Monday Reuben, Abuja
DAILY COURIER - In what has been described as the largest single asset recovery in its history, the Economic and Financial Crimes Commission (EFCC) secured the final forfeiture of a massive estate in Abuja. The estate, measuring 150,500 square meters and comprising 753 duplexes and other apartments, is located on Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.
Justice Jude Onwuegbuzie of the High Court delivered the ruling on Monday, December 2, 2024, finalizing the forfeiture of the estate to the Federal Government. The property, believed to have been fraudulently acquired by a former senior government official, was forfeited under 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 of the Federal Republic of Nigeria.
Justice Onwuegbuzie, in his ruling, declared that the respondent had failed to provide sufficient justification to retain the property, stating:
"The property, which has been reasonably suspected to have been acquired with proceeds of unlawful activities, is hereby finally forfeited to the Federal Government."
The final forfeiture follows an interim forfeiture order issued by the same court on November 1, 2024. EFCC investigations into the fraudulent acquisition of the estate are ongoing, with the forfeiture seen as a critical step in depriving the suspect of the proceeds of crime.
The EFCC relied on its powers under Part 2, Section 7 of the EFCC Establishment Act, which authorizes the Commission to investigate economic crimes and the properties of individuals whose lifestyles and assets exceed their legitimate sources of income.
Speaking on the milestone, EFCC Executive Chairman, Mr. Ola Olukoyede, emphasized the pivotal role of asset recovery in the fight against corruption. Addressing the House of Representatives Committee on Anti-Corruption recently, Olukoyede explained the Commission’s strategic shift toward simultaneous investigation and asset tracing.
"Recovering assets is a war," Olukoyede remarked. "If you allow the corrupt to access the proceeds of their crime, they will use it against you. Asset tracing and recovery weaken their ability to fight back. That strategy has been instrumental in our successes, including this landmark recovery."
The procedure for asset recovery, as outlined in Section 24 of the EFCC Establishment Act, was meticulously followed in this case. The law mandates the Commission to secure an interim forfeiture order before escalating the case to achieve a final forfeiture.
This historic recovery underscores the EFCC’s resolve to combat corruption and economic crimes, aligning with President Bola Ahmed Tinubu’s commitment to transparency and accountability. The forfeiture not only deprives corrupt individuals of unlawfully acquired wealth but also serves as a deterrent to others.
The estate’s forfeiture sends a strong message about the EFCC’s enhanced operational capacity and unwavering dedication to the anti-corruption fight. Observers have hailed the development as a milestone in Nigeria’s ongoing battle against graft, with hopes that more high-profile recoveries will follow.
This unprecedented recovery marks a new chapter in the EFCC’s operations and reinforces Nigeria’s commitment to upholding justice and accountability in governance.
