Olukoyede Hails Proceeds Of Crime Act For Strengthening Asset Recovery

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has commended the Proceeds of Crime Act (POCA), saying it has significantly strengthened asset recovery and management by providing a clear legal framework, improving transparency and reducing delays in the disposal of recovered assets. This was disclosed in a post on the anti-graft agency’s official X page on Friday.

Olukoyede made the remarks in Abuja while speaking at a high-level seminar themed, “Scaling up the Promotion of Integrity and Anti-Corruption Actions Across Africa,” organised by the Inter-Agency Task Team to mark this year’s African Anti-Corruption Day.

Represented by the Head of Administration and Records, Proceeds of Crime Management, Assistant Commander of the EFCC, Wananje Gwatana, the EFCC chairman said the implementation of POCA has streamlined the Commission’s asset recovery and management processes, provided legal backing for its operations and enhanced operational efficiency.

“The coming of POCA streamlined our activities and also gives us a legal backing to whatever we do. One of the things the Commission is doing at the moment, aside from the seizure, forfeiture, management, and then the disposal process is to shorten the turnaround time between forfeiture and disposal of assets,” he said.

Olukoyede explained that the dissipation of recovered assets had previously posed a major challenge to the Commission, but noted that the Act now allows the EFCC to dispose of assets that are susceptible to deterioration before the annual disposal exercise, with the proceeds held in escrow pending the final determination of court cases.

“with the coming of POCA, what we do for assets that are susceptible to deterioration is that we sell even before the annual disposal, because in the Standard Operating Procedures, we have annual disposal of finally forfeited assets. But if an asset is susceptible to deterioration, we sell and then we put the proceeds in escrow, even if it is in the interim, pending the final determination of the case in court,” he said.

He further disclosed that the Commission has strengthened integrity, transparency and accountability in asset disposal by replacing physical auctions with electronic auctions. He added that the EFCC now engages professional asset management consultants to oversee forfeited properties based on their areas of expertise.

According to him, the consultants are selected based on proven competence and are required to submit quarterly performance reports and account for revenue generated from the assets under their management.

Highlighting the impact of recovered assets on the country’s economy, Olukoyede said proceeds recovered by the Commission had been deployed by the Federal Government to support the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Scheme.

“The recovered proceeds of crime by the Commission is felt even by vulnerable people. The federal government recently approved some of the proceeds recovered by the Commission to fund the NELFUND and the Consumer Credit Scheme,” he said.

In his goodwill message, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Adamu Aliyu (SAN), reaffirmed the Commission’s commitment to promoting integrity, transparency and accountability in Nigeria and across Africa.

Aliyu said Africa’s aspirations for economic growth, democratic governance and social transformation could only be realised through strong public institutions and effective anti-corruption mechanisms.

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“Scaling up the promotion of integrity requires collective action. Governments, oversight institutions, private sector, civil society organisations, development partners, citizens all have critical roles to play,” he said.

Also speaking, the Chairman of the Code of Conduct Bureau (CCB), Abdullahi Usman Bello, said the Bureau would continue to uphold its constitutional mandate of ensuring honesty, integrity and accountability among public officials.

Bello disclosed that the CCB had introduced reforms to improve transparency, including the development of an online asset declaration system.

“On this important day, we renew our promise to work closely with the inter-agency task team. Together, we will raise awareness, involve citizens and fulfil our duties,” he said.