The Economic and Financial Crimes Commission (EFCC) has reiterated its commitment to safeguarding recovered assets from falling back into the hands of corrupt individuals.
The Commission emphasized that such assets will be repurposed for public good in line with the principles of transparency and accountability.
EFCC Chairman Ola Olukoyede made this declaration on Wednesday during an inspection visit to the main campus of the newly established Federal University of Applied Sciences, Kachia, in Kaduna State. The university facility, formerly known as Nok University, was seized by the Federal Government following a court-ordered forfeiture linked to corruption.
University Seized from Former Ministry Official Now Serves the People
Originally founded in 2021, Nok University was a privately-owned institution established by Anthony Hassan, a former Director of Finance and Accounts at the Federal Ministry of Health. However, in June 2024, the Federal High Court in Abuja, presided over by Justice Joyce Abdulmalik, issued a final forfeiture order, having found that the institution and its associated assets including a water bottling company, a hotel, and an event centre were acquired using illicit public funds.
The seized properties were transferred to the Federal Government and later repurposed as a public institution, marking a significant milestone in Nigeria’s anti-corruption efforts.
"No More Re-looting of Recovered Assets" — EFCC Chair
Speaking during the visit, Olukoyede assured Nigerians that the era of recovered assets being re-looted is over.
“This is a living testimony that good governance is achievable in Nigeria. President Bola Ahmed Tinubu has given us a clear mandate to promote transparency, ensure justice, and recover looted funds. He has backed that directive with action and unwavering support,” Olukoyede stated.
“We will never again allow recovered assets to be misappropriated. What we’re witnessing here today is proof of accountability, transparency, and responsible utilization of recovered public wealth.”
The EFCC Chairman emphasized that the local communities where these assets are recovered should be the first beneficiaries, underscoring that the facility now housing the Federal University of Applied Sciences in Kachia will serve as a lasting resource for educational development and social advancement in the region.
EFCC Projects Beyond Prosecution: Recovered Funds Now Fuel Development
Olukoyede also highlighted the Commission’s expanding role in ensuring that recovered funds directly benefit Nigerians. He cited a recent trip to Bayelsa State, where the EFCC commissioned public projects built using funds retrieved from the Niger Delta Development Commission (NDDC).
“These activities may not fall under the traditional scope of EFCC operations, but because those projects were financed through recovered looted funds, we are actively involved. This is the new direction the Commission is taking ensuring recovered assets lead to tangible benefits for the people,” he said.
President Tinubu’s Direct Involvement Praised
Olukoyede credited President Tinubu for his decisive leadership, stating that the President not only directed the handover of the Kachia project to the Federal Ministry of Education but also endorsed its transformation into a functional academic institution.
“The President’s directive was clear let this facility be used for education. We handed it over publicly at the Presidential Villa and gave our word to ensure its proper use. What you see today in Kachia is the realization of that promise a formerly corrupt asset now becoming a centre of knowledge and opportunity.”
A Symbol of Reform and Hope
The EFCC Chairman concluded by reaffirming the Commission’s mission to enforce accountability in both the public and private sectors.
“This university stands as a symbol of hope, a demonstration that Nigeria can win the war against corruption not only by punishing offenders but by transforming stolen wealth into public good.”
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