ABUJA — The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described the Proceeds of Crime (Recovery and Management) Act (POCA) 2022 as the ultimate “game-changer” in Nigeria’s intensified war against economic and financial crimes.
Speaking on Wednesday, March 4, 2026, at the EFCC Academy in Karu, Abuja, Olukoyede emphasized that the legislative framework has finally provided the Commission with the “teeth” needed to not only bite but to reclaim the nation’s stolen wealth with clinical precision.
The workshop, organized for officers of the Department of Proceeds of Crime Management, serves as a strategic pivot as the EFCC shifts from a focus on mere convictions to a more robust “follow-the-money” approach.
A Comprehensive Shield Against Corruption
In a speech delivered by the Acting Commandant of the EFCC Academy, ACE1 Joseph Ogwiji, the Chairman noted that asset recovery sits at the very heart of the anti-graft agency’s mandate.
”POCA 2022 has provided a comprehensive legal roadmap for the identification, tracing, seizure, and disposal of proceeds of crime,” Olukoyede stated. “It has fundamentally strengthened our financial intelligence and enhanced our prosecutorial effectiveness.”
He further observed that the Act has significantly boosted public trust by ensuring transparency and accountability in how forfeited assets are managed—a process that was previously dogged by administrative bottlenecks and public skepticism.
The Rise of Professionalism
Echoing the Chairman’s sentiments, the Director of the Department of Proceeds of Crime Management, CE G.K. Latona, argued that the era of “generalist” asset management is over. He stressed that the field has evolved into a global specialty, citing the Asset Recovery Inter-Agency Network of West Africa (ARINWA) as a benchmark for the Commission’s new professional trajectory.
”The preservation and disposal of assets are now specialized issues. We must move along with global trends to ensure that recovered wealth is handled with the highest level of expertise,” Latona said.
Strategic Partnerships
The training was co-organized by the African Center for Governance, Asset Recovery and Sustainable Development. Speaking at the event, the Center’s Deputy Director, Obialunanma Nnaobi-Ayodele, revealed that the collaboration was born out of a rigorous “Training Needs Assessment.”
She highlighted the primary objectives of the session as:
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- Strengthening legal competencies within the EFCC.
- Enhancing operational capabilities to mitigate money laundering.
- Fostering institutional synergy to block terrorist financing.
As Nigeria continues to navigate complex cross-border financial crimes, the full implementation of POCA 2022 is expected to streamline the repatriation of offshore loots and ensure that the proceeds of crime are effectively returned to the public coffers for sustainable development.
