EFCC Secures Forfeiture Of $500m+ Assets In Landmark Move

The Economic and Financial Crimes Commission (EFCC) has secured the forfeiture of cash and assets valued at more than $500 million to the Federal Government as part of its ongoing efforts to recover proceeds linked to financial crimes.

According to Ireporter Online, EFCC Chairman Ola Olukoyede disclosed the development while speaking at the 43rd Cambridge International Symposium on Economic Crime in the United Kingdom.

Olukoyede said the recoveries formed part of the commission’s broader efforts to strengthen asset tracing, investigation and enforcement against individuals and entities suspected of benefiting from illicit financial activities.

Nigerian-American forensic psychologist and criminal justice expert, Professor John Egbeazien Oshodi, described the reported recoveries as an indication of the growing emphasis on professional investigations and asset recovery by the anti-graft agency.

Oshodi also referenced the EFCC’s investigation into properties allegedly linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

According to him, investigators traced 57 properties allegedly connected to the former minister, but a Federal High Court ultimately ordered the forfeiture of 48 of them while declining to forfeit nine after determining that sufficient evidence had not been presented to establish their connection to unlawful activity.

He said the case demonstrated the importance of judicial oversight in asset recovery, noting that while the EFCC is responsible for investigating and presenting evidence, courts ultimately determine whether the legal requirements for forfeiture have been satisfied.

Oshodi said any decision by the commission to appeal the ruling concerning the nine properties would be part of the appropriate legal process if it believed the court’s decision required further review.

He further called for continued investment in specialised investigative skills, including forensic accounting, cybercrime investigation, digital evidence analysis, cryptocurrency tracing, intelligence gathering and international cooperation.

According to him, the success of the EFCC should not be measured solely by the number of arrests made, but also by the quality of evidence gathered, respect for suspects’ and witnesses’ rights and the strength of cases presented before the courts.

Oshodi acknowledged concerns about alleged selective prosecution but maintained that credible allegations should be investigated regardless of the identity or status of those involved.

He also stressed the importance of preventing financial crimes through stronger procurement systems, beneficial ownership transparency, effective auditing, suspicious transaction reporting and improved internal controls.

The expert urged the government and relevant institutions to strengthen whistleblower protection and encourage greater public participation in efforts to identify and recover assets allegedly moved outside the country.

He added that effective collaboration among financial institutions, professionals, public officials, journalists, international partners and members of the public would be necessary to combat increasingly sophisticated financial crimes.

Oshodi further urged the EFCC to maintain professionalism, independence and accountability while avoiding political pressure, unlawful detention, compromised evidence and other practices capable of undermining public confidence in the commission.

He said the long-term success of the agency would ultimately depend on its ability to develop strong institutions and train a new generation of investigators capable of sustaining its work beyond the tenure of its current leadership.