The Economic and Financial Crimes Commission (EFCC) has secured its largest asset recovery to date, following the forfeiture of an estate comprising 753 duplexes by a former government official.
The Federal Capital Territory High Court, presided over by Justice Jude Onwuegbuzie, delivered the final forfeiture ruling concerning the massive estate situated on a sprawling 150,500-square-meter property at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The estate also includes additional luxury apartments.
According to the EFCC, the estate was owned by a top government official whose wealth was deemed inconsistent with his legitimate income. Justice Onwuegbuzie upheld the EFCC’s application for the property’s forfeiture, citing the defendant’s failure to provide a satisfactory explanation for the source of the funds used to acquire the property.
“The property is hereby finally forfeited to the Federal Government,” the judge declared, affirming the EFCC’s position that the estate was acquired with proceeds of unlawful activities.
This milestone achievement, the EFCC noted, aligns with its mandate to strip corrupt individuals of ill-gotten wealth. The forfeiture was backed by legal provisions, including Section 44(2) B of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006.
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The interim forfeiture of the estate was first secured on November 1, 2024, setting the stage for the recent final ruling. The EFCC revealed that the suspect, whose name remains undisclosed, is under investigation. The forfeiture, the agency explained, serves as a critical strategy to deter financial crimes and prevent suspects from leveraging ill-gotten assets to evade justice.
EFCC Chairman Ola Olukoyede emphasized the significance of asset recovery in Nigeria’s anti-corruption efforts. Addressing the House of Representatives Committee on Anti-Corruption, Olukoyede remarked, “Recovering one billion naira is a war. Asset tracing and recovery must commence alongside investigations to ensure suspects do not use the proceeds of their crimes against the system.”
He further noted, “Allowing the corrupt to retain access to their illicit wealth empowers them to fight back. Depriving them of such resources is a vital step in the anti-corruption battle.”
