Onoh commends Olukoyede for EFCC’s largest ever recovery in Nigeria history

By Dennis Agbo

Former Southeast Spokesman to President Bola Ahmed Tinubu and Chairman of the Forum of Former Members of the Enugu State House of Assembly, Denge Josef Onoh, has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, and the officers and men of the Commission for what he described as an unprecedented record of asset recoveries and intensified enforcement against economic and financial crimes.

Onoh said the Commission’s recent achievements reflect a renewed commitment to transparency, accountability, and the rule of law, adding that the EFCC under Olukoyede has set a new benchmark in Nigeria’s anti-corruption campaign.

According to him, one of the latest milestones is the final forfeiture of 52 terrace and maisonette housing units located in Mercyville Estate, Covenant Way, off New Road, Ilasan, Lekki, Lagos, to the Federal Government. The properties, linked to Fielddreams Limited, Ifeanyi Nweke and Amex Savings and Loans Limited, were ordered forfeited by Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, on July 15, 2026, after the court held they were reasonably suspected to be proceeds of unlawful activities.

He noted that the development adds to a growing list of high-profile recoveries secured by the Commission, including forfeitures involving assets linked to businesswoman Aisha Achimugu—comprising jewellery, luxury vehicles and cash—as well as properties associated with former Attorney-General of the Federation, Abubakar Malami.

Onoh also cited the EFCC’s prosecutions and related actions involving former Central Bank of Nigeria Governor, Godwin Emefiele, as evidence of the Commission’s determination to enforce the law without regard to status or political influence.

Onoh further stated that since assuming office in October 2023, Olukoyede has presided over what he described as the most intensive period of recoveries in the Commission’s history.

He said that within approximately two years, the EFCC has recorded recoveries exceeding ₦566.32 billion, $411.57 million, more than £71,000, over €182,000, in addition to recoveries in other foreign currencies.

Beyond cash recoveries, he noted that the Commission has secured the forfeiture of 1,502 non-monetary assets, including major recoveries such as the 753-duplex estate in Lokogoma, Abuja, and Nok University, Kaduna, which has since been converted into a Federal University.

According to Onoh, the pace and scale of these recoveries distinguish the current EFCC leadership from previous administrations.

“While former chairmen such as Ibrahim Magu recorded significant recoveries over longer periods and pioneers like Nuhu Ribadu laid the institutional foundation for the Commission, Olukoyede’s stewardship has delivered remarkable results within a comparatively short period. On a per-year basis, this represents the most intensive recovery drive since the establishment of the EFCC in 2003,” he said.

He added that the impact of the recoveries extends beyond law enforcement, noting that portions of the recovered assets have been channelled into critical national development programmes, including the Federal Government’s Student Loan Scheme and consumer credit initiatives, thereby ensuring that proceeds recovered from crime directly benefit ordinary Nigerians.

Onoh also praised the administration of President Bola Ahmed Tinubu for providing what he described as the political will necessary for the EFCC to operate independently and aggressively against corruption, financial crimes and cybercrime.

According to him, the Commission’s intensified operations against internet fraud syndicates, cryptocurrency scams, investment fraud and transnational criminal networks—including the arrest, prosecution and deportation of foreign nationals involved in organised financial crimes—have significantly strengthened Nigeria’s international standing.

He further argued that Nigeria’s removal from the Financial Action Task Force (FATF) Grey List reflects growing international confidence in the country’s anti-money laundering and counter-terrorism financing framework, attributing part of that progress to the EFCC’s enforcement efforts.

Reflecting on Olukoyede’s appointment, Onoh said initial reservations expressed by some political observers have been overtaken by the Commission’s performance.

“His appointment has proved to be a masterstroke. Despite the inevitable challenges associated with institutional reforms, the EFCC under Ola Olukoyede has demonstrated professionalism, transparency in asset management, and a balanced approach that combines enforcement with preventive measures. These achievements have strengthened the Commission’s credibility both within Nigeria and internationally,” he said.

Onoh called on President Tinubu, Nigerians and the international community to sustain their support for the EFCC, stressing that continued institutional backing would further enhance the Commission’s capacity to recover stolen assets, deter corruption and deepen public confidence in Nigeria’s justice system.

He noted that the Commission’s recent achievements are helping to restore confidence in public institutions and reposition Nigeria as a responsible partner in the global fight against corruption, money laundering and financial crimes.

“The EFCC’s work is restoring faith in our institutions and reinforcing the principle that no individual is above the law. The Commission has demonstrated that integrity, professionalism and determination can produce measurable results. I congratulate Chairman Ola Olukoyede and the entire EFCC workforce on these remarkable milestones and encourage them to remain steadfast. Greater achievements lie ahead.”

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