ABUJA, Nigeria — Economic and Financial Crimes Commission Chairman Ola Olukoyede rejected calls for a single central agency to manage all forfeited assets, arguing on Tuesday, September 8, 2026, that such a model is impractical due to the high volume of recoveries nationwide.
The EFCC chairman cited previous centralized models in the United Kingdom and South Africa, as well as Nigeria’s Asset Management Corporation of Nigeria, as examples of failed or costly centralized recovery efforts. Golden Info reports that Ola Olukoyede stated that the Proceeds of Crime Act and Section 31 of the EFCC Act provide the most effective framework by assigning management responsibility directly to the individual agencies securing the forfeitures.
Between October 2023 and June 2026, the EFCC secured interim and final forfeiture orders covering 10,053 tangible assets, including real estate, vehicles, machinery, aircraft, and 102 tonnes of solid minerals.
Proceeds from disposed assets amounted to approximately N12.07bn ($14.5m) and were remitted to the Federal Government of Nigeria. During the same timeframe, the commission recovered more than N1.23tn ($1.48bn), $684.48m, £373,905.78, and €9.34m, while N661.32bn ($796.8m) and $492.37m were released to statutory beneficiaries.
The EFCC pledged that all recovered items and financial assets will remain fully accounted for, with updates published on its website within 24 hours and formal annual reports submitted to the National Assembly.