EFCC recovers single largest asset in its history

The Economic and Financial Crimes Commission (EFCC) on Monday revealed the commission’s single largest asset recovery since its inception in 2003.

The asset, which has been recovered, is a large estate covering 150,500 square meters and includes 753 duplexes and various apartments.

The estate is located in the Lokogoma District of Abuja, it sits on Plot 109, Cadastral Zone C09, in the Federal Capital Territory.

This recovery comes after a decision made by Justice Jude Onwuegbuzie on December 2, 2024.

The property was forfeited to the federal government by a former high-ranking government official as part of the EFCC’s mandate and policy to prevent individuals involved in corruption and fraud from benefiting from the proceeds of their illegal actions.

This was disclosed via a statement shared on the X handle of the anti-graft agency on Monday, December 2.

The statement partly reads: “Justice Jude Onwuegbuzie, on Monday, December 2, 2024 gave a ruling on a final forfeiture of an estate in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments. This is the single largest asset recovery by the Economic and Financial Crimes Commission, EFCC, since its inception in 2003. The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja.

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“The forfeiture of the property to the federal government by a former top brass of the government was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities. In this instance, the Commission 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 Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.

“Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have 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 road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024. The government official which fraudulently built the estate is being investigated by the EFCC. The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.

“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 organization 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’.”