Ola Olukoyede, chairman of the Economic and Financial Crimes
Commission (EFCC), says corrupt individuals must not be allowed to enjoy the
proceeds of their crimes.
Speaking on Tuesday at a summit organised by the ministry of
justice, Olukoyede said asset recovery is central to accountability and
justice.
Themed ‘Synergising Towards an Effective Asset Recovery and
Management’, the event, held in Abuja, also marked the unveiling of the
National Central Database of Forfeited Assets and the Proceeds of Crime
Regulations 2024.
“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 victims of graft must get
justice through restitution,” Olukoyede said.
“In an environment where legal barriers encumber the 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 recovers assets running into billions
of naira.”
Represented by G.K. Latona, director of the EFCC’s proceeds
of crime management department, Olukoyede said the new national database would
serve as a central source of reliable information on forfeited assets across
all anti-corruption agencies.
“Even more remarkable is the unveiling of two key
instruments that demonstrate the AGF’s proper understanding of the gaps in the
asset recovery efforts of the country’s anti-corruption agencies,” he said.
“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, represent an audacious move to migrate from a chaotic
analogue assets management system into a digitised mode for enhanced forfeited
assets management.”
He acknowledged that despite legal and institutional
reforms, including the Proceeds of Crime (Recovery and Management) Act 2025,
significant challenges remain.
The EFCC chairman said there are still issues around the
valuation and preservation of assets and disposal. These gaps, he said, demand
critical interrogation at forums like this.
He also stressed the need for anti-corruption agencies to
collaborate and share experiences, especially in implementing the Proceeds of
Crime 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,” he said.
“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.”
According to him, such collaboration is essential to
overcoming the complex legal and political challenges often encountered in
recovering assets from foreign jurisdictions.
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