The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has disclosed that the Commission’s efforts at tracking illicit assets and seizure are driven by the need to make the corrupt accountable for their actions and to get restitution for the victims of their fraudulent activities.
He stated this on Tuesday, May 27, 2025 at a summit organised by the Ministry of Justice on asset recovery with the theme: “Synergizing Towards an Effective Asset Recovery and Management and Unveiling of National Central Database of Forfeited Assets and Proceeds of Crime (POCA) Regulations 2024, held at the Continental Hotel Abuja.
“At the EFCC, our experience with asset tracing, recovery and management is anchored on the philosophy that those who obtained wealth through corrupt means must be held accountable and that victims of graft get justice through restitution. In an environment where legal barriers encumber speedy determination of corruption cases, the recovery and seizure of stolen wealth retain enormous deterrence value. The Commission, employing both conviction and non-conviction based strategies, yearly recover assets running into billions of Naira,” he said.
Olukoyede, praised the summit for providing fresh ideas on assets recovery and management, noting that the establishment of the central database for forfeited assets and proceeds of crime will be an immensely useful reservoir of information as anyone seeking data on asset recovery across all anti-corruption agencies in the country can now find it in one location.
“Even more remarkable is the unveiling today of two key instruments that demonstrate the Attorney General of the Federation, AGF’s proper understanding of the gaps in the asset recovery efforts of the country’s anti-corruption agencies. These are the National Central Database of Recovered Assets and the Proceeds of Crime (Standardised Assets Forfeiture Management System) Regulations, 2024. This has the potential of enhancing the integrity of recovered asset data. I am also persuaded that the Proceeds of Crime Regulations, 2024 represents an audacious move to migrate from a chaotic analogue assets management system into a digitized mode for enhanced forfeited assets management.
Highlighting the challenges in assets recovery, tracing and management, Olukoyede, who was represented by Director, Proceeds of Crime Management, G.K Latona noted that despite the improvement in legal and institutional frameworks for assets recovery and management, especially with the coming into force of the Proceeds of Crime (Recovery and Management)Acts, 2025, there are still challenges in the assets recovery and management process that will require detailed interrogation at the summit.
“There are, for instance, issues with the valuation and preservation of some assets. The assets disposal process also remained a source of constant attacks on the anti-corruption agencies despite clear legal provisions on the modalities for such engagements. It is therefore important for agencies involved in asset recovery to peer review and share experiences especially in navigating the challenges of implementing the Proceeds of Crimes Act.
“We cannot overstate the importance of synergy in asset tracking and recovery, particularly in our environment where an inchoate national identity system makes tracking of stolen assets difficult. Agencies must necessarily rely on the cooperation of a number of institutions, from regulatory agencies, law enforcement agencies and financial institutions to designated non-financial institutions, including members of the public, to make headway in the recovery of stolen assets. The relationships are crucial in navigating the intricate web of legal and political mines that frustrate recovery of stolen wealth from foreign jurisdictions,” he said.