The Economic and Financial Crimes Commission (EFCC) has achieved the final forfeiture of a large estate located in Nigeria’s Federal Capital Territory (FCT).
Justice Jude Onwuegbuzie of the FCT High Court ruled in favour of the EFCC in a decision delivered yesterday.
In a statement by Dele Oyewale, spokesperson for the EFCC, the estate, spanning 150,500 square meters and comprising 753 duplexes and other residential units, is the largest single asset recovered by the commission since its establishment in 2003.
The identity of the individual who forfeited the property was not disclosed, but Oyewale identified the owner as a “former senior government official.”
The final forfeiture was preceded by an interim order granted by the same judge on November 1, 2024.
According to Oyewale, the estate was constructed fraudulently, and the EFCC is conducting further investigations into the official responsible.
The forfeiture, he noted, is a crucial mechanism to strip individuals of assets acquired through illicit means.
The EFCC’s case was supported by provisions in Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act No. 14 of 2006 and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria.
EFCC Chairman Ola Olukoyede highlighted the significance of asset recovery in combating corruption and financial crimes, describing it as a critical deterrent against fraudulent activities.
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