The Economic and Financial Crimes Commission (EFCC) has achieved its single largest asset recovery to date with the final forfeiture of a massive estate in Abuja. The estate, measuring 150,500 square meters and comprising 753 units of duplexes and apartments, was forfeited to the Federal Government on Monday, December 2, 2024, following a ruling by Justice Jude Onwuegbuzie of the Federal High Court, Abuja.
The property, located on Plot 109, Cadastral Zone C09, Lokogoma District, was traced to a former senior government official currently under investigation for corrupt practices. The ruling, which followed an interim forfeiture order granted on November 1, 2024, underscores the EFCC’s unwavering commitment to ensuring that individuals do not enjoy the proceeds of unlawful activities.
Justice Onwuegbuzie held that the respondent failed to provide any justification for retaining the property, which the EFCC argued was acquired with proceeds of illicit activities. The ruling was based 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.
“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,” the judge ruled.
The recovery reflects the EFCC’s strategic approach to asset tracing and forfeiture as a critical weapon in the fight against corruption. EFCC Chairman, Ola Olukoyede, has consistently emphasized the importance of asset recovery in crippling the financial power of corrupt individuals.
Addressing the House of Representatives Committee on Anti-Corruption recently, Olukoyede stated, “If you understand the intricacies involved in financial crimes investigation and prosecution, you will discover that recovering one billion naira is war. That is why asset tracing and recovery are pivotal in our operations. Simultaneously with investigations, we trace assets to ensure that suspects are deprived of the proceeds of their crimes.”
The EFCC’s Establishment Act places a premium on asset recovery. Part 2, Section 7 of the Act empowers the Commission to investigate individuals whose lifestyles and properties appear unjustifiable by their sources of income. The Act also mandates the EFCC to seek interim and final forfeiture orders from the courts, a procedure meticulously followed in this landmark recovery.
The forfeiture represents a significant milestone in the EFCC’s operations since its establishment in 2003. It also highlights President Bola Ahmed Tinubu’s commitment to the anti-corruption agenda, reinforcing Nigeria’s stance against economic and financial crimes.
