The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has restated that those who acquire wealth through dishonest means must be made to face justice and return stolen assets. He made this clear while speaking at a summit on asset recovery hosted by the Ministry of Justice in Abuja on Tuesday, May 27, 2025.
The event, which took place at the Continental Hotel, brought together various anti-corruption stakeholders to discuss effective strategies for recovering and managing assets. The theme of the summit was “Synergizing Towards an Effective Asset Recovery and Management and Unveiling of National Central Database of Forfeited Assets and Proceeds of Crime (POCA) Regulations 2024.”
Olukoyede, represented by G.K Latona, Director of the Proceeds of Crime Management Department, said that EFCC’s goal in tracking and recovering assets is to ensure that the corrupt are held responsible and that victims of financial crimes are compensated. He pointed out that despite challenges in legal procedures, recovering stolen wealth remains a powerful way to deter corruption. According to him, the Commission retrieves billions of Naira in assets every year through both conviction and non-conviction based processes.
He also noted the summit’s value in bringing new ideas to the table and said the creation of a national database for forfeited assets is a key step in helping agencies work better together. “Even more remarkable is the unveiling today of two key instruments that demonstrate the Attorney General of the Federation, AGF’s proper understanding of the gaps in the asset recovery efforts of the country’s anti-corruption agencies,” he said.
However, Olukoyede acknowledged several ongoing issues. These include difficulties with valuing and maintaining seized assets, as well as public criticism of how assets are disposed of, despite existing laws. He noted the need for all agencies to share experiences and review each other’s methods, especially as they work to implement the new Proceeds of Crime Act, 2025.
He further explained that tracking stolen assets is tough in Nigeria due to the lack of a proper national identity system. He called for more cooperation between law enforcement, financial bodies, regulatory institutions, and even the general public to help locate and recover looted funds, especially those hidden abroad.
President Bola Ahmed Tinubu, who was represented by Nadugu Gagare, Permanent Secretary for Political Affairs, also addressed the gathering. He called on the judiciary, law enforcement, and anti-corruption bodies to join forces in fighting financial crime. “We must act decisively with courage and unity of purpose to tackle corruption effectively and deprive criminals of the proceeds of their crimes,” the President said.
He also promised that his government would keep pushing for the recovery of stolen funds, both inside and outside the country, and ensure those funds are used properly for the benefit of all Nigerians. “Our resolve as a government to fight corruption is unwavering and unshakeable,” he added.
Attorney-General and Minister of Justice, Lateef Fagbemi, SAN, also spoke about the launch of the new central database and digital system for managing recovered assets. He noted that the move supports President Tinubu’s vision for greater transparency. He urged agencies to keep the database updated every month and continue working together to cut off criminals from their illegally acquired wealth.
Representatives from several organizations including the ICPC, NDLEA, NFIU, and international partners from the U.S., U.K., France, and Switzerland were also present at the summit.
