The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has opposed calls for the establishment of a single agency to manage all assets recovered by government agencies.

Olukoyede gave the assurance on Tuesday while weighing into the ongoing debate over the management of forfeited and recovered assets.

In a statement posted on his social media handle, the EFCC chairman said his position was based on practical experience, having previously served as Secretary of the commission and managed recovered assets for several years.

He argued that similar attempts in other countries had failed. Olukoyede cited the United Kingdom, where he said an effort to establish a central agency for recovered assets cost more than 34 million pounds before it was scrapped within a year.

He also cited South Africa, saying a similar arrangement lasted only 16 months.