The EFCC chairman explained that Nigeria’s legal framework empowers the commission to pursue the forfeiture of assets suspected to be proceeds of crime without necessarily waiting for a criminal conviction.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the anti-graft agency has forfeited cash and assets worth more than $500 million to the Federal Government within the past three years.
Olukoyede disclosed this on Wednesday while delivering a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom.
He said the recoveries were achieved through the commission’s asset-tracing and forfeiture powers, including non-conviction-based forfeiture mechanisms provided under Nigerian law.
“Within three years of my assumption of office, we've been able to forfeit both cash and assets worth over half a billion dollars to the government,” Olukoyede said.
