The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that the anti-graft agency has secured the forfeiture of cash and assets worth more than $500 million to the Federal Government over the past three years.

Olukoyede made the disclosure while delivering a lecture at an international symposium on economic crime in the United Kingdom.

He explained that the recoveries were achieved through the use of Nigeria’s non-conviction-based asset forfeiture framework, which allows authorities to pursue suspected proceeds of crime through civil proceedings without waiting for a criminal conviction.

The EFCC chairman said the agency had adopted stronger measures to identify, trace and recover assets suspected to have been acquired through illegal activities.

He noted that asset recovery remains an important component of the commission’s fight against corruption and financial crimes.

According to him, the value of the forfeited assets demonstrates the scale of resources that can be recovered when financial investigations are properly coordinated and supported by effective legal mechanisms.

Olukoyede also stressed the importance of international cooperation in tracing and recovering illicit funds moved across national borders.

He said financial crimes are increasingly sophisticated and require stronger collaboration among law enforcement agencies, financial institutions and international partners.

The EFCC chairman reaffirmed the commission’s commitment to pursuing proceeds of crime and ensuring that recovered assets are returned to the government in accordance with the law.

He maintained that the agency would continue strengthening its investigative and asset recovery mechanisms as part of efforts to combat corruption and economic crimes in Nigeria.