EFCC (The Economic and Financial Crimes Commission) has announced its largest asset recovery to date, with a top government official forfeiting an estate containing 753 duplexes and other apartments in Abuja.
The estate, measuring 150,500 square meters and located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja, was forfeited to the federal government following a ruling by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court.
According to the EFCC, the forfeiture was made possible by Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006, and Section 44 (2) B of the Constitution of the Federal Republic of Nigeria.
The EFCC chairman, Ola Olukoyede, emphasized the importance of asset recovery in the fight against corruption, stating that it is a major disincentive against the corrupt and the fraudulent.
He also highlighted the challenges involved in recovering assets, comparing it to “war”.
Bsgistnews.com gathered that the forfeited estate is valued at an estimated 500 billion naira, with some commentators expressing shock at the scale of the asset recovery.
Many have also called for the government official involved to be named and prosecuted.
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