The Economic and Financial Crimes Commission (EFCC) has announced the postponement of the sale of forfeited assets scheduled for between July 10th and 13th, 2023.
Citing “unforeseen circumstances” as the reason behind the suspension, this sudden development leaves stakeholders wondering about the implications and seeking further clarification from the anti-corruption agency.
Issuing a public notice, the agency urged the public to discontinue the submission of any new bids, whilst those already submitted should be retrieved from the commission’s headquarters in Abuja.
- “The Economic and financial crimes commission refers the general public to the publication made on Thursday, 25th May 2022 in respect of the sale of forfeited assets and hereby regrettably informs the General public that due to unforeseen circumstances, the sale of Forfeited Assets scheduled to be held from Monday, 10th to Thursday, 13th July 2023 has been postponed until further notice”.
Considering that the EFCC plays a critical role in combating financial crimes and recovering assets acquired through illicit means, assets confiscated assets are typically sold through public auctions and the proceeds are remitted to the government’s treasury.
You will recall that the EFCC had, in December 2022, announced plans to commence the sale of properties that are subject to final forfeiture orders. The listed properties included;
- 24 units of a luxurious block of flats in Banana Island, Lagos, 21 units of a luxury terrace and block of flats at Thornburn, Yaba, Lagos, and 16 units of 4 bedrooms terrace duplex at Heritage Court Estate, Port Harcourt.
- Others are apartments and plots of land in Lagos State, apartments and plots of land within Abuja Metropolis, plots of land and apartment in Anambra, Ebonyi, and Gombe States, apartments and plots of land in Kaduna, Delta, and Edo States, hotel, plaza and apartments in Kwara State and apartments and plots of land in Cross River, Osun and Oyo States.
The suddenness of the announcement and the lack of reasons for the suspension could give rise to speculation by interested stakeholders as to reasons for the postponement of the auction, without clear explanations.
To address the concerns and restore public confidence, it is imperative that the EFCC provides more comprehensive and transparent communication regarding the postponement as this will go a long way in dispelling speculations by stakeholders and ensuring trust in the agency’s actions.
