The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in its efforts to recover stolen assets, with the recovery of billions of naira worth of properties and vehicles from two brothers, Olisaebuka Eze and Onyeka Nnadozie Eze.
According to the EFCC, the brothers had acquired the assets using funds stolen from their employer, Arthur Eze, through fraudulent means. The commission’s investigation revealed that the stolen funds were used to purchase 20 properties, 10 vehicles, and three luxury wristwatches, which have now been forfeited to the federal government.
The assets, including properties located in Abuja, were ordered to be forfeited by a three-man panel of justices at the Appeal Court in Abuja. The court held that the properties were acquired with proceeds of crimes committed against Arthur Eze.
The recovered assets include a seven-bedroom duplex, nine units of two-bedroom flats, a three-bedroom terrace duplex, and several plots of land. The vehicles seized include a Toyota Camry, Toyota Highlander, Honda Accord, Mercedes Benz GLE, Toyota Tundra, Toyota Avalon, Honda Civic, and Kia SUV.
The EFCC received a petition from Arthur Eze in 2020 alleging theft, criminal misappropriation, and money laundering by Olisaebuka Eze and his brother. The commission arrested the brothers and froze their bank accounts following court orders. In an attempt to challenge the actions taken against them, the brothers filed a suit at the FCT High Court, but the court ruled in favor of the EFCC.
In its final ruling, the Appeal Court dismissed the brothers’ appeal and affirmed the final forfeiture of the assets to Arthur Eze. The court held that the brothers did not satisfactorily prove that they legitimately acquired the properties and items involved. The EFCC’s counsel, Ibrahim Buba, described the ruling as a major victory for the commission and a blow to corrupt individuals who seek to launder their ill-gotten gains.
The recovery of these assets is a significant milestone in the EFCC’s efforts to recover stolen assets and bring corrupt individuals to justice. The commission’s efforts have sent a strong signal that corrupt individuals will be held accountable for their actions and that stolen assets will be recovered and returned to their rightful owners.
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