The Economic and Financial Crimes Commission (EFCC) on Monday, announced what it described as its “single largest asset recovery” since 2003, when the Commission was established.
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The recovered asset from an undisclosed top government official, included a total of 753 duplexes and other apartments, on an Abuja property measuring 150,500 square metres.
This was sequel to a ruling in a final asset forfeiture, delivered on Monday, by Justice Jude Onwuegbuzie of a High Court of the Federal Capital Territory (FCT).
The said property is situated on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja.
According to a statement by the spokesman of the anti-graft agency, Mr Dele Oyewale, the court in its ruling held that the respondent had not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”
The statement pointed out that the forfeiture of the property to the federal 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.
Oyewale disclosed that the road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same court on November 1, 2024.
While he explained that the said government official linked to the just forfeited estate is being investigated by the EFCC, the spokesman described the forfeiture as an important step to depriving the suspect of the proceeds of the crime.
He added that the justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organisation has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
The Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
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