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.
Speaking at the occasion, President Bola Ahmed Tinubu tasked local and regional anti-corruption institutions, the judiciary and law enforcement agencies on the need to work together in confronting the scourge of financial crimes, enhance asset recovery and the proper utilization of recovered assets.
“Let me recognise the role of international and regional institutions, the judiciary and our anti-corruption agencies for their tireless work. This summit is a timely platform to foster our collaboration, maintain best practices by deepening our collective resolve to confront the menace of corruption. The challenges before us are significant but so too is our resolve. We must act decisively with courage and unity of purpose to tackle corruption effectively and deprive criminals of the proceeds of their crimes. In this way we can ensure that the nation’s wealth is used well for the benefit of the people,” he said.
President Tinubu who was represented by the Permanent Secretary, Political Affairs, Nadugu Gagare, urged relevant stakeholders in the anti-corruption fight to ensure best practices, cooperation and collaboration against corruption and in ensuring asset recovery within and outside Nigeria. He declared his administration’s resolve and commitment to aggressively trace and recover stolen assets and ensure that they are well utilized for the benefit of Nigerian people.
“I would like to reassure you all that my administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to the Nigerian people. Our government will take deliberate steps to strengthen anti-corruption institutions and policies in the fight against corruption, enforce transparency and accountability and hold perpetrators accountable to their actions and ensure that justice is served. Our resolve as a government to fight corruption is unwavering and unshakeable and we implore you all to join us in this journey to rid this country of corruption,” he said.
Speaking on the theme of the summit, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, stated that the Central Database of Forfeited Assets and Proceeds of Crime was established to strengthen President Tinubu’s commitment to transparency and accountability in management of recovered assets.
“It is in furtherance of our commitment to transparency and accountability on the management of recovered and repatriated assets that the National Central Database on forfeited assets alongside the proceeds of crime standardized automated assets forfeiture management system regulations 2024 was developed. As part of the obligations under the regulations, relevant organizations are required on a monthly basis to populate the national central base with records of forfeited assets under their purview. I am pleased to note the completion of the database and regulations which are to be formally unveiled today. I would like to commend all relevant organizations for their cooperation and support that led us thus far.
“We continue to urge you all to cooperate and collaborate in order to enhance our collective efforts towards depriving the criminals of the proceeds of their crime. The complexity of cross-border asset recovery makes the need to enhance international collaboration an imperative. Ensuring transparency and collaboration in asset management demand our collective attention and action,” he said.
Other participating stakeholders at the summit are the ICPC, NDLEA, NFIU, representatives from TUGAR, UNODC, ROLAC, ANEEJ and representatives from the United States of America, United Kingdom, France and Switzerland.
