The Economic and Financial Crimes Commission announced the recovery of a vast estate in the Lokogoma District of Abuja, spanning 150,500 square meters and comprising 753 units of duplexes and other residences. This recovery marks the agency’s most significant asset recovery to date since its establishment in 2003.
The estate, located on Plot 109 Cadastral Zone C09 of the district, was forfeited following a ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie. This forfeiture was made under the EFCC’s mandate to prevent individuals involved in corrupt activities from benefiting from their unlawful gains, relying on specific legal provisions for support.
The ex-government official linked to the property failed to provide a valid reason as to why they should not lose it, leading to its final forfeiture to the Federal Government. The EFCC highlighted that the estate’s construction was allegedly funded by fraudulent activities, emphasizing the importance of depriving suspects of the proceeds of their crimes through asset forfeiture.
Asset recovery plays a crucial role in combating corruption and financial crimes, serving as a significant deterrent for wrongdoers. The EFCC Chairman emphasized the strategic importance of asset tracing and recovery in weakening the corrupt individuals under investigation. This recent asset recovery is recognized as a substantial achievement in the EFCC’s efforts and showcases President Bola Ahmed Tinubu’s commitment to the fight against corruption.