Tambuwal tasks EFCC to account for monies, seized assets worth N2trn

The Speaker, House of Representatives, Honourable Aminu Tambuwal, on Monday, tasked the management of the Economic and Financial Crimes Commission (EFCC) on the need to be accountable, concluding that information at his disposal showed that the anti-corruption agency since its inception had seized landed properties and monies worth N2 trillion.

This is coming just as the House Committee on Drugs, Narcotics and Financial Crimes expressed displeasure over the refusal of the two former chairmen of the commission, namely, Mallam Nuhu Ribadu and Mrs Farida Waziri, to honour its invitation to answer questions over  seized and confiscated assets and consequently threatened that if the duo failed to honour the committee’s invitation, warrant of arrest would be issued on them and others who failed to honour the invitation of the committee.

The speaker, who dropped the hint at an investigative public hearing to unravel the status of seized and sold assets by the EFCC from inception to date organised by the House Committee on Drugs, Narcotics and Financial Crimes, said, “I have learnt that between 2003 and now, the Economic and Financial Crimes Commission (EFCC) confiscated over 200 mansions and large sums of money through 46 forfeiture court orders.


These landed property, monies, and business concerns which were estimated to be worth in excess of two trillion naira, included bank accounts, shares in blue chip companies, exotic vehicles, fuel stations, holdings, warehouses and shopping malls.”

He further said, “we have reports that some of these properties have fallen into disrepair and that some cannot even be accounted for. Indeed, the status of these assets and the lack of clarity about their use while in litigation are part of the reasons why we are holding this hearing.

“We cannot allow a situation whereby over 400 cars seized through the diligence of the Economic and Financial Crimes Commission (EFCC), for instance, continue to waste away. We have a vicarious responsibility to ensure that assets seized through forfeiture court orders are prudently and carefully managed to avoid waste and to ensure they are maximally disposed of for the benefit of the public.

“This is why the House has resolved to carry out this Investigative Hearing. It is not enough to just seize assets, we need to ensure that they are quickly utilised as part of restitution for the original crime,” he maintained.

This is coming just as the chairman, National Drug Law Enforcement Agency (NDLEA), Mr Ahmadu Giade, disclosed that his agency had  transferred liquid cash worth over N90 billion and 70 cases to the EFCC.

According to him, “In  2006, I transferred 12 cases to the EFCC, and from January to December 2007, I transferred 14 cases to the EFCC; from January to December 2008, I transferred a total of 21 cases to the EFCC; from January to December 2009, I transferred 12 cases to the EFCC, and in 2010, three cases were transferred to the EFCC, while four cases were transferred in 2011.

“From January to December last year (2012), three cases were transferred, while from January this year till date, only one case was transferred to the EFCC for further investigation.”

“From 2006 till date, the genuine naira was N27,822,210; dollars was $2,822,878. Then fake dollars were $7,124,166; pounds sterling £20,300 genuine currencies. Fake ones were £978,487. There is Korean Won, which is 33,000; then Euro is 11,266 genuine, while the fake one is 8,400 only.
CFA 93,750,517 only; and the Cedes was 5 cedes,” he explained.

On Mallam Ribadu and others who failed to honour the invitation of the committee, the visibly angry chairman House Committee, Honourable  Jagaba Adams Jagaba had ruled, “I am sounding this warning to those we have summoned and refused to come, according to section 89 (c) of the constitution, we have the legislative power, in fact we can declare you wanted including other agencies that are not here. You cannot treat the National Assembly the way you want. They all have up to Wednesday this week to appear by 10am,”.

Earlier while making remark, Honourable Jagaba maintained that the committee would do a good job, saying, “we owe Nigerians a duty to make government and its agencies to render accounts of its deeds and misdeeds, the result of which will make the elected representatives form their opinion and make necessary recommendations”.