EFCC UNDER SCRUTINY AS ASSET AUCTION RAISES TRANSPARENCY CONCERNS

The Economic and Financial Crimes Commission (EFCC) is facing renewed scrutiny over the conduct of its asset auction process, with stakeholders raising concerns about transparency, accountability, and public confidence in the disposal of forfeited assets.

Critics have called for greater openness in how seized properties and other assets are valued, advertised, and sold, arguing that a transparent process is essential to maintaining the credibility of the anti-corruption agency.

Industry observers said public asset auctions should follow clear procedures that ensure equal access for qualified bidders, competitive pricing, and full disclosure of outcomes. They noted that transparent disposal processes help prevent allegations of favoritism or abuse.

The concerns come amid broader calls for stronger governance and accountability in the management of assets recovered through anti-corruption efforts. Experts stressed that public trust in such exercises depends on adherence to due process and compliance with established regulations.

The EFCC has maintained that its asset disposal exercises are conducted in line with legal requirements and existing guidelines, emphasizing its commitment to transparency and accountability.

Stakeholders have urged the commission to continue strengthening oversight mechanisms and public communication to reinforce confidence in its anti-corruption mandate and the integrity of its asset recovery programme.