EFCC chair unveils bold asset recovery strategy as Tinubu vows aggressive crackdown on corruption

On Wednesday, May 28, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, reaffirmed the Commission’s determination to track and recover illicit assets as part of a broader national effort to hold corrupt individuals accountable and secure justice for victims of financial crimes.

Speaking at a high-level summit in Abuja, organized by the Federal Ministry of Justice on the theme “Synergizing Towards an Effective Asset Recovery and Management,” Olukoyede emphasized that EFCC’s work is rooted in deterrence, accountability, and restitution.

“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,” Olukoyede stated, in a speech delivered on his behalf by G.K. Latona, Director of Proceeds of Crime Management.

Held at the Continental Hotel, Abuja, the summit also marked the unveiling of Nigeria’s first National Central Database of Forfeited Assets and the Proceeds of Crime (Standardised Assets Forfeiture Management System) Regulations 2024, two major reforms aimed at modernizing the country’s asset recovery landscape.

Olukoyede commended the summit for offering “fresh ideas” and welcomed the creation of a centralized, digitized system to manage recovered assets, noting that this would help enhance transparency and serve as a single source of truth for all anti-corruption agencies.

“The Proceeds of Crime Regulations, 2024 represent an audacious move to migrate from a chaotic analogue assets management system into a digitized mode for enhanced forfeited assets management,” he said.

Challenges remain

Despite these reforms, Olukoyede acknowledged persistent challenges in asset tracing and management, including:

• Valuation and preservation of assets

• Disposal controversies despite legal frameworks

• Inadequate national identity infrastructure complicating asset tracking

• Difficulty in repatriating stolen assets from foreign jurisdictions due to legal and political barriers

“We cannot overstate the importance of synergy in asset tracking and recovery… Agencies must necessarily rely on the cooperation of a number of institutions—from regulatory and law enforcement bodies to financial institutions and the general public,” he emphasized.

Tinubu issues directive on asset recovery

President Bola Ahmed Tinubu, represented by Permanent Secretary, Political Affairs, Nadugu Gagare, used the occasion to issue a strong call to action for Nigeria’s judiciary, anti-corruption bodies, and regional partners.

“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,” the President said.

He reiterated his administration’s unwavering commitment to strengthening anti-corruption institutions and ensuring transparent, accountable management of recovered funds.

“My administration is committed to aggressively pursuing the recovery of stolen assets, ensuring that every looted fund is returned to the Nigerian people… We implore you all to join us in this journey to rid this country of corruption.”

AGF highlights transparency and international cooperation

Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, described the creation of the National Central Database as a significant step toward institutionalizing transparency.

“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.”

He also emphasized the need for international collaboration, particularly in recovering assets stashed abroad—often under complex legal conditions.

“The complexity of cross-border asset recovery makes the need to enhance international collaboration an imperative.”

Broad coalition of stakeholders

Participants at the summit included:

• EFCC

• Independent Corrupt Practices and Other Related Offences Commission (ICPC)

• National Drug Law Enforcement Agency (NDLEA)

• Nigerian Financial Intelligence Unit (NFIU)

• Technical Unit on Governance and Anti-Corruption Reforms (TUGAR)

• United Nations Office on Drugs and Crime (UNODC)

• Rule of Law and Anti-Corruption (RoLAC)

• Africa Network for Environment and Economic Justice (ANEEJ)

• Representatives from the U.S., U.K., France, and Switzerland