The Economic and Financial Crimes Commission (EFCC) is set to challenge a Federal High Court ruling that declined its application for the final forfeiture of nine properties allegedly linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.
EFCC Chairman, Ola Olukoyede, disclosed this on Wednesday at the 43rd Cambridge International Symposium on Economic Crime at Jesus College, University of Cambridge, United Kingdom.
The 2026 symposium, themed “Asset Recovery and the Rule of Law – Taking the Profit Out of Crime,” focused on global efforts to trace, recover and deprive criminals of proceeds of illicit activities.
Olukoyede revealed that the EFCC had traced 57 properties to the former minister during its investigation and had secured final forfeiture orders on 48 of them.
He said the commission was considering an appeal against the court’s decision concerning the remaining nine properties located in Kebbi and Kaduna states.
According to him, the investigation was initiated following what he described as reasonable suspicion of criminal abuse of office during Malami’s tenure as Attorney-General.
He said, “Sometimes last year, I opened investigations upon reasonable suspicion of criminal abuse of office by the immediate past Attorney-General of Nigeria.
“We discovered that within eight years of his being in office, we were able to trace about 57 such properties to him. We’ve been able to forfeit about 48.
“Even the nine that were left for him, I’m considering filing an appeal so that we can take everything away from him. And we’re going to do that.”
The EFCC chairman’s disclosure comes after a July 15 judgment of the Federal High Court in Abuja, which granted the commission’s application for the final forfeiture of 48 properties. The assets had previously been placed under an interim forfeiture order in January.
Justice Joyce Abdulmalik ruled that the EFCC had presented sufficient grounds to justify the final forfeiture of the 48 properties, which the commission alleged were connected to unlawful activities.
However, the court rejected the application concerning the remaining nine properties, holding that the EFCC had failed to sufficiently establish that they were acquired through unlawful means.
Olukoyede Defends Civil Forfeiture
Olukoyede also highlighted the importance of civil forfeiture in the commission’s asset recovery efforts.
He explained that the mechanism enables authorities to pursue suspected proceeds of crime without necessarily waiting for criminal trials to be concluded.
He identified effective asset tracing, credible intelligence and judicial cooperation as key factors in successful asset recovery.
EFCC Offers Up to 5% Reward to Whistleblowers
The EFCC chairman further disclosed that individuals who provide information leading to the recovery of stolen Nigerian assets may be entitled to between 2.5 per cent and five per cent of the recovered assets.
He urged Nigerians with credible information about suspected illicit assets, particularly funds or properties moved abroad, to provide such information to the commission.
Olukoyede said the reward mechanism was designed to encourage Nigerians to support the fight against corruption and assist authorities in tracing and recovering proceeds of crime.
“The citizens must be encouraged with your whistleblower protection,” he said.
“If any of you is privy to where Nigerian asset is stolen or taken to anywhere in the world, we have an incentive for you. Between 2.5 and 5 percent is going to go back to you upon recovery.”
He stressed that credible intelligence from members of the public could prove crucial in tracking suspected proceeds of crime, particularly where such assets had been transferred across international borders.
The EFCC is expected to decide on its next legal step regarding the nine properties that were not covered by the court’s final forfeiture order.
