The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has said that tracing illicit assets and seizing them will make corrupt Nigerians accountable for their actions. He recently revealed that it will also help the victims of their fraudulent activities get their deserved restitution.
Speaking 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, he said that those who obtained wealth through corrupt means must be fished out and punished.
According to him, in a country where legal processes remain long and tiring, the recovery and seizure of stolen wealth is of utmost importance, and EFCC will keep employing both conviction and non-conviction-based strategies to recover assets that are owned via illegal means.
“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.
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.
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Olukoyede then hailed the summit for offering new ideas on asset recovery and management, stating that the establishment of the central database for forfeited assets and proceeds of crime will help anyone seeking data on asset recovery across all anti-corruption agencies to easily access whatever they are looking for.
He concluded by saying that the ongoing challenges with asset recovery and management in Nigeria will be rectified in the near future.
“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,” he added.
