EFCC secures largest asset recovery as ex-official forfeits 753 Abuja duplexes
The Economic and Financial Crimes Commission (EFCC) has announced the recovery of a large estate in the Lokogoma District of Abuja. Covering 150,500 square meters, the property includes 753 duplexes and other apartments.
This marks the EFCC’s largest single asset recovery since its establishment in 2003.
The estate, located on Plot 109 Cadastral Zone C09 in Lokogoma, was forfeited following a ruling by Justice Jude Onwuegbuzie on Monday, December 2, 2024, according to a statement released by the commission on its X handle.
“The forfeiture of the property to the Federal Government, linked to a former high-ranking government official, is in line with the EFCC’s mandate and policy to ensure that individuals involved in corruption and fraud do not benefit from the proceeds of their illegal activities,” the statement read. It added that the commission based its action on 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.
Justice Onwuegbuzie stated that the former government official failed to provide sufficient justification for retaining the property, which had been reasonably suspected to have been acquired through unlawful means. As a result, the property was “finally forfeited to the Federal Government.”
The anti-graft agency emphasized that the respondent is under investigation, with allegations suggesting that the estate was built using proceeds from fraudulent activities. The EFCC stated, “The forfeiture of the asset is a crucial step in depriving the suspect of the proceeds of the crime.”
EFCC Chairman, Ola Olukoyede, described asset recovery as central to the fight against corruption, economic, and financial crimes, and as a major deterrent for the corrupt and fraudulent.
Olukoyede explained, “If you understand the complexities of financial crime investigations and prosecutions, you’ll realize that recovering one billion naira is like going to war. That’s why I told my team that the moment we begin an investigation, we must also start asset tracing. Asset recovery is vital in the anti-corruption fight, and one of the most effective tools for an anti-corruption agency is asset tracing and recovery.”
He further stated, “If you allow those under investigation to keep the proceeds of their crimes, they will use it to fight you. Depriving them of those proceeds weakens them. This is why our approach has changed: asset tracing starts alongside every investigation. That strategy has been crucial in securing our recoveries.”
The statement also noted that the recovery of the asset is a significant milestone in the EFCC’s operations and a testament to President Bola Ahmed Tinubu’s commitment to the anti-corruption campaign.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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