EFCC Chairman Reveals Over $500 Million Recovered in Assets and Cash Over Three Years

The Economic and Financial Crimes Commission (EFCC) has successfully forfeited more than $500 million in cash and assets to the Federal Government over the past three years, according to Chairman Ola Olukoyede. He made this announcement during a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom.

Olukoyede highlighted that Nigeria's legal framework allows the EFCC to seek asset forfeiture on suspicion of criminal activity, without needing a prior conviction. He compared this process to similar laws in Australia and Canada, which facilitate the forfeiture of suspected proceeds of crime.

The EFCC chairman cited a recent case involving the forfeiture of an aircraft linked to a member of a monitoring committee for a power project. This individual allegedly accepted a bribe of $30 million, leading to the swift forfeiture of the aircraft.

“This aircraft was forfeited about three months ago and is now part of the presidential air fleet,” Olukoyede mentioned, underscoring the rapid progress made by the commission.

In addition, he revealed that the EFCC secured the forfeiture of a property containing 753 housing units from a former governor of the Central Bank of Nigeria, who is currently facing criminal charges in multiple courts.

Olukoyede also discussed ongoing investigations into Abubakar Malami, the former Attorney-General of the Federation. The inquiry revealed 57 properties allegedly linked to him, with 48 having already been forfeited.

The EFCC chairman attributed the agency's successes to effective asset tracing, judicial cooperation, and credible intelligence, noting that many investigators have received training at leading global institutions.

Moreover, Olukoyede called for enhanced protection and incentives for whistleblowers who assist in recovering stolen Nigerian assets. He emphasized that citizens should be encouraged to report information about misappropriated funds, with potential rewards ranging from 2.5% to 5% of the recovered assets.

This comprehensive approach underscores the EFCC's commitment to tackling corruption and financial crimes in Nigeria, aiming for a more transparent and accountable governance system. The chairman's remarks reflect a proactive stance in the fight against economic crime, highlighting the importance of collaboration among various stakeholders.