Crime
EFCC Makes Single Largest Asset Recovery Till Date
Justice Jude Onwuegbuzie, on Monday, December 2, 2024 gave a ruling on a final forfeiture of an estate in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments.
Biztellers reports that this represents the single largest asset recovery by the Economic and Financial Crimes Commission (EFCC), since its inception in 2003.
The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja.
The forfeiture of the property to the federal government by a former top brass of the government was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.
In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.
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Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent failed to show cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”
The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.
The government official which fraudulently built the estate is being investigated by the EFCC.
The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.
The justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
The Commission’s Executive Chairman, Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war. So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery. If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it.
“So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously. The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”
A former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, has been granted bail in the sum of ₦500 million by the Federal High Court in Abuja after pleading not guilty to an eight-count charge of alleged money laundering filed against him by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned on Monday before Justice Inyang Ekwo in a case marked FHC/ABJ/CR/361/2026, over allegations that he violated the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
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According to the EFCC, the former refinery boss allegedly indirectly converted more than $789,950, said to be proceeds of unlawful activity, in contravention of Section 18(2)(b) of the Act and punishable under Section 18(3).
The anti-graft agency further alleged that Yisawu made cash payments exceeding $789,950 to one Samaila Bala without using any financial institution, contrary to Nigeria’s anti-money laundering laws.
The commission also accused him of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf, also without routing the transactions through a financial institution.
The defendant, however, pleaded not guilty to all eight counts when they were read to him in court.
Following his plea, defence counsel Wale Balogun (SAN) urged the court to grant his client bail, noting that the EFCC had earlier released him on administrative bail after seizing his international passport.
Balogun appealed to the court to maintain the same bail conditions, arguing that his client needed to prepare adequately for his defence while out on bail.
However, prosecution counsel Ekele Iheanacho (SAN) opposed the application, urging the court to consider the EFCC’s counter-affidavit challenging the defendant’s request for bail.
In his ruling, Justice Ekwo held that the offences contained in the charge were bailable and ruled that Yisawu was entitled to bail.
Relying on Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, the judge granted the former WRPC boss bail in the sum of ₦500 million, with one surety in like sum.
The court ordered that the surety must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership of the property.
Justice Ekwo also directed Yisawu to surrender his international passport and barred him from travelling outside Nigeria without prior approval from the court.
Pending the fulfilment of the bail conditions, the judge ordered that the former refinery chief remain in the custody of the EFCC.
The matter was subsequently adjourned to October 25, 26 and 27, 2026, for the commencement of trial.
Former Minister of Science and Technology, Uche Nnaji, has been granted bail in the sum of N20 million after pleading not guilty to a six-count charge bordering on alleged certificate forgery filed against him by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Nnaji was arraigned on Monday before the Federal High Court in Abuja, where the ICPC accused him of forging academic credentials, including a degree certificate allegedly issued by the University of Nigeria, Nsukka (UNN).
The anti-corruption agency also alleged that the former minister presented a fake National Youth Service Corps (NYSC) discharge certificate during his ministerial screening in 2023.
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The defendant, who served in President Bola Tinubu’s cabinet as Minister of Science and Technology from August 16, 2023, until his resignation on October 6, 2025, denied all the allegations after the charges were read before Justice Joyce Abdulmalik.
Following a bail application by his lead counsel, Chief James Onoja (SAN), the court admitted Nnaji to bail in the sum of N20 million with one surety in like sum.
Justice Abdulmalik ruled that the surety must be a civil servant resident in Abuja and not below Grade Level 15. The court further directed the surety to depose to an affidavit of means.
As part of the bail conditions, the former minister was ordered to surrender his international passport and barred from travelling outside Nigeria without the court’s permission.
The court subsequently adjourned the matter until July 21, 2026, for the commencement of trial.
Nnaji’s arraignment followed his arrest by security operatives at the Nnamdi Azikiwe International Airport, Abuja, on July 1, shortly after returning to the Federal Capital Territory (FCT). The ICPC had earlier confirmed that the arrest was carried out to facilitate investigations into the allegations against him.
The case is expected to proceed with the presentation of evidence when trial begins later this month.
The Economic and Financial Crimes Commission on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, before the Federal High Court in Abuja, over an alleged N1.32bn money laundering scheme linked to the rehabilitation of the state-owned refinery.
Dikko was docked before Justice Inyang Ekwo on a 12-count charge marked FHC/ABJ/CR/360/2026 alongside Masterpiece Projects & Investment Limited.
The former refinery boss, who headed the Port Harcourt refinery from March 2020 for about four years, pleaded not guilty to all the charges.
The EFCC alleged that Dikko laundered the sum of N1,322,839,112.70, said to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery, through cash property purchases, undisclosed bank retentions, concealment of funds through third parties and unauthorised foreign exchange transactions.
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According to the anti-graft agency, one of the charges alleged, “That you, Ahmed Adamu Dikko… did directly make cash payment of the dollar equivalent of the sum of N218,375,000 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution,” contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission further alleged in count eight, “That you Ahmed Adamu Dikko… on or about the 26th of June, 2023… disguised the origin of the sum of N328,710,337.50 paid into the GTBank Account… operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when you knew that the said sum… constituted proceeds of unlawful activity.”
In count 11, the EFCC accused the former refinery boss of unlawfully converting foreign currency, alleging, “That you, Ahmed Adamu Dikko between October 2022 and May 2025, did convert the aggregate sum of $77,080 through Ibrahim Isa Yaro, which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd.”
Following his plea, defence counsel, Okechukwu Ajunwa (SAN), urged the court to admit his client to bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
In a ruling, Justice Ekwo admitted Dikko to bail in the sum of N150m with one surety in like sum.
The judge held that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail sum.
He also directed the defendant to surrender his international passport and ordered that he be remanded in EFCC custody until he fulfilled the bail conditions.
The court subsequently adjourned the matter to October 12, 13 and 14, 2026, for trial.
Courtesy – The Punch
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