Reps warn EFCC against selling recovered assets to looters

THE Economic and Financial Crimes Commission (EFCC) has been warned against selling recovered proceeds of corruption to their original owners through representatives.

The EFCC has commenced the auction of assets forfeited to the Federal Government in cases of corruption across the country.

The House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loot Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation warned the anti-graft agency against returning the seized assets to corrupt persons who forfeited the properties to the government.

The Chairman of the committee, Adejoro Adeogun, issued the warning in an interview with reporters on Tuesday.

Noting that the committee had advised on speedy disposal of recovered loot, Adeogun expressed concerns at the possibility of looters recovering the forfeited assets through representatives.

He faulted the situation whereby the House does not have the powers to determine how the assets should be disposed of or to whom they should be sold.

“The enabling law allows the (anti-corruption) agencies to auction directly. The EFCC is supposed to auction what it seized, subject to due process.

“That is possible, but we in the National Assembly have no control over that. We can’t control what they do but what we have to do is to ensure that they did the right thing,” the lawmaker stated.

He added that the assets should not remain abandoned till another government takes power later in the year.

Adeogun further stated that his committee had done most of what it needed to do, including presenting an interim report to the House.

The ICIR reported that the EFCC, on December 6, 2022, commenced the inspection and auction of over 400 forfeited cars in Lagos.

The vehicles are subject of final forfeiture orders.



    The Agency said the exercise was in line with the EFCC (Establishment) Act 2004, Public Procurement Act 2007, and the Proceeds of Crimes (Recovery and Management) Act 2022.

    According to the EFCC, the exercise is scheduled to take place across the Commands of the Commission.

    Also, on December 28, 2022, the Commission opened bids for forfeited properties across the country.

    According to the EFCC, the concerned properties are alleged proceeds of corruption which were seized from their owners and forfeited to the Federal Government.

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