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EFCC Secures Largest Asset Recovery in The History of Nigeria

byGrace Amos
December 3, 2024
in Politics
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On Monday, the Economic and Financial Crimes Commission (EFCC) announced its largest asset recovery since its establishment. The recovered asset in the Federal Capital Territory is an estate spanning 150,500 square meters and comprising 753 units of duplexes and other apartments.

The estate is situated on Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The recovery followed a ruling delivered on December 2, 2024, by Justice Jude Onwuegbuzie.

According to a statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, “Justice Jude Onwuegbuzie, on Monday, December 2, 2024, gave a ruling on a final forfeiture of an estate in Abuja measuring 150,500 square meters and containing 753 units of duplexes and other apartments. This is the single largest asset recovery by the Economic and Financial Crimes Commission since its inception in 2023.”

Oyewale added, “The estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja. The forfeiture of the property to the Federal Government by a former top brass of the government was pursuant to the EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.”

The commission relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44 (2) B of the 1999 Constitution to push its case. Ruling on the commission’s application for the final forfeiture of the property, Oyewale said Justice Onwuegbuzie held that the respondent had not shown cause as to why he should not lose the property, which was reasonably suspected to have been acquired with proceeds of unlawful activities.

Oyewale added, “The government official who fraudulently built the estate is being investigated by the EFCC. The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.”

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