The Economic and Financial Crimes Commission (EFCC) has announced the recovery of an estate in the Lokogoma District of Abuja, measuring 150,500 square meters and comprising 753 duplexes and other apartments. The commission described this as its “largest single asset recovery” since its establishment in 2003.
The property, located on Plot 109, Cadastral Zone C09, was forfeited following a court ruling on Monday, December 2, 2024, delivered by Justice Jude Onwuegbuzie. According to a statement released by the commission, the forfeiture was executed under its mandate to prevent individuals from benefiting from the proceeds of unlawful activities. The EFCC 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 1999 Constitution of Nigeria to pursue the case.
Justice Onwuegbuzie ruled that the former government official linked to the property failed to provide justification for retaining the asset, which was reasonably suspected to have been acquired through illicit means. The property has been permanently forfeited to the Federal Government.
The EFCC revealed that the estate was allegedly built with proceeds of fraudulent activities and is part of an ongoing investigation. The agency emphasized that asset forfeiture is a critical step in depriving suspects of the benefits of their crimes.
The EFCC Chairman, Ola Olukoyede, underscored the importance of asset recovery in combating corruption and financial crimes. He highlighted that tracing and recovering assets is integral to the commission’s investigative process, stating that allowing suspects access to the proceeds of their crimes could empower them to resist prosecution.
Olukoyede described the recovery as a significant achievement and reiterated the agency’s commitment to the fight against corruption. The statement also noted that this recovery aligns with President Bola Ahmed Tinubu’s anti-corruption agenda.
