EFCC recovers over $500m in assets in 3 years via non-conviction forfeiture - chairman
EFCC chairman Ola Olukoyede announced the commission has forfeited cash and assets worth more than $500 million to the federal government in the past three years. Speaking at the 43rd Cambridge International Symposium on Economic Crime in the UK on Wednesday, he explained Nigeria's legal framework allows EFCC to seek forfeiture of suspected proceeds of crime without first securing a criminal conviction.
The process involves applying ex parte to the High Court with investigators' evidence of probable grounds. Recent successes include: an aircraft allegedly linked to a power project official who received a $30 million bribe (forfeited three months ago, now in presidential air fleet); a property with 753 housing units forfeited from a former CBN governor; and 48 of 57 properties tied to ex-Attorney-General Abubakar Malami, valued at N180.4 billion, spanning Abuja, Kaduna, Kano and Kebbi states. A private university linked to a Federal Ministry of Health director was also forfeited after voluntary surrender.
EFCC offers whistleblowers 2.5-5% of recovered Nigerian assets taken abroad as incentive for information leading to recovery. The chairman urged citizens to provide credible information about stolen assets.