful activities.
Justice Onwuegbuzie ruled that the respondent had failed to provide sufficient evidence to retain ownership of the property. “The said ex-government official 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,” the judge declared.
The EFCC noted that the forfeiture was secured under the provisions of 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.
Read also: Tax Reform Bills aim to benefit all Nigerians, Presidency assures
The anti-corruption agency emphasized that the forfeiture sends a strong message about its commitment to depriving individuals of assets acquired through fraudulent means. “The forfeiture of the property to the Federal Government by a former top brass of the government was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities,” the statement read.
The EFCC Chairman, Ola Olukoyede, highlighted the importance of asset recovery in the fight against corruption, calling it a critical tool for dismantling the financial power of corrupt individuals.
“If you understand the intricacies involved in financial crimes investigation and prosecution, you will discover that to recover one billion naira is war,” Olukoyede said, recounting his recent address to the House of Representatives Committee on Anti-Corruption.
“I told my people that the moment we start an investigation, we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight. If you allow the corrupt or those you are investigating to have access to the proceeds of their crime, they will fight you with it. One of the ways to weaken them is to deprive them of the proceeds of their crime.”
He added, “Our modus operandi has changed. The moment we begin an investigation, we begin asset tracing. That was what helped us to make our recoveries.”
The EFCC described the recovery of the Lokogoma estate as a landmark achievement in its operations and a testament to the administration’s commitment to fighting corruption.
“The recovery of the asset represents a milestone in the annals of operations of the EFCC and infallible proof of the commitment of President Bola Ahmed Tinubu to the anti-corruption war,” the statement concluded.
This monumental recovery underscores the EFCC’s resolve to use asset tracing and forfeiture as effective tools in combating corruption and financial crimes in Nigeria.
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Donate Now
