EFCC MAKES LARGEST ASSET RECOVERY, SECURES FINAL FORFEITURE OF ABUJA ESTATE

The Economic and Financial Crimes Commission (EFCC) has made its largest asset recovery yet, securing the final forfeiture of an Abuja estate worth billions of naira. The estate, located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja, measures 150,500 square meters and contains 753 units of duplexes and other apartments.

According to the EFCC, the recovery of the estate is the single largest asset recovery by the anti-graft commission since its inception in 2003. 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 Federal Republic of Nigeria to push its case.

The EFCC chairman, Ola Olukoyede, has described asset recovery as pivotal in the fight against corruption, economic, and financial crimes. He noted that asset recovery is a major disincentive against the corrupt and the fraudulent ¹.

The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before Justice Jude Onwuegbuzie of the High Court of the FCT on November 1, 2024. The government official who fraudulently built the estate is being investigated by the EFCC.

The EFCC's Executive Chairman has repeatedly emphasized the importance of asset recovery in the fight against corruption. He has described it as a major tool for depriving suspects of the proceeds of their crimes.

The final forfeiture of the Abuja estate is a significant milestone in the EFCC's efforts to combat corruption and recover stolen assets. The commission's commitment to asset recovery is a key aspect of its mandate to fight economic and financial crimes.

The recovery of the estate is also a testament to the EFCC's determination to ensure that corrupt officials do not enjoy the proceeds of their unlawful activities. The commission's efforts to recover stolen assets are crucial in the fight against corruption and the promotion of good governance.

In conclusion, the EFCC's largest asset recovery yet is a significant achievement in the fight against corruption. The final forfeiture of the Abuja estate is a testament to the commission's commitment to asset recovery and its determination to ensure that corrupt officials do not enjoy the proceeds of their unlawful activities.

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