•••Describes Seizure as the Largest
By Joy Yesufu
The Economic and Financial Crimes Commission’s (EFCC) said Justice Jude Onwuegbuzie On December 2, 2024 ruled on the final forfeiture of a huge estate in Abuja.
The Commission said that the seizure was the commission’s single largest asset recovery since its inception in 2003.
The Network gathered that the estate, situated on Plot 109 Cadastral Zone C09 in Lokogoma District, belongs do a former Governor of the Central Bank of Nigeria
The estate spans 150,500 square meters and contains 753 units of duplexes and other apartments.
Dele Oyewale, the commission’s Head of Media and Publicity in a statement said the forfeiture of this property, acquired by a former high-ranking government official, aligns with the EFCC’s commitment to ensuring that individuals involved in corruption and fraud do not benefit from their illegal gains.
He said the EFCC invoked 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 to support its case.
In his ruling, Justice Onwuegbuzie stated that the respondent failed to provide sufficient justification for retaining the property, which was suspected to have been obtained through unlawful activities. “The property is hereby finally forfeited to the federal government,” he declared.
Oyewale further said the legal journey to this final forfeiture commenced with an interim forfeiture order obtained by the EFCC on November 1, 2024. The case continues to be investigated by the Commission.
This asset recovery underscores the EFCC’s strategic approach to combating corruption by depriving offenders of their ill-gotten gains.
Mr. Ola Olukoyede, the Commission’s Executive Chairman, emphasized that asset recovery is vital in the fight against economic and financial crimes.
He noted that, although challenging, recovering assets is crucial to weakening corrupt individuals and organizations.
“The moment we start an investigation, we must also begin asset tracing. Depriving the corrupt of their proceeds significantly hampers their ability to resist legal action”, Olukoyede said.
“The EFCC operates under the framework established by its Establishment Act, which mandates the Commission to trace and attach the assets of individuals involved in economic and financial crimes.
The successful recovery and forfeiture of this estate exemplify the EFCC’s ongoing efforts and the government’s commitment to the anti-corruption agenda led by President Bola Ahmed Tinubu.
This recovery marks a significant milestone for the EFCC, reinforcing its role in supporting nationwide efforts to combat corruption and promote accountability.
