Corrupt individuals must not enjoy crime proceeds, says Olukoyede

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says corrupt individuals must not be allowed to enjoy the proceeds of their crimes.

Speaking on Tuesday at a summit organised by the ministry of justice, Olukoyede said asset recovery is central to accountability and justice.

Themed ‘Synergising Towards an Effective Asset Recovery and Management’, the event, held in Abuja, also marked the unveiling of the National Central Database of Forfeited Assets and the Proceeds of Crime Regulations 2024.

“At the EFCC, our experience with asset tracing, recovery and management is anchored on the philosophy that those who obtained wealth through corrupt means must be held accountable, and victims of graft must get justice through restitution,” Olukoyede said.

“In an environment where legal barriers encumber the speedy determination of corruption cases, the recovery and seizure of stolen wealth retain enormous deterrence value. The Commission, employing both conviction and non-conviction based strategies, yearly recovers assets running into billions of naira.”

Represented by G.K. Latona, director of the EFCC’s proceeds of crime management department, Olukoyede said the new national database would serve as a central source of reliable information on forfeited assets across all anti-corruption agencies.

“Even more remarkable is the unveiling of two key instruments that demonstrate the AGF’s proper understanding of the gaps in the asset recovery efforts of the country’s anti-corruption agencies,” he said.

“These are the National Central Database of Recovered Assets and the Proceeds of Crime (Standardised Assets Forfeiture Management System) Regulations, 2024. This has the potential of enhancing the integrity of recovered asset data. I am also persuaded that the Proceeds of Crime Regulations, 2024, represent an audacious move to migrate from a chaotic analogue assets management system into a digitised mode for enhanced forfeited assets management.”

He acknowledged that despite legal and institutional reforms, including the Proceeds of Crime (Recovery and Management) Act 2025, significant challenges remain.

The EFCC chairman said there are still issues around the valuation and preservation of assets and disposal. These gaps, he said, demand critical interrogation at forums like this.

He also stressed the need for anti-corruption agencies to collaborate and share experiences, especially in implementing the Proceeds of Crime Act.

“We cannot overstate the importance of synergy in asset tracking and recovery, particularly in our environment where an inchoate national identity system makes tracking of stolen assets difficult,” he said.

“Agencies must necessarily rely on the cooperation of a number of institutions, from regulatory agencies, law enforcement agencies and financial institutions to designated non-financial institutions, including members of the public, to make headway in the recovery of stolen assets. The relationships are crucial in navigating the intricate web of legal and political mines that frustrate recovery of stolen wealth from foreign jurisdictions.”

According to him, such collaboration is essential to overcoming the complex legal and political challenges often encountered in recovering assets from foreign jurisdictions.