EFCC recovers over $500 million for Nigeria in three years, Olukoyede

The Economic and Financial Crimes Commission (EFCC) has recovered cash and assets worth more than $500 million for the federal government in the past three years. This was revealed by the commission’s chairman, Ola Olukoyede, on Wednesday during a lecture at the 43rd Cambridge International Symposium on Economic Crime in the United Kingdom.

Mr Olukoyede stated, "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 explained that Nigeria’s legal system allows the EFCC to ask for the forfeiture of assets suspected to be from crime without needing a prior criminal conviction. He compared this process to what happens in countries like Australia and Canada.

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

The EFCC chairman further clarified that the process starts with an application to the High Court. This application must show probable grounds for believing that an asset is connected to crime. "You apply ex parte to the High Court upon a probable suspicion of the proceeds of crime," he emphasized.

$30m bribe and aircraft

Mr Olukoyede mentioned a recent case where the EFCC forfeited an aircraft linked to a member of a monitoring committee for a power project in Nigeria. He noted that this person allegedly received a $30 million bribe, prompting the EFCC to pursue the forfeiture of the aircraft.

"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," he explained. He added, "He forfeited that about three months ago and it has been added to the presidential air fleet at the moment."

Mr Olukoyede shared that the commission obtained the forfeiture order within two months after going to court.

753 housing units

The EFCC chairman also revealed that the EFCC had secured the forfeiture of a property with around 753 housing units from a former governor of the Central Bank of Nigeria. "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.

48 of 57 Malami-linked properties forfeited

Mr Olukoyede mentioned that the EFCC has tracked 57 properties linked to Abubakar Malami, the former Attorney-General and Minister of Justice. This was part of an investigation into alleged abuse of office. He said the investigation started last year due to reasonable suspicion of criminal abuse of office.

"Sometimes last year, I opened investigations upon reasonable suspicion of criminal abuse of office by the immediate past attorney-general of Nigeria," he stated.

"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."

This news comes about six weeks after the Federal High Court in Abuja ordered the final forfeiture of these 48 properties. The EFCC valued these properties at more than N212 billion. They included hotels, a university, and other assets in Abuja, Kaduna, Kano, and Kebbi states.

According to calculations, the 48 properties forfeited are worth about N180.4 billion. The court found that Mr Malami and other claimants did not successfully challenge the EFCC’s case that the properties were obtained through illegal activities. The judge stated that civil forfeiture did not require a criminal conviction.

However, nine properties were excluded from the final order because the court found that the EFCC had not proven their connection to unlawful activities.

Mr Olukoyede mentioned that the commission is looking into appealing the decision on the nine properties. The former attorney-general and his family have denied any wrongdoing and are involved in a separate money laundering case.

University forfeited

Mr Olukoyede also noted the forfeiture of a private university linked to a director in the Federal Ministry of Health. The official voluntarily gave up the property after an EFCC investigation.

He explained that the EFCC's ability to get forfeiture orders without a criminal conviction relies heavily on the investigators' skill in tracing assets, cooperation from the courts, and access to reliable intelligence. "We also have some of the best investigators around the world," he said.

He added that a proactive judiciary is important for effective implementation of non-conviction-based forfeiture while credible intelligence is key to tracking suspected crime proceeds.

Mr Olukoyede mentioned that many EFCC investigators have received training at top institutions worldwide, which has improved their skills in tracking assets tied to financial crimes.

The EFCC chairman also called for better protection and rewards for whistleblowers, especially those who help recover stolen Nigerian assets abroad. "The citizens must be encouraged with your whistleblower protection," he urged.

"If any of you is privy to where Nigerian assets are 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 you upon recovery," he added.

He encouraged the public to share credible information about Nigerian assets taken abroad, saying this could assist the government in recovering proceeds from financial crimes.