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EFCC to Appeal Ruling on Nine Properties Linked to Malami — Olukoyede
The Economic and Financial Crimes Commission (EFCC) is set to challenge a Federal High Court decision involving nine properties linked to former Attor...
By Wavers Multimedia
EFCC Chairman, Ola Olukoyede, disclosed the plan on Wednesday while speaking at the 43rd Cambridge International Symposium on Economic Crime at Jesus College, University of Cambridge, in the United Kingdom.
Olukoyede said the commission had traced 57 properties to Malami during its investigation and had already secured final forfeiture orders over 48 of them.
According to him, the commission is considering an appeal over the remaining nine properties located in Kebbi and Kaduna states, after the court declined to grant final forfeiture of those assets.
Court forfeits 48 properties
The development follows a July 15 ruling by the Federal High Court in Abuja, which ordered the final forfeiture of 48 properties linked to the former Attorney-General.
The properties had earlier been placed under an interim forfeiture order in January.
In its decision, the court found that the EFCC had provided sufficient grounds for the final forfeiture of the 48 properties, which the commission had alleged were connected to unlawful activities.
However, the court rejected the application concerning the other nine properties in Kebbi and Kaduna, ruling that the EFCC had not sufficiently established that those properties were acquired through unlawful means.
EFCC vows to pursue remaining assets
Olukoyede said the commission would continue pursuing the matter, indicating that the EFCC intends to seek a different outcome through an appeal.
He said the investigation began after the commission opened a probe into alleged criminal abuse of office by the former AGF.
The EFCC chairman also defended the use of civil forfeiture, saying it allows the commission to recover assets suspected to be proceeds of crime without necessarily waiting for criminal trials to reach their conclusion.
He identified effective asset tracing, credible intelligence and judicial support as important elements in the recovery of suspected illicit assets.
Whistleblowers to receive up to 5%
During the symposium, Olukoyede also announced plans to reward whistleblowers whose information leads to the recovery of stolen Nigerian assets.
He said eligible whistleblowers could receive between 2.5 per cent and 5 per cent of recovered assets, depending on the circumstances.
According to him, the incentive is intended to encourage people with credible information about suspected stolen assets, including funds or properties moved outside Nigeria, to come forward.
The EFCC chairman said public cooperation would remain important in tracing and recovering assets suspected to have been acquired through illicit means.
The commission's planned appeal over the nine properties means the legal dispute concerning those assets is not yet over, while the EFCC continues its broader asset-recovery efforts.