From: Femi Mustapha in Kaduna
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has praised the Proceeds of Crime Act, POCA, for enhancing asset recovery and management, providing clear legal support, and cutting down delays in disposing of recovered assets.
Olukoyede made this remark on Friday, July 10, 2026, in Abuja during a high-level seminar titled “Scaling up the Promotion of Integrity and Anti-Corruption Actions Across Africa.” The Inter-Agency Task Team organized the event to observe this year’s African Anti-Corruption Day.
Represented by the Head of Administration and Records for the Proceeds of Crime Management of the EFCC, Assistant Commander of EFCC, ACE II Wananje Gwatana, the EFCC leader stated that implementing POCA has streamlined the agency’s processes and boosted operational efficiency.
“The coming of POCA streamlined our activities and also gave us a legal backing for whatever we do. One of the things the Commission is doing at the moment, aside from the seizure, forfeiture, management, and disposal process, is to shorten the turnaround time between forfeiture and disposal of assets,” he said.
He revealed that the dissipation of recovered assets was a major challenge the EFCC faced in the past.
“With the coming of POCA, what we do for assets that are susceptible to deterioration is to sell them even before the annual disposal, because in the Standard Operating Procedures, we have an annual disposal of finally forfeited assets. But if an asset is prone to deterioration, we sell it and place the proceeds in escrow, even temporarily, pending the final court case,” he explained.
Olukoyede further stated that the agency has improved integrity, transparency, and accountability in the disposal of recovered assets by shifting from physical to electronic auctions.
He added that the EFCC now contracts asset management consultants to oversee forfeited properties and assigns property types based on their areas of expertise.
According to him, these consultants are selected for their proven skills. They are required to submit quarterly reports detailing their performance and the revenue generated from the assets under their care.
Highlighting the economic impact of recovered assets, the EFCC Chairman noted that the proceeds of crime recovered by the agency are now being used as startup capital for the Nigerian Education Loan Fund, NELFUND, and the Consumer Credit Scheme.
“The recovered proceeds of crime by the Commission are felt even by vulnerable people. The federal government recently approved some of the proceeds recovered by the Commission to fund the NELFUND and the Consumer Credit Scheme,” he said.
In a goodwill message, the Chairman of the Independent Corrupt Practices and Other Related Offenses Commission, ICPC, Musa Adamu Aliyu, SAN, reaffirmed the agency’s commitment to promoting integrity, transparency, and accountability within Nigeria and across Africa.
Aliyu emphasized that Africa’s economic growth, democratic governance, and social progress depend on strong public institutions and effective anti-corruption efforts.
“Scaling up the promotion of integrity requires collective action. Governments, oversight agencies, the private sector, civil society groups, development partners, and citizens all have vital roles,” he said.
Also speaking, the Chairman of the Code of Conduct Bureau, CCB, Abdullahi Usman Bello, said the bureau will continue to uphold its constitutional duties by ensuring public officials operate with honesty, integrity, and accountability.
Bello shared that the bureau has introduced reforms to increase transparency, including the development of an online asset declaration system.
“On this important day, we renew our promise to work closely with the inter-agency task team. Together, we will raise awareness, involve citizens, and fulfill our duties.”