The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has disclosed that the commission in the last three years secured the forfeiture of both cash and assets worth more than $500 million to the Federal Government of Nigeria.

Olukoyede made the disclosure yesterday while delivering a lecture at the Cambridge International Symposium on Economic Crime, in the United Kingdom.

The forfeitures which were made under his leadership of the anti-graft agency, according to him, were possible due to Nigeria’s legal framework empowering the agency to seek the forfeiture of assets suspected to be proceeds of crime without waiting for a criminal conviction.

Olukoyede observed that the legal framework is similar to what obtains in countries such as Australia and Canada, with a formal forfeiture application.

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