See What happens to the seized Buildings by EFCC - You will be Suprised

A report was made few weeks ago, that the Economic and Financial Crimes Commission (EFCC) seized a building worth two billion naira from a former Comptroller-General of the Nigerian Customs Service, in which he has raised a questions to the Federal Government on what they intends to do with such confiscated structures. It is only one of several hundred houses, hotels, commercial buildings and parcels of land now reportedly in the custody of the EFCC, though most of them are still under litigation.

The task before President Muhammadu Buhari regime is to come up with a transparent and accountable means of disposing these property and assets in such a manner to prevent people close to the corridors of power from taking over through the backdoor.The three options to the government include: converting them to public buildings (thereby saving the cost of renting or constructing new ones), and leasing them to third parties who will pay their rents into the Federation Account, and their outright sale.

The large number of property potentially liable to seizure because of the scale of corruption in the system, it is than obvious that all three options will be on the table. However, the most problematic of the lot will be the issue of outright sale.

Federal Government agencies confiscating that these buildings attach financial values to them without professional valuation. It is than sensible to attach financial values to confiscated properties unless they have been properly valuated at the point of sale. Property seized by the EFCC is a proceeds of crime and belong, not to the Federal Government alone but the three tiers of government. Therefore, revenue derived from such must be paid into the Federation Account.

Therefore, necessary for a committee that represents the stakeholders to the Federation Account is to be constituted to monitor all seizures and the legal processes leading to their certification as a confiscated properties of the Federation or otherwise. So therefore the public must be kept informed of the activities of this committee to enable them know which property are returned to their owners after due legal processes, and which have been confiscated to the state.

Issue of transparency in the activities of anti-graft agencies in  the recovering property s is    proceeds of crime  that cannot be toyed with or handled in a manner that leaves question-marks. Unless they is  transparency and accountability at play, the gallant efforts of our anti-graft agencies to recover stolen property.

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