The Economic and Financial Crimes Commission (EFCC) says it has recovered and secured the forfeiture of cash and assets worth more than $500 million, estimated at over N673 billion, for the Nigerian government within the last three years.
EFCC Chairman, Ola Olukoyede, disclosed this on Wednesday while speaking at the Cambridge International Symposium on Economic Crime in the United Kingdom.
Olukoyede said the recoveries covered both cash and valuable assets forfeited to the government since he assumed office.
According to him, Nigeria’s legal framework allows the EFCC to pursue the forfeiture of suspected proceeds of crime even before a criminal conviction is secured.
He explained that investigators can approach the High Court where there is reasonable suspicion that an asset represents proceeds of crime and seek an appropriate forfeiture order.
The EFCC chairman highlighted several cases to demonstrate the commission’s recent asset recovery efforts.
He disclosed that an aircraft allegedly connected to an individual accused of collecting a $30 million bribe over a power project was recently forfeited. The aircraft, according to him, has since been added to the Presidential Air Fleet.
Olukoyede also revealed that the commission secured the forfeiture of a property consisting of about 753 housing units allegedly linked to a former governor of the Central Bank of Nigeria.
He added that criminal proceedings against the former CBN governor were ongoing before three courts.
In another case, the EFCC traced 57 properties allegedly linked to former Attorney-General of the Federation, Abubakar Malami, following an investigation launched last year over suspected abuse of office. Olukoyede said 48 of the properties had subsequently been forfeited.
The chairman also mentioned a private university allegedly linked to a director in the Federal Ministry of Health. According to him, the official voluntarily surrendered the property after the EFCC commenced its investigation.
Olukoyede attributed the commission’s success in obtaining non-conviction-based forfeiture orders to stronger investigative capacity, judicial cooperation and access to credible intelligence.
He, however, stressed the need for greater protection and incentives for whistleblowers who provide information that helps authorities trace and recover illicitly obtained Nigerian assets, particularly those moved abroad.
The EFCC chairman said individuals whose information leads to successful asset recovery could receive between 2.5 and five per cent of the recovered assets as an incentive.
He further called for stronger international collaboration to help Nigerian authorities track, freeze and recover proceeds of corruption transferred across borders.
