Connect with us

Hi, what are you looking for?


Recovered assets should be returned to the victims it was looted from – EFCC Chairman

Damilola Adeyemo

ABUJA – Abudulrasheed Bawa, Chairman Economic, and Financial Commission has told Nigerians his position on recovered assets from looters.

In a statement Bawa said recovered assets should be returned to the victims it was looted from.

“When it comes to this issue of recovered assets, the provision of the law is very clear. There are victims of these crimes. Somebody has gotten somebody’s money fraudulently and assets are recovered from that individual. Of course, it will be returned to him (the victim),” Bawa was quoted as saying in EFCC ALERT.

Advertisement. Scroll to continue reading.

“State government lost money through its former governor; assets are recovered from that former governor. Of course, it will be returned to the state. Other assets that are recovered for the federal government, it will be returned to the federal government.

“But there are stages. Issues of identification, tracing, and recovery of assets are there; all these are stages. Of course, before trial is concluded in court where matters are charged, those assets recovered through interim forfeiture are managed by us.

“And the EFCC has a full-fledged directorate of assets forfeiture and management that manages these assets. Normally, we engage estate managers to manage these assets, and proceeds from the rents are kept in an account with the Central Bank of Nigeria.

“And then at the end of the trial, after the pronouncement of the court, whosoever is the victim, needs to be restituted. And if what the law says is that it should be sold, then after the sale of the assets, the proceeds, if it is for the federal government, will be put in the consolidated revenue fund.” he said.

Advertisement. Scroll to continue reading.

This news content remains the copyright of TECHNOCRAT MEDIA, to republish, please seek the consent of our News Editor via

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Like Our Facebook Page

You May Also Like


Tolu Babaleye, counsel to Doyin Okupe, says the Department of State Services (DSS) should release his client immediately.


The Economic and Financial Crimes Commission (EFCC) has announced plans to clamp down on currency hoarders who have been affected by the new Central...


The Economic and Financial Crime Commission has tasked motor dealers with compliance with anti-money laundering laws in the country.

Finance & Money Market

The Central Bank of Nigeria (CBN) says Nigerians must avoid dealing with speculators in the foreign exchange (FX) market to save Nigeria’s naira from...


Peter Nwaoboshi, senator representing Delta North Senatorial District at the National Assembly has been sentenced to seven (7) years imprisonment in a ruling delivered...


Bolaji Owasanoye, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), says the ICPC has signed a Memorandum of Understanding...