Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has assured Nigerians that no recovered asset will be mismanaged under his leadership.
Olukoyede gave the assurance on Tuesday amid an ongoing debate over the management of assets forfeited to or recovered by government agencies.
In a statement on his X handle, the EFCC chairman said his position was informed by years of practical experience, including his previous role as secretary of the commission, where he was involved in managing recovered assets.
He rejected calls for the creation of a single agency to manage all assets recovered by government institutions, arguing that similar arrangements in other countries had proved unsuccessful.
Olukoyede cited the United Kingdom, where he said an attempt to establish a central agency for recovered assets cost more than £34 million before being scrapped within a year. He also said a similar arrangement in South Africa lasted only 16 months.
According to him, centralised management would be impractical in Nigeria because more than 20 statutory agencies recover assets on behalf of the government.
He noted that the Nigeria Police Force alone operates across virtually every local government and has stations in most wards, making it difficult for one agency to take custody of and manage assets recovered by the police and other institutions.
Olukoyede also cited the Asset Management Corporation of Nigeria (AMCON), established to manage recovered assets, claiming that the arrangement resulted in government losses of more than N5 trillion.
He argued that the Proceeds of Crime Act (POCA) provides a more effective framework by requiring individual agencies to account for assets recovered under their respective mandates.
The EFCC chairman said the framework, alongside Section 31 of the EFCC Act, provides a basis for accountability and transparency in asset management.
He challenged government agencies to properly account for assets recovered under their mandates.
Olukoyede said the EFCC publishes information on recovered assets on its website within 24 hours and that the commission had consistently submitted its annual report to the National Assembly on time during his tenure.
He ended with a pledge to Nigerians: “Not a pin nor a penny of recovered assets will be mismanaged under my watch.”
