President Bola Ahmed Tinubu has directed the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Housing and Urban Development to ensure that forfeited assets are properly managed, preserved and put to productive use for the benefit of Nigerians.
The directive underscores the administration’s push for greater transparency and accountability in the recovery and management of proceeds of crime, with the government seeking to prevent recovered assets from becoming neglected or being misappropriated after forfeiture.
The EFCC, under Chairman Ola Olukoyede, has continued to recover properties and other assets through investigations and court-ordered forfeiture proceedings. Recent recoveries have included high-value residential and commercial properties linked to corruption and other financial crimes.
One prominent example is the 753-unit housing estate in Abuja linked to former Central Bank of Nigeria Governor Godwin Emefiele. The estate, located in Lokogoma District on about 150,462.86 square metres of land, was forfeited to the Federal Government following proceedings initiated by the EFCC.
In May 2025, the EFCC formally handed the estate over to the Housing Ministry following President Tinubu’s directive. The ministry said it would conduct structural and integrity assessments, determine the infrastructure required to complete the development and establish a transparent process for making the units available to the public and for government needs.
Olukoyede had stressed that recovered assets must be managed transparently so that proceeds of crime are not effectively lost again after being recovered. He also said the EFCC would monitor the completion of projects transferred to the Housing Ministry and provide periodic reports to the Presidency.
The Federal Government has also moved toward strengthening the broader asset-recovery framework. In 2025, it unveiled measures including a Standardised Automated Asset Forfeiture Management System and a National Central Database of Forfeited and Recovered Assets to improve transparency and accountability in the handling of recovered property and funds.
The latest directive is therefore expected to reinforce coordination between agencies responsible for recovering forfeited assets and those charged with preserving or converting them into public value.
The administration maintains that the ultimate purpose of asset recovery is not merely to seize properties or funds but to ensure that recovered resources are managed responsibly and contribute to national development.
