Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has assured Nigerians that recovered assets will not be mismanaged under his leadership.
Olukoyede gave the assurance on Tuesday amid an ongoing debate over whether Nigeria should establish a central agency to take charge of assets recovered by government institutions.
The EFCC chairman opposed the proposal, arguing that the country’s asset recovery system is too broad for all recovered properties and funds to be placed under the control of a single agency.
He said more than 20 statutory government agencies have powers to recover assets under their respective mandates, making a centralised management structure difficult to operate effectively.
Olukoyede used the Nigeria Police Force as an example, noting that the organisation has divisions in almost every local government and police stations in most wards. He argued that it would be impractical for one agency to take over the management of assets recovered by the police and other institutions across the country.
The EFCC chairman also pointed to experiences in other countries to support his position. According to him, an attempt by the United Kingdom to establish a central agency for recovered assets cost more than £34 million before the arrangement was abandoned within a year.
He added that a similar system in South Africa lasted only 16 months.
Olukoyede further referenced the Asset Management Corporation of Nigeria (AMCON), which was established to manage recovered assets, and claimed that the government lost more than N5 trillion under the arrangement.
Rather than creating another central agency, he said the Proceeds of Crime Act (POCA) offers a more effective framework by requiring individual agencies to account for assets recovered under their legal mandates.
He said the framework, alongside Section 31 of the EFCC Act, provides a workable basis for transparency and accountability in the handling of recovered assets.
Olukoyede, who previously served as Secretary of the EFCC and managed recovered assets for several years, said his position was informed by his practical experience within the commission.
He also challenged government agencies involved in asset recovery to provide proper accounts of assets recovered under their mandates.
According to the EFCC chairman, the commission publishes details of its recovered assets on its website within 24 hours. He added that the EFCC has also submitted its annual report to the National Assembly on time throughout his tenure.
Reiterating his commitment to accountability, Olukoyede concluded with a pledge to Nigerians: “Not a pin nor a penny of recovered assets will be mismanaged under my watch.”
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