EFCC declares single largest asset recovery in its history

Abdullateef Fowewe

The Economic and Financial Crimes Commission has disclosed the commission’s single largest asset recovery since its advent 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 was made know in a remark by the anti-graft agency shared on its X (formally Twitter) handle.

This recovery comes after a decision made by Justice Jude Onwuegbuzie on Monday, 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.

The statement 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.

“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’.”