The Economic and Financial Crimes Commission (EFCC), Chairman, Abdurasheed Bawa, on Friday, said that court processes, administrative exigencies were stalling auctioning of seized assets, Newspremises reports.
He also said the Commission was waiting for a presidential Committee which was set for that purpose to finalize its assignment.
Bawa who appeared before the House Ad-hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, headed by Adejoro Adeogun was responding to the questions of why it had taken the authorities so long to sell off the seized assets especially the ones from the former Petroleum Minister, Diezani Alison-Madueke.
The EFCC Chairman valued the worth of jewellery from Diezani Alison-Madueke, at over N14 billion just a the house seized from her was worth over $80 million.
He said though a forfeiture order for assets recovered from the former Petroleum Minister was acquired in 2019, they were yet to be auctioned.
Chairman of the Committee, Adeogun had said that the assets could depreciate in value if kept for so long at time.
“Given the financial situation of Nigeria, shouldn’t we just auction these things fast and put the money to use. Why does it take so long to turn these assets into cash to fund the budget?” Adeogun queried.
But responding, Bawa said: “Already the Federal Government has set up a committee under the chairmanship of the Solicitor-General for the Federation and I think they are working tirelessly.
“We have EFCC representatives from that committee and we believe at the end of the day Nigerians are going to appreciate what that committee will come out with in term of the mandate given to them”.
He assured that with the completion of the Committee’s, all assets recovered by the EFCC, as well as those recovered by other authorized agencies would be disposed.
He also said that the Commission is thinking of dealing with the issues on a case-by-case basis to prevent them from accumulating.
The EFCC Chairman also dismissed the speculations that recovered loots were being re-looted.