EFCC Engages Foreign Auctioneers To Sell Seized Assets

October 31, 2019

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu on Thursday said the Commission has contacted ‘internationally certified’ auctioneers to assist it to auction off some high profile assets and luxury items seized from some suspects and convicts.

The acting EFCC boss stated that some of the assets and items are located in highbrow areas in Abuja, Lagos and River States.

Magu, who was speaking at a stakeholders meeting held at the EFCC’s Lagos office, also said the $40 million worth of jewelry, recovered from a former Petroleum Resources Minister, Mrs Diezani Alison-Madueke will be part of the auction.

He further disclosed that 242 trailers and tankers recovered from internet scammers will also be auctioned off.

Magu maintained that the Commission decided to involved internationally recognised auctioneers in the procession in order to demonstrate best practices and transparency.

He revealed that the auction would be open to the public and every Kobo would be accounted for.

The Acting EFCC Chairman said, “from January to date, the Lagos office of Commission has made over 300 arrests, secured 207 convictions and recovered a good number of exotic cars.

“In addition, several properties suspected to have been acquired through the proceeds of crime were sealed.

“But the recent arrests of a renowned social media celebrity, Ismaila Mustapha, popularly known as Mompha, and his Lebanese collaborator, Hamza Koudeih, for their alleged involvement in internet-related fraud and money laundering remain a landmark achievement.

“As you are all aware, actionable intelligence received from local and international law enforcement agencies had revealed that Mompha and Hamza, alongside their collaborators, are high-valued targets in Organized Cyber Syndicate Network (OCSN).

“I make bold to tell you that these arrests have further confirmed our commitment to the anti-graft war, while also sending a red alert to potential internet fraudsters.

“For us, there will be no hiding place for fraudsters as the Commission will hunt and bring any errant and criminally-minded persons to justice.

“We remain undaunted and will leave no stone unturned to ensure that our country is sanitized from the menace of corruption, particularly the various computer-based frauds.

“The Commission is, however, contemplating putting in place a policy of rehabilitating these youths, so that they can deploy their computer ingenuity to good use for the overall well-being of the society.

“In fact, we must continue to mentor our youths and impress it on them to shun crimes and its alluring temptation because it will always end in sorrow and regrets,” he stated.

Magu also said that the fight against economic and financial crimes is not a task that the Commission can single handled overcome.

He stressed that all critical stakeholders, including the media, must continue to collaborate and cooperate with the anti-graft agency to make the fight a success.