Corrupt Individuals Must Not Benefit from the Proceeds of Their Crimes — Olukoyede
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has emphasized that the Commission’s ongoing efforts to trace and seize illicit assets are aimed at holding corrupt individuals accountable and ensuring restitution for victims of corruption.
Olukoyede made this statement on Tuesday, May 27, 2025, during a summit organized by the Ministry of Justice on asset recovery. The event, held at Continental Hotel Abuja, carried 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.”
“At the EFCC, our approach to asset tracing, recovery, and management is guided by the principle that those who accumulate wealth through corrupt means must be held responsible, and that victims deserve justice through the restitution of stolen assets. In a legal environment where corruption cases are often delayed, the recovery and seizure of illicit wealth serve as a powerful deterrent. Using both conviction and non-conviction strategies, the Commission recovers assets worth billions of Naira annually,” Olukoyede said.
He commended the summit for generating innovative ideas on asset recovery and management. He also highlighted the significance of the newly established National Central Database for forfeited assets and proceeds of crime, describing it as a vital tool that centralizes information from all anti-corruption agencies in Nigeria.
“Especially notable is the unveiling of two critical tools that reflect the Attorney General of the Federation’s understanding of the gaps in Nigeria’s asset recovery efforts: the National Central Database of Recovered Assets and the Proceeds of Crime (Standardized Assets Forfeiture Management System) Regulations, 2024. These initiatives are set to improve the integrity of data on recovered assets and represent a bold step toward digitizing an otherwise fragmented asset management system,” he added.
Olukoyede, represented by the EFCC’s Director of Proceeds of Crime Management, G.K. Latona, acknowledged ongoing challenges in asset recovery, tracing, and management despite improved legal and institutional frameworks, including the recent enactment of the Proceeds of Crime (Recovery and Management) Act, 2025.
“There remain challenges with asset valuation and preservation. The disposal process often faces criticism despite clear legal guidelines. It is crucial for agencies to collaborate, share experiences, and address obstacles encountered in implementing the Proceeds of Crime Act,” he explained.
He stressed the importance of synergy in asset tracking and recovery, particularly in a context where Nigeria’s incomplete national identity system complicates tracking stolen assets. “Recovery efforts depend heavily on cooperation among regulatory bodies, law enforcement, financial institutions, and even members of the public. These partnerships are essential to overcoming the complex legal and political barriers that hinder the repatriation of stolen wealth, especially from foreign jurisdictions,” Olukoyede concluded.
#Corruption #AssetRecovery #EFCC #NigeriaCorrupt Individuals Must Not Benefit from the Proceeds of Their Crimes — Olukoyede
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has emphasized that the Commission’s ongoing efforts to trace and seize illicit assets are aimed at holding corrupt individuals accountable and ensuring restitution for victims of corruption.
Olukoyede made this statement on Tuesday, May 27, 2025, during a summit organized by the Ministry of Justice on asset recovery. The event, held at Continental Hotel Abuja, carried 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.”
“At the EFCC, our approach to asset tracing, recovery, and management is guided by the principle that those who accumulate wealth through corrupt means must be held responsible, and that victims deserve justice through the restitution of stolen assets. In a legal environment where corruption cases are often delayed, the recovery and seizure of illicit wealth serve as a powerful deterrent. Using both conviction and non-conviction strategies, the Commission recovers assets worth billions of Naira annually,” Olukoyede said.
He commended the summit for generating innovative ideas on asset recovery and management. He also highlighted the significance of the newly established National Central Database for forfeited assets and proceeds of crime, describing it as a vital tool that centralizes information from all anti-corruption agencies in Nigeria.
“Especially notable is the unveiling of two critical tools that reflect the Attorney General of the Federation’s understanding of the gaps in Nigeria’s asset recovery efforts: the National Central Database of Recovered Assets and the Proceeds of Crime (Standardized Assets Forfeiture Management System) Regulations, 2024. These initiatives are set to improve the integrity of data on recovered assets and represent a bold step toward digitizing an otherwise fragmented asset management system,” he added.
Olukoyede, represented by the EFCC’s Director of Proceeds of Crime Management, G.K. Latona, acknowledged ongoing challenges in asset recovery, tracing, and management despite improved legal and institutional frameworks, including the recent enactment of the Proceeds of Crime (Recovery and Management) Act, 2025.
“There remain challenges with asset valuation and preservation. The disposal process often faces criticism despite clear legal guidelines. It is crucial for agencies to collaborate, share experiences, and address obstacles encountered in implementing the Proceeds of Crime Act,” he explained.
He stressed the importance of synergy in asset tracking and recovery, particularly in a context where Nigeria’s incomplete national identity system complicates tracking stolen assets. “Recovery efforts depend heavily on cooperation among regulatory bodies, law enforcement, financial institutions, and even members of the public. These partnerships are essential to overcoming the complex legal and political barriers that hinder the repatriation of stolen wealth, especially from foreign jurisdictions,” Olukoyede concluded.
#Corruption #AssetRecovery #EFCC #Nigeria
