ENUGU, Nigeria (VOICE OF NAIJA)- The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has given an assurance that no recovered asset or proceeds under the commission’s watch will be mismanaged during his tenure.
Olukoyede made the pledge on Tuesday amid renewed debate over how forfeited and recovered assets belonging to the Federal Government should be managed.
In a statement posted on his X handle, the EFCC chairman opposed proposals for the creation of a central agency to take charge of all assets recovered by government institutions.
Drawing from his experience as a former Secretary of the EFCC, where he was involved in the management of recovered assets, Olukoyede argued that centralising asset management would be impractical and could create fresh accountability challenges.
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He said similar attempts in other countries had failed, citing the United Kingdom and South Africa as examples.
According to him, an attempt to establish a central asset recovery management agency in the UK cost more than £34 million before the arrangement was scrapped within a year.
He also claimed that a similar system in South Africa lasted only 16 months.
Olukoyede said the Nigerian situation was even more complex because more than 20 statutory government agencies have powers to recover assets on behalf of the state.
He noted that the Nigeria Police Force, for instance, has divisions across virtually every local government and police stations in most wards, making it difficult for one central agency to take custody and manage assets recovered by the police and other institutions.
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According to Vanguard, the EFCC chairman also cited the Asset Management Corporation of Nigeria (AMCON), as an example of the challenges associated with centralised asset management.
He claimed that the Federal Government lost more than N5 trillion under the arrangement.
Rather than create another central institution, Olukoyede advocated the use of existing legal frameworks that require agencies to account for assets recovered within their respective mandates.
He said the Proceeds of Crime Act, POCA, provides an effective framework for managing recovered assets, particularly when read alongside Section 31 of the EFCC Act.
The EFCC chairman challenged government agencies involved in asset recovery to take responsibility for accounting for assets recovered under their respective mandates.
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He said transparency in the handling of recovered property remained essential to maintaining public confidence in the anti-corruption fight.
Olukoyede further said the EFCC had adopted measures to make information about its recovered assets accessible to the public.
According to him, the commission publishes information on recovered assets on its website within 24 hours, while its annual reports have been submitted to the National Assembly on schedule throughout his tenure.
Reaffirming his position on accountability, the EFCC chairman said recovered assets would not be diverted or improperly managed under his leadership.
“Not a pin nor a penny of recovered assets will be mismanaged under my watch,” he said.