EFCC Chairman: Over $500 Million in Cash and Assets Forfeited to Nigerian Government in Three Years

The Chairman of Nigeria's Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed that the anti-graft agency has successfully secured the forfeiture of over $500 million in cash and assets to the Federal Government within the last three years. Olukoyede made this disclosure while delivering a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom.

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Within three years of my assumption in office we have been able to forfeit (secure forfeiture of) both cash and assets worth over half a billion dollars to the government.

Olukoyede highlighted that these significant forfeitures, achieved under his leadership, were facilitated by Nigeria's legal framework. This framework empowers the EFCC to seek the forfeiture of assets suspected to be proceeds of crime, even without awaiting a criminal conviction. He noted similarities to legal processes in countries like Australia and Canada, which also allow for formal forfeiture applications.

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We have similar to what is obtainable in Australia and Canada that empowers us to apply for forfeiture for proceeds of what is suspected to be proceeds of crime.

According to the EFCC chairman, the process involves applying to the high court for forfeiture once a suspicion arises that an asset originates from criminal proceeds. Among the recently forfeited assets are an aircraft, properties, and cash, often linked to public officials. For instance, an aircraft was forfeited from an individual involved in monitoring a power project, who allegedly collected a $30 million bribe. This aircraft has since been added to the presidential air fleet.

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This aircraft was forfeited by someone who was supposed to be a member of the monitoring committee of a power project in Nigeria. We discovered he collected a bribe of about $30 million in Nigeria.

Further examples cited by Olukoyede include the forfeiture of a property containing approximately 753 housing units from a former governor of the Central Bank of Nigeria, against whom criminal charges are pending in multiple courts. Additionally, 48 out of 57 properties allegedly linked to the immediate past Attorney General of the Federation and Minister of Justice, Abubakar Malami, were forfeited following an investigation into suspected abuse of office.

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That property contains about 753 housing units we forfeited from an erstwhile governor of the Central Bank of Nigeria. We have criminal charges against him [in] about three courts.