EFCC recovered over $500 million in assets and cash in three years

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The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, announced at the 43rd Cambridge International Symposium on Economic Crime that the agency secured the forfeiture of over $500 million in assets and cash to the Nigerian government over the past three years. Utilizing legal frameworks similar to those in Australia and Canada, the EFCC obtained these forfeitures through High Court ex parte applications based on probable suspicion of criminal proceeds, regardless of whether a criminal conviction was secured. Notable forfeitures included an aircraft linked to a $30 million bribe involving a power project committee member, 753 housing units from a former Central Bank of Nigeria governor, and 48 of 57 properties linked to former Attorney-General Abubakar Malami.

Consequences

The continued use of civil forfeiture proceedings allows the Nigerian government to expedite the recovery of assets suspected to be tied to public corruption without the delays associated with full criminal trials. As these assets, such as the aircraft and property units, are transferred to state control, the state gains significant capital and physical resources previously held by high-profile political and administrative figures.

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