News Update
THE Economic and Financial Crimes Commission (EFCC) has achieved its largest single asset recovery since its establishment in 2003, following a court ruling on December 2, 2024.
According to the anti-graft agency, the estate, situated on a 150,500-square-metre plot in Lokogoma District, was linked to a former high-ranking government official suspected of corruption.
But Nigerians have criticized the EFCC for allegedly shielding influential figures involved in corruption and failing to reveal the identity of the top government official.
However findings by Sahara Reporters revealed that the estate consisting of 753 duplexes belongs to Godwin Emefiele, a former Central Bank of Nigeria (CBN) governor, however the EFCC is yet to confirm this.
Omoyele Sowore, publisher of Sahara Reporters wrote on X formerly Twitter:
Justice Jude Onwuegbuzie of the Federal Capital Territory High Court on Monday ordered the final forfeiture of the estate and other apartments to the Federal Government.
The EFCC’s case was built on provisions of the Advance Fee Fraud and Related Offences Act and the Nigerian Constitution, allowing for the seizure of properties acquired through illicit means.
The court ruled that the respondent could not justify the source of funds used to develop the estate, which was “reasonably suspected to have been acquired with proceeds of unlawful activities.”
This ruling followed an interim forfeiture order issued on November 1, 2024, paving the way for the final decision.
The EFCC highlighted that asset recovery is a cornerstone of its anti-corruption efforts.
The agency disclosed that depriving suspects of assets gained through criminal activities weakens their ability to obstruct investigations or undermine justice.
Executive Chairman Ola Olukoyede described asset tracing and recovery as critical tools in combating financial crimes, noting that these measures ensure suspects cannot benefit from their ill-gotten wealth.
Meanwhile Emefiele, already facing corruption charges related to the controversial naira redesign policy, is scheduled for further court proceedings in December and January.