The Economic and Financial Crimes Commission has achieved its largest single asset recovery since its establishment in 2003.
In a statement by the agency on Monday, December 2, 2024, Justice Jude Onwuegbuzie of the Federal High Court ordered the final forfeiture of a massive estate in the Lokogoma District of Abuja to the Federal Government.
The estate, spanning 150,500 square meters and consisting of 753 units of duplexes and apartments, was forfeited by a former senior government official under investigation for financial misconduct.
The EFCC invoked Section 17 of the Advance Fee Fraud and Related Offences Act of 2006 and Section 44 (2) B of the 1999 Constitution to secure the ruling.
Delivering the judgment, Justice Onwuegbuzie ruled that the respondent failed to prove the legitimacy of the property’s acquisition.
“The property, which has been reasonably suspected to have been acquired with proceeds of unlawful activities, is hereby finally forfeited to the federal government,” the judge declared.
This final ruling follows an interim forfeiture order issued on November 1, 2024.
The EFCC emphasized that the forfeiture aligns with its mandate to deprive corrupt individuals of enjoying proceeds from illicit activities.
EFCC Chairman, Ola Olukoyede, highlighted the importance of asset recovery in combating financial crimes.
He explained that the commission has adopted a proactive approach by initiating asset tracing simultaneously with investigations.
“If you allow the corrupt or those you are investigating to access proceeds of their crime, they will fight back with it,” Olukoyede noted during a recent meeting with the House of Representatives Committee on Anti-Corruption.
The forfeiture was grounded in Part 2, Section 7 of the EFCC Establishment Act, which empowers the commission to investigate any individual whose lifestyle or assets are inconsistent with their legitimate income.
Olukoyede further underscored the complexities of financial crime investigations, stating that recovering assets is as critical as prosecuting offenders.
“Recovering even one billion naira requires a strategic approach and dedication,” he remarked, lauding the commission’s success in recovering the Abuja estate as a significant victory.
