The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has rejected calls for the creation of a central agency to manage all assets recovered by government institutions, arguing that such an arrangement would be impractical given the volume and diversity of forfeited assets across Nigeria.
Olukoyede made his position known in a post on his X account on Tuesday while commenting on the ongoing debate surrounding the management of recovered and forfeited assets.
The EFCC chairman, who previously served as the commission’s Secretary and was directly involved in asset management, said his views were informed by practical experience.
His comments come amid growing public attention over the increasing volume of assets recovered by the EFCC and other government agencies.
“I have followed the debate on managing forfeited assets closely. I am not a commentator on this — I am a practitioner. As Secretary of the EFCC, I managed assets for years.
“Some are calling for a single agency to handle all recovered assets. It was tried in the UK at a cost of over £34 million and folded within a year. South Africa tried it too. Sixteen months. Look it up.
“And consider the scale here. Over 20 statutory agencies recover assets for government. The Police alone have divisions in nearly every local government and stations in most wards, all forfeiting assets. No single agency could manage the Police holdings alone, let alone everyone else’s.
“We should also remember AMCON, set up to manage recovered assets — the government lost over ₦5 trillion there”, the anti-graft boss stated in his post.
Olukoyede Backs Existing Asset Recovery Framework
Olukoyede said the Proceeds of Crime Act (POCA) provides a more effective approach by requiring the agencies that recover assets to remain responsible for managing and accounting for them.
“POCA got it right by placing the duty on each agency: what did you recover, and what have you done with it? That, alongside Section 31 of the EFCC Act, is the most effective model anywhere in the world. So hold every agency to it. Ours goes up on our website within 24 hours, and our annual report has gone to the National Assembly on time every year of my tenure. My pledge to Nigerians: not a pin nor a penny of recovered assets will be mismanaged under my watch”, Olukoyede stated.
At a briefing in Abuja last week, Olukoyede disclosed that the EFCC had obtained interim and final forfeiture orders covering 10,053 tangible assets since he assumed leadership of the commission.
The recovered assets include real estate, vehicles, plots of land, electronic equipment, schools, factories, hotels, oil rigs, barges, machinery and aircraft, as well as 102 tonnes of solid minerals.
He also said proceeds from the sale of finally forfeited assets had generated approximately N12.07 billion, which was remitted to the Federal Government.
According to the EFCC chairman, the commission recovered more than N1.23 trillion, $684.48 million, £373,905.78 and €9.34 million between October 2023 and June 2026.
He added that N661.32 billion and $492.37 million had been released to beneficiaries.
Recovered Assets Remain Under Public Scrutiny
The management and disposal of recovered assets have remained a subject of public debate, particularly regarding transparency, accountability and the responsibilities of agencies involved in asset recovery.
Earlier this year, Olukoyede also praised the Proceeds of Crime Act for improving the EFCC’s asset recovery and management processes, saying the legislation provides a legal framework for the commission’s activities and helps reduce delays between forfeiture and disposal.
Public scrutiny has also focused on the EFCC’s handling of forfeited assets, including questions surrounding the processes used to dispose of properties and other items recovered as suspected proceeds of crime.
However, Olukoyede maintained that the priority should be strengthening existing accountability measures rather than creating another central institution to manage assets recovered by multiple government agencies.
He challenged all agencies involved in asset recovery to provide clear accounts of what they recover and how those assets are subsequently managed.
