The Economic and Financial Crimes Commission (EFCC) has recorded its most significant asset recovery to date, with the final forfeiture of a 150,500 square meter estate in Abuja comprising 753 duplexes and residential apartments. This landmark ruling was delivered on Monday, December 2, 2024, by Justice Jude Onwuegbuzie at the Federal High Court.
The estate, located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja, was forfeited to the Federal Government following an investigation that revealed its acquisition with proceeds of unlawful activities by a former top government official. This marks the EFCC’s largest single asset recovery since its establishment in 2003.
The Court’s Verdict
Justice Onwuegbuzie granted the final forfeiture order after the respondent failed to justify the legitimacy of the property. “The property is hereby finally forfeited to the federal government,” the judge declared, emphasizing the legal grounds of the ruling based on the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44 (2) B of the 1999 Nigerian Constitution.
An interim forfeiture order had been secured on November 1, 2024, paving the way for the final judgment. The EFCC highlighted that asset recovery remains pivotal to its strategy of combating corruption and depriving suspects of the resources to resist justice.
EFCC Makes Single Largest Asset Recovery till Date
— EFCC Nigeria (@officialEFCC) December 2, 2024
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… pic.twitter.com/k6CpFvreEL
EFCC’s Approach to Asset Recovery
The Commission’s Executive Chairman, Ola Olukoyede, has consistently emphasized the importance of asset tracing and recovery in the fight against corruption. Addressing lawmakers, he noted, “The moment we start an investigation, we must also start asset tracing. Depriving suspects of their illicit assets weakens their ability to counter legal actions and ensures justice is served.”
Also the EFCC’s efforts are aligned with the provisions of the EFCC Establishment Act, which mandates the tracing, attachment, and forfeiture of assets linked to economic and financial crimes.
A Milestone in Nigeria’s Anti-Corruption War
This recovery underscores Nigeria’s commitment to tackling corruption under President Bola Ahmed Tinubu’s administration. By ensuring that the proceeds of fraudulent activities are forfeited to the state, the EFCC is not only punishing offenders but also deterring potential corruption.
This milestone serves as a testament to the EFCC’s resilience and innovative strategies in recovering stolen assets and upholding accountability within Nigeria’s financial ecosystem.
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