Details of the Asset and Court Ruling

The estate, located on Plot 109, Cadastral Zone C09, Lokogoma District, was owned by a former government official. Justice Onwuegbuzie ruled that the respondent failed to prove the property was acquired legitimately, stating it was “reasonably suspected to have been procured with proceeds of unlawful activities.” Consequently, the court declared the estate forfeited to the Federal Government.

Legal Framework and EFCC Mandate

The EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act No. 14 (2006) and Section 44(2)(b) of the 1999 Nigerian Constitution. These provisions empower the EFCC to recover properties tied to economic and financial crimes. The forfeiture aligns with the EFCC’s commitment to ensuring that corrupt individuals cannot benefit from illicitly acquired assets.

Part 2, Section 7 of the EFCC Establishment Act further strengthens the agency's authority to investigate properties inconsistent with a person's legal income. This legal mandate underscores the significance of asset tracing and recovery as tools to combat corruption effectively.

EFCC’s Strategy and Impact

Speaking on the achievement, EFCC Chairman Ola Olukoyede emphasized the importance of asset recovery in the fight against corruption. He noted, “Asset tracing and recovery are pivotal instruments in ensuring accountability. Depriving the corrupt of their illicit gains weakens their capacity to resist justice.”

The EFCC revealed that the interim forfeiture of the estate was secured on November 1, 2024. The ongoing investigation into the former official responsible for the fraudulent acquisition is part of broader efforts to discourage financial crimes.

Why Asset Recovery Matters

Olukoyede highlighted the challenges of investigating financial crimes, stating, “Recovering one billion naira is akin to waging war. Without asset tracing from the onset, the corrupt can leverage their ill-gotten wealth to obstruct investigations.”