The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has challenged government agencies involved in asset recovery to account for properties and funds recovered under their respective mandates.
Olukoyede made the call on Tuesday while weighing in on the ongoing debate over the management of forfeited and recovered assets in Nigeria.
The EFCC chairman argued against proposals to establish a single agency to take custody and manage all assets recovered by government institutions, describing such an arrangement as impractical given the scale of asset recovery across the country.
According to him, more than 20 statutory government agencies are empowered to recover assets, making centralised management difficult to implement effectively.
He pointed to the extensive structure of the Nigeria Police Force, which has divisions across virtually every local government and stations in many wards, as an example of the logistical challenges a central asset management agency would face.
Olukoyede also cited experiences from other countries, including the United Kingdom and South Africa, where he said attempts at centralised management of recovered assets were unsuccessful.
He disclosed that an initiative in the UK reportedly cost over £34 million before being scrapped within a year, while a similar arrangement in South Africa lasted only 16 months.
The EFCC chairman further referenced the Asset Management Corporation of Nigeria (AMCON), arguing that the government suffered losses of more than N5 trillion under an arrangement involving the management of recovered assets.
He maintained that Nigeria’s Proceeds of Crime Act (POCA), alongside Section 31 of the EFCC Act, already provides a framework for agencies to manage and account for assets recovered through their respective mandates.
Olukoyede, who said he had practical experience managing recovered assets from his previous role as Secretary of the EFCC, assured Nigerians that assets recovered by the commission would be properly managed.
He said the EFCC publishes information on its recovered assets on its website within 24 hours, adding that the commission had also submitted its annual reports to the National Assembly on time throughout his tenure.
He urged other government agencies involved in asset recovery to adopt similar transparency and accountability measures.
Olukoyede ended his statement with a firm assurance to Nigerians, saying: “Not a pin nor a penny of recovered assets will be mismanaged under my watch.”
