EFCC secures forfeiture of over $500m in cash, assets — Olukoyede

EFCC secures forfeiture of over $500m in cash, assets — Olukoyede

The Economic and Financial Crimes Commission (EFCC) has secured the forfeiture of cash and assets worth more than $500 million to the Federal Government over the past three years, EFCC Chairman Ola Olukoyede has disclosed.

Olukoyede made the disclosure on Wednesday, August 26, 2026, while speaking at the 43rd International Symposium on Economic Crime in Cambridge, United Kingdom, where he highlighted Nigeria’s growing use of asset recovery and non-conviction-based forfeiture in the fight against economic and financial crimes.

“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.

The EFCC chairman explained that Nigeria’s legal framework enables law enforcement agencies to pursue the forfeiture of suspected proceeds of crime without necessarily waiting for a criminal conviction.

According to him, the process can begin when the commission approaches a High Court with reasonable suspicion that particular cash or assets represent proceeds of crime.

Olukoyede said the success of the EFCC’s asset recovery drive has been supported by the ability of investigators to trace suspected illicit assets, cooperation from the judiciary and access to credible intelligence.

He cited the recent forfeiture of an aircraft allegedly linked to a $30 million bribery case involving an individual connected to the monitoring of a Nigerian power project.

According to the EFCC chairman, the aircraft was forfeited about three months ago and has since been added to the Presidential Air Fleet.

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Olukoyede also highlighted the forfeiture of a property comprising approximately 753 housing units linked to former Central Bank of Nigeria Governor Godwin Emefiele.

He said criminal proceedings involving the former CBN governor were pending before three courts while discussing the case.

The EFCC chairman further disclosed that an investigation involving former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, led the commission to trace 57 properties allegedly linked to him.

Of the 57 properties, Olukoyede said 48 had been forfeited following the investigation, which he said began last year after the commission developed what it considered reasonable suspicion of criminal abuse of office.

The EFCC has also indicated that it intends to challenge a court decision concerning nine other properties allegedly linked to Malami.

Another case cited by Olukoyede involved a private university allegedly linked to a director in the Federal Ministry of Health. He said the official voluntarily surrendered the property following the EFCC’s investigation.

Olukoyede said these cases demonstrated the importance of non-conviction-based asset forfeiture in preventing suspected proceeds of crime from remaining in the hands of individuals while related legal proceedings continue.

He attributed the commission’s ability to secure forfeiture orders to three key factors: stronger investigative capacity, cooperation from the judiciary and credible intelligence.

The EFCC chairman also called for increased international cooperation to help Nigeria trace and recover assets allegedly taken abroad as proceeds of corruption and other financial crimes.

He urged individuals with credible information about Nigerian assets allegedly hidden or transferred to foreign jurisdictions to provide intelligence to the commission.

Olukoyede said the EFCC had introduced incentives for whistleblowers whose information leads to successful asset recovery.

According to him, individuals whose information results in the recovery of Nigerian assets could receive between 2.5 per cent and 5 per cent of the recovered assets, subject to the applicable conditions.

“If any of you is privy to where Nigerian assets are stolen or taken to anywhere in the world, we have an incentive for you. Between 2.5 and 5 percent is going to go back to you upon recovery,” he said.

He stressed that stronger whistleblower protection, reliable intelligence, effective investigations and international collaboration were essential to Nigeria’s efforts to combat economic and financial crimes.

The EFCC chairman’s disclosure comes as Nigerian authorities continue to intensify efforts to trace, recover and secure the forfeiture of assets allegedly acquired through corruption and other financial crimes.

The commission has increasingly focused on following the financial trail behind suspected crimes, with asset recovery and forfeiture becoming a major component of its enforcement strategy.

However, allegations concerning individuals and properties mentioned in ongoing investigations remain subject to the judicial process, and affected persons are presumed innocent unless found guilty by a competent court.

EFCC secures forfeiture of over $500m in cash, assets — Olukoyede