By Our Staff Reporter
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the anti-graft agency has secured the forfeiture of cash and assets worth more than $500 million to the Federal Government of Nigeria within the past three years.
Olukoyede made the disclosure on Wednesday while delivering a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom.
“Within three years of my assumption of office, we’ve been able to forfeit both cash and assets worth over half a billion dollars to the government,” he said.
The EFCC chairman explained that Nigeria’s legal framework empowers the commission to seek the forfeiture of assets suspected to be proceeds of crime without waiting for a criminal conviction.
According to him, the provision is comparable to legal frameworks in countries such as Australia and Canada.
“We have similar to what is obtainable in Australia and Canada that empowers us to apply the forfeiture to proceeds of what is suspected to be proceeds of crime,” Olukoyede said.
He explained that the process of securing civil forfeiture begins with an application to the High Court.
“You apply ex parte to the High Court upon a probable suspicion of the proceeds of crime,” he said.
Aircraft Allegedly Linked to $30m Bribe
Olukoyede cited the recent forfeiture of an aircraft allegedly linked to a member of a monitoring committee for a power project in Nigeria.
He alleged that the individual received a $30 million bribe, which subsequently led to the forfeiture of the aircraft.
“This aircraft was forfeited by someone who was supposed to be a member of a monitoring committee of a power project in Nigeria. We discovered he collected a bribe of about $30 million in Nigeria,” he said.
According to him, the aircraft was forfeited about three months ago and has since been added to the Presidential Air Fleet.
Olukoyede said the EFCC secured the forfeiture within two months of filing its application before the court.
753 Housing Units Forfeited
The EFCC chairman also disclosed that the commission had secured the forfeiture of a property containing about 753 housing units from a former Governor of the Central Bank of Nigeria (CBN).
“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,” he said.
57 Properties Traced to Former AGF
Olukoyede further disclosed that the EFCC had investigated allegations of criminal abuse of office involving Abubakar Malami, a former Attorney-General of the Federation and Minister of Justice.
He said the investigation commenced last year following what he described as reasonable suspicion of criminal abuse of office.
According to him, the commission traced about 57 properties allegedly linked to Malami during his eight years in office and had secured the forfeiture of 48 of them.
“Sometimes last year, I opened investigations upon reasonable suspicion of criminal abuse of office by the immediate past attorney-general of Nigeria,” he said.
“We discovered that within eight years of his being in office, we were able to trace about 57 such properties to him. We’ve been able to forfeit about 48.”
The EFCC chairman also cited the forfeiture of a private university allegedly linked to a director in the Federal Ministry of Health. He said the official voluntarily surrendered the property following an EFCC investigation.
Intelligence, Judiciary Key to Asset Recovery
Olukoyede attributed the commission’s success in securing non-conviction-based forfeiture orders to three major factors: the ability of investigators to trace assets, cooperation from the judiciary and access to credible intelligence.
He said several EFCC investigators had received training at leading institutions around the world, adding that the commission had some of the best investigators.
“We also have some of the best investigators around the world,” he said.
Olukoyede stressed that an effective and proactive judiciary was essential to the success of non-conviction-based forfeiture, while credible intelligence remained another critical component of the asset-recovery process.
EFCC Seeks Stronger Whistleblower Protection
The EFCC chairman also called for stronger protection and incentives for whistleblowers, particularly those who provide credible information leading to the recovery of allegedly stolen Nigerian assets located abroad.
“The citizens must be encouraged with your whistleblower protection,” he said.
He added that individuals who provide information leading to the recovery of stolen Nigerian assets could receive financial incentives.
“If any of you is privy to where Nigerian asset is stolen or taken to anywhere in the world, we have an incentive for you. Between 2.5 and 5 percent is going to go back to recovery of assets,” Olukoyede said.
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