The Economic and Financial Crimes Commission (EFCC), on Monday December 2, 2024 made its single largest asset recovery since its inception in 2003. Final forfeiture of the estate in Abuja measuring 150,500 square meters and containing 753 units of duplexes as well as other apartments was ruled on by Justice Jude Onwebuegbuzie. The Estate is said to rest on Plot 109 Cadestral Zone C09, Lokogoma District, Abuja. Forfeiture of the asset by a former top brass of the government was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities. In this case, the commission invoked Section 17 of the Advance Fee Fraud and Other Fraud Related Offenses Act No.14, 2006 and Section 44 (2) B of the Constitution of the 1999 Constitution of the Federal Republic of Nigeria to close the case.
Justice Onwuegbuzie, while ruling on the applicatoon for final forfeiture of the property, held that the respondent had not shown cause as to why he should not lose the property, which the commission reasonably suspects are acquired through illicit activities hence the forfeiture of the property to the Federal Government.
The commission, in a viral post on X ( formerly twitter) explained that the forfeiture was facilitated by an interim forfeiture order secured on November 1, 2024. It also stressed that the Establishment Act of the Commission places huge emphasis on asset recovery and, subject to the provisions of Section 24 of the Act. “whenever the assets and properties of any person arrested under the Act are attached, the Commission shall apply to the court for an interim forfeiture and where a person is arrested for an offense under the Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic and financial crime and shall thereafter cause to be obtained an interim attachment order from the Court. And where the assets or properties of any person arrested for an offense under the Act has been seized or any assets or property has been seized by the Commission under the Act, the Commission shall cause an application to be made to the Court for an interim order forfeiting the property concerned to the Federal Government and the court shall, if satisfied that there is prima facie evidence that the property concerned is liable to forfeiture, make an interim order forfeiting the property to the Federal Government, which the Commission would usually escalate to earn a final forfeiture “. The commission further explained that this procedure was duly followed in this respect and that the recovery of the assets represents a milestone in the annals of operations of the EFCC and infallible proof of the commitment of the President to the fight against corruption.
Justification of the forfeiture was derived from Part 2, Section 7 of the EFCC Establishment Act.
Meanwhile, the Executive Chairman of the Commission, Mr. Ola Olukoyede, has repeatedly described asset recovery as a pivotal aspect in the fight against corruption, economic and financial crimes, and a major disincentive to the corrupt and fraudulent in our society.
Mr. Olukoyede informed members of the House of Representatives Committee on anti-corruption recently on the intricacies involved in financial crimes investigations and prosecutions. He highlighted that depriving criminals of the proceeds of their was an effective way of weakening them during investigations.
