The Economic and Financial Crimes Commission (EFCC) has officially transferred a batch of properties allegedly linked to Rainbownet Nigeria Limited—a company reportedly owned by former Enugu State governor, Chimaroke Nnamani—to the Asset Management Corporation of Nigeria (AMCON). The handover ceremony took place in Enugu State, with the anti-graft agency reinforcing its commitment to tracking and recovering assets acquired through unlawful means.

Properties Seized in Enugu Handed Over

According to a statement released by the EFCC on Saturday, the seized properties were tied to the proceeds of criminal activity. The list includes multiple residential structures situated in strategic locations across Enugu. Among the assets transferred are:

• One bungalow

• One wire house

• Three duplexes at No. 3/4 Pocket Estate, Independence Layout, Enugu

• Twelve rooms in a one-storey semi-detached building at No. 35B Abakaliki Road, Enugu

• A six-room duplex at No. 3A Mount Street, Park Avenue, Enugu

• Another six-room duplex at No. 3C Mount Street, Park Avenue, Enugu

These properties were allegedly acquired with misappropriated funds traced back to Nnamani’s time in office as governor of Enugu State.

EFCC Reiterates Resolve to Recover Looted Wealth

During the official handover, the EFCC’s Executive Chairman, Ola Olukoyede, was represented by the Acting Zonal Director of the Enugu Zonal Directorate, Assistant Commander of the EFCC (ACE I), Aisha Abubakar. In her address, she emphasized the Commission’s unwavering mission to combat economic and financial crimes through rigorous investigation and prosecution.

She also highlighted the EFCC’s proactive approach to collaboration, particularly through its Department of Proceeds of Crime Management. “You will always have our cooperation,” Abubakar assured AMCON, noting that once the Commission was informed of AMCON’s readiness to assume control, they conducted a final inspection and swiftly proceeded with the transfer, in line with directives from the EFCC chairman.

AMCON Commends EFCC’s Efforts

In response, John Abuh, a Resolution Officer at AMCON, commended the EFCC for its persistent efforts in tracking and recovering the assets. He expressed appreciation for the coordination and professionalism displayed by the anti-corruption agency, noting that the reclaimed properties would contribute positively to AMCON’s mandate of managing and resolving non-performing loans in the banking sector.

Context: A Long Road to Forfeiture

This development is part of a broader asset recovery effort by the EFCC involving properties allegedly linked to Chimaroke Nnamani. On April 24, 2024, the EFCC similarly handed over 14 properties, initially forfeited to the Federal Government, which were later ceded to the Enugu State government.

The process of securing these forfeitures has been protracted, dating as far back as 2007. These assets include residential buildings, radio and television transmission equipment, and a medical operations facility—many of which were previously owned by companies connected to Nnamani.

In 2015, Justice Mohammed Yinusa of the Federal High Court in Lagos convicted four corporate entities linked to the former governor: Rainbownet Nigeria Limited, Cosmos FM, Capital City Automobile Nigeria Limited, and Renaissance University Teaching Hospital. These companies, through legal representatives, pleaded guilty to a 10-count amended charge brought against them by the EFCC.

Original Charges and Allegations Against Nnamani

Chimaroke Nnamani first came under investigation in 2007 when he was arraigned before Justice Tijani Abubakar. The EFCC charged him with laundering approximately N5 billion during his tenure as governor, much of which allegedly came from public funds allocated to Enugu State’s local governments.

According to court filings, Nnamani and several co-conspirators were accused of conspiring to divert and launder large sums of money earmarked for public service delivery. These funds were allegedly funneled through a complex web of front companies and shell organizations, including those convicted in 2015.

Although legal proceedings have extended over several years, the latest developments suggest that authorities remain committed to reclaiming misappropriated assets and ensuring that such properties are either returned to public control or repurposed to serve national interests.

A Broader Anti-Corruption Push

This case fits into the EFCC’s broader strategy to recover illicit wealth accumulated by public officials through abuse of office. Under the leadership of Chairman Ola Olukoyede, the Commission has intensified its efforts in tracing, freezing, and confiscating assets linked to corruption.

The EFCC has also prioritized partnerships with other agencies like AMCON to ensure that recovered properties are not just seized but put to productive use—either to offset public debt or to be utilized for developmental purposes.

This handover also signals a renewed commitment by the Nigerian government to close long-standing corruption cases and deliver tangible results in the fight against graft.

What Comes Next?

With these properties now under AMCON’s stewardship, the focus may shift to repurposing or liquidating them in ways that benefit the public or help reduce the corporation’s debt recovery burden. As more high-profile cases move through the courts, the EFCC’s actions may set new precedents for asset recovery and inter-agency cooperation in Nigeria’s anti-corruption war.

Chimaroke Nnamani’s legal entanglements continue to draw public attention, and while he has remained politically active in recent years, the latest asset transfers underscore the enduring consequences of corruption allegations—even years after officials leave public office.

As the EFCC continues to trace and recover looted wealth across Nigeria, the case serves as a cautionary tale for those entrusted with public funds and a reaffirmation of the agency’s commitment to justice and accountability.