The Federal Government on Tuesday, May 27, 2025, made a bold move in its anti-corruption war with the official unveiling of a National Central Database of Forfeited Assets and Proceeds of Crime (POCA) Regulations 2024, aimed at strengthening transparency and accountability in the management of recovered assets.
Speaking at the summit in Abuja themed “Synergizing Towards an Effective Asset Recovery and Management,” the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, emphasized that the Commission’s asset recovery efforts are rooted in a commitment to justice and restitution for victims of corruption.
Olukoyede, represented by the EFCC Director of Proceeds of Crime Management, G.K. Latona, said:
“Those who obtain wealth through corrupt means must be held accountable, and the victims of graft must get justice. In the face of slow judicial processes, asset recovery serves as a strong deterrent.”
He noted that the Commission annually recovers assets worth billions of naira through both conviction-based and non-conviction-based strategies. However, challenges remain in areas such as asset valuation, preservation, and disposal, which continue to draw criticism despite legal safeguards.
Olukoyede commended the establishment of the central database, describing it as a “vital tool for inter-agency coordination” and a major leap from analogue to digitized asset tracking. He also praised the Attorney-General’s introduction of the Proceeds of Crime (Standardised Asset Forfeiture Management System) Regulations, 2024.
Highlighting the need for synergy, he added:
“Asset recovery is complex in an environment like ours, where a weak national identity system makes tracking stolen wealth difficult. Cooperation among agencies, regulatory bodies, financial institutions, and the public is crucial—especially in dealing with foreign jurisdictions.”
President Bola Ahmed Tinubu, represented by Permanent Secretary, Political Affairs, Nadugu Gagare, reaffirmed his administration’s firm commitment to recovering stolen assets and ensuring their use for public good.
“This summit is a timely platform to deepen collaboration. We must act decisively and deprive criminals of the proceeds of their crimes to ensure Nigeria’s wealth benefits the people,” he declared.
He also urged the judiciary, regional partners, and anti-corruption agencies to adopt best practices and strengthen inter-agency cooperation, promising that his government would take deliberate steps to enforce transparency and ensure justice.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, described the central asset database as a strategic tool that reflects President Tinubu’s dedication to asset transparency.
“Relevant agencies are now required to update the database monthly. The complexity of cross-border recovery makes international cooperation an urgent necessity,” Fagbemi said.
The summit was attended by key local and international anti-corruption stakeholders including the ICPC, NDLEA, NFIU, TUGAR, UNODC, ROLAC, ANEEJ, and representatives from the United States, United Kingdom, France, and Switzerland, who all echoed the call for stronger collaboration in the fight against corruption.
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