EFCC Chairman Olukoyede Rejects Single Asset Management Agency

Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), addressed the debate regarding the management of recovered assets, rejecting proposals for a single agency to oversee these assets. He argued that such a model is unworkable due to the scale of asset recoveries across Nigeria, where over 20 statutory agencies are involved in asset recovery.

Olukoyede disclosed that under his leadership, the EFCC secured interim and final forfeiture orders for 10,053 tangible assets, including real estate, vehicles, and machinery. He referenced failed attempts in the UK and South Africa to manage recovered assets through a single agency, emphasizing that the Proceeds of Crime Act (POCA) provides a more effective framework by holding each agency accountable for their recoveries.

Olukoyede assured Nigerians that no recovered assets would be mismanaged during his tenure, stating that the EFCC publishes its asset recovery data on its website within 24 hours and submits annual reports to the National Assembly punctually.