The Economic and Financial Crimes Commission (EFCC) has achieved its single largest asset recovery since its establishment in 2003. A Federal High Court, presided over by Justice Jude Onwuegbuzie, on Monday, December 2, 2024, issued a final forfeiture order for an expansive estate in Abuja measuring 150,500 square meters. The estate, located on Plot 109, Cadastral Zone C09, Lokogoma District, comprises 753 units of duplexes and apartments.

The property, owned by a former high-ranking government official, was forfeited to the Federal Government under the EFCC’s mandate to ensure proceeds of corruption are not enjoyed by perpetrators. Justice Onwuegbuzie ruled that the respondent failed to justify ownership of the estate, which was suspected to have been acquired through unlawful activities. The decision followed an interim forfeiture order secured by the EFCC on November 1, 2024.

The EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and Section 44(2)(B) of the 1999 Constitution of Nigeria to argue its case. The ruling underscores the Commission's statutory powers under Part 2, Section 7 of the EFCC Establishment Act, which authorizes investigations into properties suspected to be disproportionate to their owner’s lawful income.

Justice Onwuegbuzie emphasized the importance of asset recovery in combating corruption, stating that the forfeiture was in line with the law and critical to depriving suspects of the proceeds of their crimes.

EFCC Chairman, Mr. Ola Olukoyede, highlighted the significance of asset recovery in the fight against corruption. Speaking recently to the House of Representatives Committee on Anti-corruption, Olukoyede said, “If you allow the corrupt to access proceeds of their crimes, they will use them to fight back. Asset tracing and recovery are vital tools in our anti-corruption efforts.”

He disclosed that the EFCC’s modus operandi now involves simultaneous investigations and asset tracing, a strategy that facilitated this landmark recovery.

This recovery underscores the Tinubu administration’s commitment to eradicating corruption and bolstering the nation’s integrity. By following due legal processes, the EFCC has demonstrated its resolve to implement the provisions of its Establishment Act, which prioritizes asset recovery as a key component of the anti-corruption framework.

The recovered estate is a milestone achievement for the EFCC and a testament to its ongoing fight against economic and financial crimes.