Proceeds of Crime Act ‘ll improve asset recovery, management – EFCC Chairman Olukoyede

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has applauded the Proceeds of Crime Act (POCA), for strengthening asset recovery and management and for providing a clear legal basis, improving transparency and reducing delays in the disposal of recovered assets.

A press statement by the Commission’s Spokesperson, Dele Oyewale, in Abuja, said the EFCC boss gave the thumbs up while speaking at a high-level seminar, themed, ‘Scaling up the Promotion of Integrity and Anti-Corruption Actions Across Africa’, Friday in Abuja, organised by the Inter-Agency Task Team to commemorate this year’s African Anti-corruption Day.

He said Olukoyede, who was represented by the Head, Administration and Records, Proceed of Crime Management, Assistant Commander of EFCC, ACE II Wananje Gwatana,  expressed delight that the implementation of POCA has streamlined the Commission’s asset recovery and management processes, provided legal backing for its activities and enhanced operational efficiency.

“The coming of POCA streamlined our activities and also gives us a legal backing to whatever we do. One of the things the Commission is doing at the moment, aside from the seizure, forfeiture, management, and then the disposal process is to shorten the turnaround time between forfeiture and disposal of assets,” he said.

The Commission’s boss disclosed that the dissipation of recovered assets was one of the major challenges the EFCC encountered in the past, adding that “with the coming of POCA, what we do for assets that are susceptible to deterioration is that we sell even before the annual disposal, because in the Standard Operating Procedures, we have annual disposal of finally forfeited assets. But if an asset is susceptible to deterioration, we sell and then we put the proceeds in escrow, even if it is in the interim, pending the final determination of the case in court.”

Speaking further, the EFCC boss stated that the Commission has strengthened integrity, transparency and accountability in recovered asset disposal by transitioning from physical auctions to electronic, adding that the Commission now engages asset management consultants to manage forfeited properties and assigns property types to them based on their areas of competence.

The consultants, he further stated, were selected based on their proven expertise and are required to submit quarterly performance reports and account on revenue generated from the assets under their respective management.

While highlighting the positive impact of the Commission’s recovered assets in the economy, he stated that proceeds of crime recovered by the Commission were deployed as start-up capitals for Nigerian Education Loan Fund, NELFUND, and the Consumer Credit Scheme.

“The recovered proceeds of crime by the Commission is 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 his goodwill message, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Musa Aliyu (SAN), reaffirmed the Commission’s commitment to promoting integrity, transparency and accountability in Nigeria and across Africa.

Aliyu noted that Africa’s pursuit of economic growth, democratic governance and social transformation could only be achieved through strong public institutions and effective anti-corruption mechanisms.

The ICPC chairman stressed that combating corruption necessitates collaboration among governments, and other stakeholders.

“Scaling up the promotion of integrity requires collective action. Governments, oversight institutions, private sector, civil society organisations, development partners, citizens all have critical roles to play,” he said.

Also, the Chairman of the Code of Conduct Bureau (CCB), Abdullahi Bello, stated that the Bureau would continue to uphold its constitutional responsibility of ensuring that public officials operate with honesty, integrity and accountability.

Bello said the bureau had introduced reforms aimed at improving transparency, including the development of an online asset declaration system.

The CCB chairman fuether stated, “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 fulfil our duties.”