Olukoyede: Over $500m Cash, Assets Forfeited to FG in Three Years

EFCC Chairperson Ola Olukoyede revealed that his commission has successfully forfeited assets and cash valued at over $500 million to the Nigerian Federal Government within the past three years. This was disclosed during a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom. The successful forfeitures were made possible by Nigeria's legal framework, which allows the EFCC to seek asset forfeiture without waiting for a criminal conviction.

Olukoyede explained that the process involves applying to a high court for the forfeiture of suspected proceeds of crime. Among the assets seized were an aircraft, property, and cash, all linked to public officials. The aircraft, linked to a member of a monitoring committee for a power project, was forfeited after a $30 million bribe was discovered.

Additionally, a property containing about 753 housing units was seized from a former governor of the Central Bank of Nigeria, with criminal charges filed against him in multiple courts. The EFCC also forfeited 48 out of 57 properties allegedly connected to the former Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), based on reasonable suspicion of criminal abuse of office.

The Chairman noted that the commission's success is due to its investigators' ability to trace assets, cooperation from the judiciary, and access to credible intelligence. He emphasized the importance of a proactive judiciary and credible intelligence in the effective implementation of non-conviction-based forfeiture. Olukoyede also highlighted the need for stronger protection and incentives for whistleblowers, offering between 2.5 to 5 percent of the recovered assets as rewards for information leading to successful recovery.