The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has assured Nigerians that no asset recovered by the anti-graft agency will be mismanaged under his leadership.
Olukoyede gave the assurance while reacting to the ongoing debate over the management of forfeited assets recovered by government agencies.
The EFCC boss rejected calls for the establishment of a single central agency to manage all recovered assets, describing such a proposal as impractical considering the number of government institutions involved in asset recovery across Nigeria.
According to him, more than 20 statutory agencies recover assets for the government, making it difficult for one institution to effectively manage all forfeited properties and funds.
Olukoyede, who previously served as Secretary of the EFCC and was involved in asset management, said his position was based on practical experience.
He said similar attempts to centralise asset management in other countries, including the United Kingdom and South Africa, were unsuccessful.
The EFCC chairman also cited the experience of the Asset Management Corporation of Nigeria, AMCON, arguing that government had suffered significant financial losses through the management of recovered assets.
He maintained that the Proceeds of Crime Act provides an effective framework by placing responsibility for recovered assets on the agencies that recover them.
Olukoyede said government agencies should instead be held accountable for the assets they recover and how such assets are subsequently managed.“Not a pin nor a penny of recovered assets will be mismanaged under my watch,” the EFCC chairman pledged.
He said the commission publishes information about recovered assets on its website and submits its annual reports to the National Assembly.
Olukoyede disclosed that the EFCC had secured interim and final forfeiture orders covering 10,053 tangible assets since he assumed office.
The assets include landed properties, vehicles, electronic equipment, schools, factories, hotels, oil rigs, barges, machinery, aircraft and more than 100 tonnes of solid minerals.
He added that proceeds from the disposal of finally forfeited assets had generated approximately N12.07 billion, which was paid into the Federal Government’s account.
According to Olukoyede, the EFCC recovered more than N1.23 trillion, $684.48 million, £373,905.78 and €9.34 million between October 2023 and June 2026.
He further disclosed that N661.32 billion and $492.37 million had been released to beneficiaries within the period.
The management and disposal of recovered assets have remained a major subject of public debate, with stakeholders demanding greater transparency and accountability in the handling of properties and funds seized from proceeds of crime.
Olukoyede, however, insisted that strengthening existing accountability mechanisms remains a better option than creating another central agency to manage assets recovered by different government institutions.
