The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the agency has forfeited cash and assets worth more than $500 million to the Nigerian government over the past three years.
Olukoyede disclosed this while speaking at the Cambridge International Symposium on Economic Crime in the United Kingdom on Wednesday.
He explained that Nigeria’s legal framework allows the EFCC to seek non-conviction-based forfeiture of assets suspected to be proceeds of crime, subject to approval by the High Court.
The EFCC chairman highlighted several major recoveries, including an aircraft allegedly linked to an individual accused of receiving a $30 million bribe. He said the aircraft was forfeited about three months ago and has since been added to the Presidential Air Fleet.
Olukoyede also said the commission secured the forfeiture of a property containing about 753 housing units, allegedly linked to a former governor of the Central Bank of Nigeria who is facing criminal charges in three courts.
He further disclosed that EFCC investigators traced 57 properties allegedly linked to former Attorney-General of the Federation, Abubakar Malami, and had so far secured the forfeiture of 48 of them.
According to Olukoyede, the EFCC’s success in asset recovery has been driven by effective investigations, judicial cooperation and access to credible intelligence.
He also called for stronger protection and incentives for whistleblowers. He said people whose information leads to the recovery of stolen Nigerian assets abroad could receive between 2.5 and 5 percent of the recovered assets as an incentive.
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