Posted by Chinenye on Wed 09th Sep, 2026 - tori.ng
EFCC Chairman Ola Olukoyede has given Nigerians a strong assurance about the management of assets recovered from financial crimes.
(Chairman of The EFCC, Ola Olukoyede. Photo credit: Vanguard News)
The chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has promised Nigerians that recovered assets will not be mismanaged while he is in charge.
Ola Olukoyede made this assurance amid discussions about whether Nigeria should create a single agency to manage all recovered assets.
Ola Olukoyede disagreed with the proposal, saying Nigeria's asset recovery system is too complex to be controlled by just one agency.
He explained that more than 20 government agencies have the power to recover assets under their different mandates, making it difficult for a single agency to manage everything.
Ola Olukoyede used the Nigeria Police Force as an example, noting that the police have divisions in almost every local government and stations in most wards.
He said it would not make sense for one agency to take over managing assets recovered by the police and other institutions across the country.
Ola Olukoyede pointed to examples from other countries to support his view.
The United Kingdom tried to establish a central agency for recovered assets but spent more than 34 million pounds on it before abandoning the arrangement after just one year.
South Africa tried a similar system but it lasted only 16 months.
Ola Olukoyede also mentioned the Asset Management Corporation of Nigeria, which was set up to manage recovered assets.
He said the government lost more than 5 trillion naira under that arrangement.
Instead of creating another central agency, Ola Olukoyede said the Proceeds of Crime Act provides a better framework.
The law requires individual agencies to account for assets they recover under their legal powers.
He said this framework, along with Section 31 of the EFCC Act, provides a workable system for transparency and accountability.
Ola Olukoyede, who previously worked as Secretary of the EFCC and managed recovered assets, said his position comes from his practical experience with the commission.
He challenged other government agencies involved in asset recovery to properly account for the assets they recover.
Ola Olukoyede said the EFCC publishes details of recovered assets on its website within 24 hours and has submitted annual reports to the National Assembly on time during his tenure.
He ended by pledging to Nigerians that not a single thing of recovered assets will be mismanaged under his leadership.