{"id":115485,"date":"2024-12-02T21:57:20","date_gmt":"2024-12-02T20:57:20","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=115485"},"modified":"2024-12-02T21:57:20","modified_gmt":"2024-12-02T20:57:20","slug":"efcc-announces-biggest-asset-recovery-as-govt-official-forfeits-estate-with-753-duplexes","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/efcc-announces-biggest-asset-recovery-as-govt-official-forfeits-estate-with-753-duplexes\/","title":{"rendered":"EFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes"},"content":{"rendered":"<div id=\"m#msg-f:1817354618228790877\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The Economic and Financial Crimes Commission, EFCC, on Monday announced the single largest asset recovery since its inception in 2003.<\/div>\n<div id=\"m#msg-f:1817354618228790877-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">\nThe development followed 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 metres and containing 753 units of duplexes and other apartments.<\/p>\n<p>According to the EFCC, the estate, located on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja, belonged to a government official.<\/p>\n<p>\u201cThe forfeiture of the property to the federal government by a former top brass of the government was pursuant to EFCC\u2019s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities,\u201d the statement added.<\/p>\n<p>The EFCC said it relied on 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 199 Constitution of the Federal Republic of Nigeria to push its case.<\/p>\n<p>Ruling on the Commission\u2019s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, \u201cwhich has been reasonably suspected to have been acquired with proceeds of unlawful activities\u201d.<\/p>\n<p>\u201cThe property is hereby finally forfeited to the Federal Government,\u201d the judge declared, according to the statement.<\/p>\n<p>The statement added, \u201cThe road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.<\/p>\n<p>\u201cThe government official which fraudulently built the estate is being investigated by the EFCC. The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.<\/p>\n<p>\u201cThe justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC \u201chas power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person\u2019s lifestyle and extent of the properties are not justified by his source of income.\u201d<\/p>\n<p>The statement added that EFCC chairman, Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, describing it as a major disincentive against the corrupt and the fraudulent.<\/p>\n<p>Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, \u201cIf you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war.<\/p>\n<p>\u201cSo, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.<\/p>\n<p>\u201cIf you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it. So one of the ways to weaken them is to deprive them of the proceeds of their crime.\u201d<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Economic and Financial Crimes Commission, EFCC, on Monday announced the single largest asset recovery since its inception in 2003. The development followed a ruling by Justice Jude Onwuegbuzie of&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":96179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-115485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/efcc-announces-biggest-asset-recovery-as-govt-official-forfeits-estate-with-753-duplexes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Economic and Financial Crimes Commission, EFCC, on Monday announced the single largest asset recovery since its inception in 2003. 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