The Economic and Financial Crimes Commission (EFCC) has recorded its largest asset recovery since its establishment in 2003. This milestone comes after Justice Jude Onwuegbuzie of the Federal Capital Territory High Court ordered the final forfeiture of an estate measuring 150,500 square meters and comprising 753 duplexes and apartments in the Lokogoma District of Abuja.
The estate, located on Plot 109 Cadastral Zone C09, was linked to a government official suspected of acquiring it with proceeds of unlawful activities. The ruling relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44 (2)(b) of the 1999 Constitution, which provide the legal framework for such forfeitures.
In delivering the judgment, Justice Onwuegbuzie stated:
“The respondent 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.”
Road to Forfeiture
The process leading to the final forfeiture began with an interim forfeiture order granted on November 1, 2024, by the same court. The EFCC has since been investigating the official behind the estate, describing the forfeiture as a critical step in depriving suspects of the proceeds of their crimes.
The EFCC’s power to investigate and recover assets is rooted in Part 2, Section 7 of the EFCC Establishment Act, which mandates the commission to investigate individuals whose lifestyles and assets are inconsistent with their legitimate income sources.
Strategic Asset Recovery
EFCC Chairman Ola Olukoyede has emphasized the importance of asset recovery in the fight against corruption. Addressing the House of Representatives Committee on Anti-Corruption, Olukoyede highlighted the challenges of financial crimes investigations, noting:
“Recovering one billion naira is a war. Our strategy now is simultaneous investigation and asset tracing. If you allow suspects access to the proceeds of their crimes, they will use those resources to fight back.”
The EFCC’s modus operandi involves immediate asset tracing alongside investigations, ensuring that suspects are deprived of illicitly acquired wealth. This approach was pivotal in securing the forfeiture of the Lokogoma estate.
Legal Framework and Procedure
The EFCC Establishment Act places significant emphasis on asset recovery, outlining a detailed process for securing interim and final forfeiture orders. According to Section 24 of the Act, the Commission must:
- Attach the assets of any individual arrested under the Act.
- Seek an interim forfeiture order from the court.
- Escalate the interim order to achieve a final forfeiture when evidence supports it.
Commitment to Anti-Corruption
The EFCC described this recovery as a historic achievement and a testament to President Bola Ahmed Tinubu’s commitment to the anti-corruption agenda. The agency reiterated its resolve to combat economic and financial crimes through robust asset recovery and accountability measures.
This forfeiture marks a significant victory in the EFCC’s efforts to curb corruption and serves as a warning to individuals engaging in illicit financial activities.
