The Economic and Financial Crimes Commission (EFCC) achieved a historic milestone on December 2, 2024.
Justice Jude Onwuegbuzie ruled on the final forfeiture of a massive estate in Abuja, marking a significant victory.
The estate spans 150,500 square meters and includes 753 units of duplexes and other apartments in Lokogoma District.
This asset recovery represents the single largest in EFCC’s history, dating back to its inception in 2003.
Forfeiture Ordered by Court
The estate, located on Plot 109 Cadastral Zone C09, was forfeited to the federal government.
The decision came after a former high-ranking government official was found to have illegally acquired the property.
EFCC’s efforts to seize the estate are rooted in its mandate to fight corruption and fraudulent activities.
The Commission used the Advance Fee Fraud Act and Nigeria’s Constitution to argue its case for forfeiture.
A Step Forward in Anti-Corruption Fight
Justice Onwuegbuzie stated that the respondent failed to justify why the estate should not be forfeited.
The property had been suspected of being acquired with proceeds from unlawful activities, warranting its final forfeiture.
The ruling followed an interim forfeiture order issued on November 1, 2024, also by Justice Onwuegbuzie.
The EFCC is still investigating the government official who fraudulently built the estate as part of its ongoing probe.
EFCC’s legal authority to pursue asset forfeiture is clearly outlined in the EFCC Establishment Act.
The Act grants the Commission the power to investigate individuals or entities suspected of financial crimes.
It mandates the tracing and seizure of properties acquired by unlawful means, with forfeiture proceedings to follow.
According to the EFCC’s Executive Chairman, asset recovery is vital to weakening corrupt individuals and discouraging financial crimes.
In a recent statement, Mr. Ola Olukoyede emphasized the importance of asset tracing in financial crime investigations.
He noted that once an investigation begins, asset tracing must follow immediately to prevent suspects from accessing illicit gains.
This change in EFCC’s approach has contributed significantly to its success in asset recovery and anti-corruption efforts.
The EFCC’s approach has proven to be a key tool in fighting economic and financial crimes across Nigeria.
With this latest forfeiture, the EFCC continues to demonstrate its commitment to President Bola Ahmed Tinubu’s anti-corruption agenda.
The successful recovery of the estate sets a new standard for future actions in the fight against corruption.
The EFCC is expected to maintain its focus on asset recovery as a cornerstone of its operations going forward.
