EFCC Nets N400bn in historic crackdown on corruption, cybercrime
Executive Chairman of the Economic and Financial crimes Commission, EFCC, Ola Olukoyede.
Published By: Kazeem Ugbodaga
By Kazeem Ugbodaga
The Economic and Financial Crimes Commission (EFCC) has recovered over N400 billion in various currencies from from looters and fraudsters in the last one year.
The feat was achieved under the leadership of Ola Olukoyede, the current Chairman of the Commission.
It is one of the largest recoveries from the agency within a period of one year in history of the 21-year-old organisation.
The feat was achieved through thorough investigations carried out by the agency’s headquarters and its 14 zonal offices across the country.
In addition to these financial recoveries, the agency also retrieved 53 vehicles from fraudsters and handed them over to the Canadian Royal Mounted Police for repatriation. These vehicles had been stolen in Canada over time, shipped to Nigeria, and distributed to various locations by the criminals involved.
During this period, EFCC’s legal team secured 3,455 convictions, ensuring the agency’s efforts in prosecuting cases yielded tangible results.
These figures were revealed in a document obtained by our correspondent, outlining the agency’s achievements between October 2023 and 30 September 2024.
The document also summarised the cases investigated and the recoveries made within one year, all part of the anti-corruption strategy implemented under Olukoyede’s leadership.
Of the total recovered funds, more than N248 billion was in local currency, while approximately N200 billion was in foreign currencies, including US dollars, euros, pounds, and others.
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The monetary recoveries over the period include:
* $105,423,190.39
* £53,133.64
* €172,547.10
* ₹1,300.00 (One Thousand, Three Hundred Indian Rupees)
* CAD $3,400.00 (Three Thousand, Four Hundred Canadian Dollars)
* ¥74,859.00 (Seventy-Four Thousand, Eight Hundred and Fifty-Nine Chinese Yuan)
* AUS $740.00 (Seven Hundred and Forty Australian Dollars)
* 170 UAE Dirhams (One Hundred and Seventy Dirhams)
* 73,000 Korean Won (Seventy-Three Thousand Korean Won)
* CFA 7,821,375.00 (Seven Million, Eight Hundred and Twenty-One Thousand, Three Hundred and Seventy-Five West African CFA)
* R50.00 (Fifty South African Rand).
EFCC’s Director of Public Affairs, Wilson Uwujaren, speaking, said the commission had achieved notable success in its fight against corruption.
“In terms of naira recoveries, we have recovered over N200 billion in one year under Ola Olukoyede’s leadership. That’s not to mention the dollar and euro components of the recoveries. The amounts are indeed substantial. Regarding convictions, we have secured over 3,000 within the same period, which we find quite impressive,” he said.
Despite these accomplishments, Uwujaren stated that the commission’s main focus remains crime prevention rather than convictions.
“The priority of the current EFCC leadership is centred around preventing corruption,” he said.
To this end, the commission has introduced initiatives aimed at educating young people across the country on the dangers of fraud, particularly cybercrime.
Besides cybercrime, Uwujaren pointed out that corruption in the public sector, particularly in relation to contracts and procurement processes, remains a significant issue.
“As you would agree, corruption in the public sector is largely linked to contract and procurement processes, and the commission is committed to addressing these issues before they occur,” the public affairs director explained.
“The saying goes that prevention is better than cure, and by preventing procurement fraud before it happens, we can save considerable resources for the country,” he added.
