The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has assured Nigerians that no asset recovered by the anti-graft agency will be mismanaged under his leadership.
Olukoyede made the declaration while weighing in on the ongoing debate over the management and disposal of assets forfeited to the Federal Government. He also rejected proposals for the creation of a single agency to manage all recovered assets in Nigeria.
According to the EFCC chairman, such a centralised system would be difficult to operate because several government institutions are legally empowered to recover assets on behalf of the government.
Olukoyede, who previously served as Secretary of the EFCC and was directly involved in managing recovered assets, said his position was informed by practical experience rather than theoretical commentary.
He argued that more than 20 statutory agencies are involved in asset recovery across the country. Using the Nigeria Police Force as an example, he noted that the extensive spread of police formations would alone make it difficult for a single institution to take custody of every asset recovered by the force.
The EFCC boss also cited experiences from other countries in arguing against a centralised asset-management structure. He referenced attempts in the United Kingdom and South Africa, which he said did not produce sustainable arrangements.
Olukoyede further pointed to the Asset Management Corporation of Nigeria (AMCON), arguing that the experience demonstrated the risks associated with creating another central institution to manage recovered assets.
Rather than establishing a new agency, the EFCC chairman advocated the enforcement of existing accountability mechanisms under the Proceeds of Crime Act (POCA) and the EFCC Act.
He maintained that agencies responsible for recovering assets should also be accountable for what they recover and how those assets are subsequently managed or disposed of.
Olukoyede said the EFCC has adopted transparency measures, including publishing information about its recoveries and submitting its annual report to the National Assembly.
“My pledge to Nigerians: not a pin nor a penny of recovered assets will be mismanaged under my watch,” he stated.
The assurance comes amid growing public interest in the management of properties, funds and other valuables recovered from suspected proceeds of crime.
Under Olukoyede’s leadership, the EFCC has reported a significant volume of asset recoveries and forfeitures. The commission secured interim and final forfeiture orders covering 10,053 tangible assets between October 2023 and July 2026.
The forfeited assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land. Other assets included schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft, alongside 102 tonnes of solid minerals.
The commission also disclosed that proceeds from the disposal of assets under final forfeiture orders amounted to approximately ₦12.07 billion, with the funds paid to the Federal Government.
On financial recoveries, Olukoyede said the EFCC recovered more than ₦1.23 trillion, $684.48 million, £373,905.78 and €9.34 million between October 2023 and June 2026. During the same period, ₦661.32 billion and $492.37 million were released to beneficiaries.
The scale of these recoveries has intensified discussions about how forfeited properties and funds should be documented, preserved, disposed of and ultimately accounted for.
Olukoyede, however, believes the answer lies in strengthening accountability within existing institutions rather than creating another central agency.
He therefore challenged all government agencies involved in asset recovery to clearly account for what they recover and explain what happens to those assets afterwards.
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The EFCC chairman’s position places transparency, institutional responsibility and public accountability at the centre of Nigeria’s ongoing debate over recovered assets.
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