The Economic and Financial Crimes Commission (EFCC) has recovered over N250 billion in assets within a year, according to Ola Olukoyede, its Chairman.
Speaking during an oversight visit from the House of Representatives Committee on Financial Crimes, Olukoyede emphasized that asset recovery remains central to the EFCC’s strategy against corruption.
He highlighted how tracing and seizing ill-gotten wealth is not only deterring crime but also reinforcing the agency’s commitment to transparency and accountability.
“If you understand the intricacies involved in financial crime investigations and prosecution, you will discover that to recover one billion naira is war,” Olukoyede said.
He explained that the EFCC’s strategy now includes asset tracing at the beginning of investigations, preventing suspects from using illicitly acquired funds to undermine or evade justice.
This intensified approach, he noted, has significantly contributed to the EFCC’s recent successes.
Olukoyede announced that since October 2023, the EFCC has managed to recover nearly N250 billion, along with millions in foreign currencies, including dollars and pounds sterling.
In the same period, the Commission secured approximately 3,500 convictions across a range of high-profile cases. “People often dismiss certain types of fraud, but these crimes cost Nigeria millions every year. We cannot treat this with levity,” he stated.
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He added that the EFCC would continue its work despite opposition from powerful entities.
In line with its expanded mission, the EFCC has also placed a strong emphasis on prevention through a newly established Fraud Risk Assessment and Control Directorate (FRAC).
According to him, the FRAC collaborates with the Office of the Accountant General to audit and monitor project implementations in various government agencies.
“This effort comes in response to findings that only a fraction of capital projects over the last two decades have been fully implemented.
“We aim to raise capital project execution to at least 50 percent, which would be a meaningful improvement for Nigeria,” Olukoyede said.
He also noted that the EFCC’s workload has intensified, with over 20,000 cases currently under investigation and more than 4,800 new case files opened since October 2023.
Olukoyede emphasized the need for resources to handle the mounting caseload effectively, underscoring the Commission’s commitment to delivering results with the resources available.
In response, Ginger Obinna Onwusibe, Chairman of the House Committee on Financial Crimes, praised the EFCC’s recent achievements, affirming that the National Assembly is committed to increasing the agency’s budget to support its mission.
“We are impressed by the work being done. The EFCC Chairman has shown boldness in fighting corruption without bias or favoritism,” Onwusibe noted.
He pledged to advocate for the Commission’s budget increase in the 2025 fiscal year.
As the EFCC continues to advance its goals of combating economic crimes and enhancing Nigeria’s economic integrity, both the agency and the lawmakers reaffirmed their commitment to reducing financial crime and holding offenders accountable.
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