EFCC Records Landmark Asset Recovery As Ex-Govt Official Forfeits 753 Duplexes In Abuja [Video]

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a massive estate in the Lokogoma District of Abuja, covering 150,500 square meters and comprising 753 duplexes and other apartments.

In a statement, the EFCC spokesperson, Dele Oyewale described this as its largest single asset recovery since its establishment in 2003.

The property, located on Plot 109, Cadastral Zone C09, was forfeited to the federal government following a court ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie.

The EFCC disclosed that the property belonged to a “former senior government official,” although no names were mentioned.

The commission explained that the estate was seized under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 and Section 44(2)(B) of Nigeria’s 1999 Constitution.

It added that the forfeiture is part of its mandate to ensure that proceeds of corruption are not enjoyed by those who acquire them illegally.

According to the EFCC, the estate was allegedly built using funds from fraudulent activities, and investigations into the matter are ongoing.

The agency emphasized that the seizure is a critical step in preventing suspects from using the proceeds of their crimes to obstruct justice.

EFCC Chairman, Ola Olukoyede highlighted the importance of asset recovery in combating corruption and economic crimes, describing it as a deterrent to corrupt practices.

He explained that financial crime investigations now include asset tracing from the outset to ensure that illicit wealth is swiftly recovered.

“If you understand the intricacies involved in financial crimes investigation and prosecution, you will discover that to recover one billion naira is war. So, 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; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.

“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. So, one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously. The moment we begin an investigation, we begin asset tracing. That was what helped us to make our recoveries,” Olukoyede stated during a recent meeting with the House of Representatives Committee on Anti-Corruption.

The EFCC hailed this recovery as a significant achievement in its operations and a testament to President Bola Ahmed Tinubu’s commitment to the fight against corruption.

The commission reiterated that asset recovery is a cornerstone of its strategy to tackle financial crimes and corruption effectively.

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KanyiDaily recalls that the EFCC recently arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).