EFCC Secures Largest Asset Forfeiture In Its History
In a landmark ruling on Monday, Justice Jude Onwuegbuzie of the Federal High Court ordered the final forfeiture of an estate in Abuja measuring 150,500 square meters, comprising 753 duplexes and apartments, to the federal government. The property, located at Plot 109, Cadastral Zone C09, Lokogoma District, represents the single largest asset recovery by the Economic and Financial Crimes Commission (EFCC) since its establishment in 2003.
The forfeiture marks a significant victory in the EFCC’s ongoing efforts to combat corruption. The estate, allegedly built by a former senior government official under investigation, was deemed to have been acquired with proceeds from unlawful activities. Justice Onwuegbuzie ruled that the respondent failed to show cause why the property should not be forfeited, stating, “The property is hereby finally forfeited to the federal government.”
The ruling was based on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. The EFCC had initially secured an interim forfeiture order for the estate on November 1, 2024, paving the way for Monday’s final judgment.
The EFCC’s mandate to seize such assets is outlined in Part 2, Section 7 of its Establishment Act, which empowers the commission to investigate individuals whose lifestyles and properties are disproportionate to their legitimate income.
EFCC Chairman, Mr. Ola Olukoyede, has consistently emphasised the importance of asset recovery in the fight against corruption. Speaking to the House of Representatives Committee on Anti-Corruption, Olukoyede described asset tracing as a critical tool in financial crime investigations.
“To recover one billion naira is war,” Olukoyede said, highlighting the complexity of financial crime investigations. “Our modus operandi has evolved—investigations and asset tracing now happen simultaneously. Depriving corrupt individuals of their illicit wealth weakens their ability to resist prosecution.”
This monumental asset forfeiture underscores the EFCC’s commitment to ensuring that corrupt individuals cannot enjoy the proceeds of their crimes. The agency’s proactive approach to tracing and recovering illicit assets is seen as a major disincentive for economic and financial crimes in Nigeria.
