The Economic and Financial Crimes Commission (EFCC) has announced its largest asset recovery since its inception in 2003.
This follows a ruling by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court on the final forfeiture of an Abuja estate measuring 150,500 square meters, containing 753 units of duplexes and other apartments.
The estate, located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja, belonged to a former top government official. The EFCC emphasized that the forfeiture aligns with its mandate to ensure that corrupt individuals do not benefit from their unlawful activities.
Justice Onwuegbuzie ruled in favor of the EFCC, stating that the respondent failed to show cause as to why they should not lose the property, which was suspected to have been acquired with proceeds of unlawful activities. The property has now been finally forfeited to the federal government.
The EFCC’s Executive Chairman, Ola Olukoyede, highlighted the importance of asset recovery in the fight against corruption, describing it as a major disincentive against fraudulent activities.
He emphasized that asset tracing and recovery are crucial in weakening those involved in financial crimes.
Meanwhile, a revelation by Sahara Reporters revealed the owner to be embattled Former CBN Governor, Godwin Emefiele.
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