| EFCC Chairman, Mr Ola Olukoyede |
The Economic and Financial Crimes Commission (EFCC) has returned more than $500 million in cash and assets to the Federal Government over the past three years, according to the agency’s Chairman, Ola Olukoyede.
Olukoyede made the disclosure on Wednesday while speaking at the 43rd Cambridge International Symposium on Economic Crime in the United Kingdom. Addressing participants at Jesus College, University of Cambridge, he said the recoveries were achieved under his leadership through a combination of investigations and non-conviction-based forfeiture.
“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 stated.
The EFCC chairman explained that Nigeria’s legal system allows the commission to apply for the forfeiture of assets reasonably suspected to be proceeds of crime without first securing a criminal conviction. He noted that this approach is similar to practices in countries such as Australia and Canada, and has enabled the agency to act more quickly against illicit wealth.
Olukoyede provided concrete examples of recent high-value recoveries. One involved an aircraft linked to a member of a monitoring committee overseeing a power project. Investigators found that the individual had allegedly received a $30 million bribe. The commission secured a court order for the forfeiture of the aircraft within two months of filing the application. The plane has since been incorporated into the presidential air fleet.
In another major case, the EFCC forfeited a property comprising approximately 753 housing units that was linked to a former governor of the Central Bank of Nigeria. Criminal charges against the former CBN governor are currently pending in multiple courts.
The chairman also spoke about the ongoing investigation into Abubakar Malami, Nigeria’s immediate past Attorney-General of the Federation. The commission has traced 57 properties allegedly connected to Malami as part of a probe into suspected abuse of office. Final forfeiture orders have already been obtained for 48 of those properties. The EFCC is reviewing the possibility of appealing the court’s decision on the remaining nine properties located in Kebbi and Kaduna states.
Beyond the recovery figures, Olukoyede announced a new incentive for members of the public. The commission will begin paying whistleblowers between 2.5 per cent and five per cent of the value of assets recovered when their information leads to successful forfeiture. The measure is designed to encourage more people to report cases of corruption and economic crime.
The $500 million figure covers both cash recoveries and the assessed value of forfeited properties, vehicles, aircraft and other assets. These recoveries form part of the broader effort by the EFCC to deprive corrupt individuals of the benefits of their crimes and return public resources to the government.
By highlighting the use of civil forfeiture and the scale of recoveries, Olukoyede used the international platform to underscore the commission’s focus on tangible results in the fight against economic and financial crimes. The agency continues to prioritise high-value targets while expanding tools that allow it to act against illicit assets even before criminal trials are concluded.