On December 2, 2024, the EFCC secured its largest asset recovery to date, with the final forfeiture of a 150,500 square meter estate in Abuja, comprising 753 duplexes.
The estate, acquired through fraudulent activities, was forfeited to the federal government after a court ruling. The legal basis for this action was grounded in the Advance Fee Fraud Act and the Nigerian Constitution.
This recovery highlights the EFCC’s proactive approach to asset tracing under Chairman Mr. Ola Olukoyede. It also reflects the commitment of President Bola Tinubu’s administration to fight corruption and ensure that illicit wealth is returned to the public.
Below are the 11 important things to note from the recovery:
- Largest Asset Recovery: The EFCC has secured its largest asset recovery ever, involving a 150,500 square meter estate in Abuja with 753 duplexes and apartments.
- Final Forfeiture Order: On December 2, 2024, Justice Jude Onwuegbuzie ruled for the final forfeiture of the estate to the federal government, confirming it was acquired through illicit activities.
- Legal Basis for Forfeiture: The forfeiture was based on the Advance Fee Fraud and Other Fraud Related Offences Act No 14, 2006 and Section 44(2) B of the Nigerian Constitution.
- Acquisition Through Fraud: The estate was suspected to have been built with proceeds from fraudulent activities, and the former government official failed to justify its acquisition.
- Interim Forfeiture: Prior to the final order, the court had granted an interim forfeiture order on November 1, 2024, securing the property for the federal government.
- EFCC’s Ongoing Investigation: The former government official connected to the estate is under investigation by the EFCC, which aims to prevent criminals from enjoying the benefits of their unlawful acts.
- EFCC’s Mandate: The EFCC is empowered to investigate individuals whose assets and lifestyle don’t align with their lawful income, according to Section 7 of the EFCC Establishment Act.
- Asset Recovery’s Importance: Asset recovery is crucial in the fight against corruption and financial crimes, as it removes criminals’ access to their illicit gains.
- EFCC’s Updated Approach: The EFCC now traces assets alongside criminal investigations, ensuring that suspects cannot use stolen funds to resist prosecution, a strategy that has led to successful recoveries.
- Presidential Commitment to Anti-Corruption: The successful recovery of this estate underscores the commitment of President Bola Ahmed Tinubu’s administration to combat corruption and uphold anti-corruption initiatives.
- Achievement Under Current Chairman: This significant asset recovery was achieved under the leadership of the current EFCC Chairman, Mr. Ola Olukoyede, highlighting his administration’s focus on effective anti-corruption measures.
