Olukoyede made the position known while responding to the ongoing debate over how assets recovered from proceeds of crime should be managed and disposed of. Drawing from his previous experience as Secretary of the EFCC, where he was involved in asset management, he argued that accountability should remain with the agencies responsible for recovering the assets.
According to the EFCC chairman, more than 20 government agencies have statutory powers that can result in the recovery or forfeiture of assets. He pointed specifically to the Nigeria Police Force, which has divisions and stations spread across the country, as an example of why transferring every recovered asset to a central institution would create another layer of administrative difficulty.
Olukoyede also cited experiences from other countries in opposing the proposed arrangement. He said attempts to establish centralised asset-management institutions in the United Kingdom and South Africa did not produce sustainable results, while also pointing to the Asset Management Corporation of Nigeria as an example of the challenges that can arise when large portfolios of recovered assets are placed under a single institution.
Instead, he argued that Nigeria's existing legal framework provides a better approach. Olukoyede said the Proceeds of Crime Act places responsibility on individual agencies to account for what they recover and what happens to those assets. He also cited Section 31 of the EFCC Act as part of the framework supporting accountability within the commission.
His argument comes as the EFCC continues to report a substantial increase in asset recoveries. The commission recently disclosed that it had secured interim and final forfeiture orders covering 10,053 tangible assets during Olukoyede's tenure. The assets include real estate, vehicles, plots of land, electronic equipment, schools, factories, hotels, oil rigs, barges, machinery and aircraft, as well as 102 tonnes of solid minerals.
The EFCC also reported that proceeds from the disposal of finally forfeited assets had generated approximately N12.07bn, which was paid to the Federal Government. Between October 2023 and June 2026, the commission said it recovered more than N1.23tn, $684.48m, £373,905.78 and €9.34m. It also disclosed that N661.32bn and $492.37m had been released to beneficiaries.
Those figures place greater importance on how recovered assets are accounted for after investigations and court proceedings. Asset recovery does not end when a property or fund is forfeited. The government must also ensure that assets are properly preserved, valued, disposed of where appropriate and ultimately applied in accordance with the law.
Olukoyede said the EFCC publishes information about its recovered assets on its website within 24 hours and submits its annual report to the National Assembly. He argued that the more effective solution was therefore to strengthen transparency and require every government agency involved in asset recovery to account for its own recoveries rather than create another central institution.
The debate is significant because recovered assets can involve everything from cash and bank balances to houses, land, companies, vehicles, aircraft and industrial facilities. Poor management can result in depreciation, loss of value, unnecessary maintenance costs or allegations of abuse, making transparency an important part of the recovery process.
Olukoyede therefore gave a direct assurance about the assets recovered by the EFCC under his leadership, pledging that none would be mismanaged. His statement places responsibility not only on the commission to recover proceeds of crime but also on it to demonstrate that those recoveries are properly protected, accounted for and ultimately put to lawful use.
The EFCC's growing recovery figures and the increasing value of forfeited properties mean that the question of asset management will likely remain an important part of Nigeria's anti-corruption debate. Beyond the amount recovered, public confidence will increasingly depend on whether Nigerians can clearly see where recovered assets go, how they are disposed of and who ultimately benefits from them.
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