Monday, 24th of February 2025, witnessed a striking headline in virtually all of our national dailies with this caption:
According to the release, it was reported that it is within the purview of the Economic and Financial Crimes Commission (EFCC) to tackle and address the menace of economic and financial crimes while at the same time offering restitution to victims of fraudulent practices.
The report stated that EFCC handed over a total sum of $132,362.43 (One Hundred and Thirty-Two Thousand, Three Hundred and Sixty-Two United States Dollars, Forty-Three Cents) and N78,566,324.81 (Seventy-Eight Million, Five Hundred and Sixty-Six Thousand, Three Hundred and Twenty-Four Naira, Eighty-One Kobo) to American, Spanish, and Swiss victims of local fraudsters.
The handover is a clear demonstration of the commitment of the Federal Government of Nigeria (FGN) and that of President Bola Ahmed Tinubu in eradicating corruption and all forms of financial crimes within our system. This move is a testament to our dedication to good governance, economic stimulation, and proving to the world that Nigeria is not a safe haven for financial crimes. Rather, it underscores our commitment to international cooperation and synergy in the fight against financial crimes.
Read also: Employment fraud costs Nigeria N40bn annually – EFCC boss
According to the EFCC Chair, the commission is poised to demonstrate the Federal Government of Nigeria’s readiness to do everything possible to prevent financial crimes from being perpetrated in our system. In addition, the commission is committed to investigating cases where assets are involved, tracing and recovering such assets, and, where necessary, prosecuting all offenders or parties found culpable. He further stated, “We don’t just recover; we restitute the victims.”
The additional assets that were handed over, aside from the money, include vehicles and real estate to citizens of Spain, the United States of America, and Switzerland. Spain’s acting ambassador to Nigeria, Maria Higon Velasco, received the sum of $1,300 (one thousand three hundred dollars) and evidence of N30 million already transferred to the Embassy of Spain in Nigeria for onward transmission to a victim, Maria Del Rosario San Jose.
Florent Geel, Senior Political Officer, First Secretary, Embassy of Switzerland, received $100,011.43 (one hundred thousand, eleven dollars, and forty-three cents) on behalf of a victim, Chantai Helene Lavancy, formerly known as Chantai Helene Maeder.
“EFCC hands Over $132,362.43, N78,566,324.81 to foreign victims of fraud”
Charles Smith, Legal Attaché at the Federal Bureau of Investigation (FBI), Embassy of the United States, received the sum of $7,344 (seven thousand, three hundred and forty-four dollars); N7,963,483.35 (seven million, nine hundred and sixty-three thousand, four hundred and eighty-three naira, thirty-five kobo), and Bitcoin cryptocurrency valued at $4,470.00 (four thousand, four hundred and seventy dollars) on behalf of the United States Embassy in Nigeria for onwards transmission to a victim, Maria Jesus Brockell.
Smith also received a Mercedes-Benz E550 4Matic (Chassis No: WDDHF9AB6AA111112), a Mercedes-Benz C450 AMG (Chassis No: WDD20J0641F282467), and one residential bungalow located at 17/19 Seaman Street, Unguwar Maigero, Kaduna, Kaduna State, on behalf of the United States Embassy in Nigeria for onwards transmission to the crime victim.
Furthermore, Smith received the sum of $7,527 (seven thousand, five hundred and twenty-seven dollars) on behalf of the United States Embassy in Nigeria for onward transmission to the victim of the crime, Michael Smith. He also received the sum of $11,710.00 (eleven thousand, seven hundred, and ten dollars) on behalf of the United States Embassy in Nigeria for onward transmission to the crime victim, Cheryle Williams.
Lastly, but not least, Smith received the sum of N32,639,358.11 (Thirty-Two Million, Six Hundred and Thirty-Nine Thousand, Three Hundred and Fifty-Eight Naira, Eleven Kobo) on behalf of the United States Embassy in Nigeria for onwards transmission to the crime victim, Marva Marrow.
With this kind of gesture, the EFCC is viewed as a major global contender in eradicating the menace of corruption. This singular act goes a long way in enhancing the credibility of our dear nation, Nigeria, at the global level alongside the comity of nations. It will also significantly contribute to restoring investors’ lost confidence in the country, especially at this critical point in our national history when the demand for Foreign Direct Investment (FDI) is increasing daily.
Obviously, this action by the EFCC has further demonstrated the unwavering support of our dear President, Bola Ahmed Tinubu GCFR, in the fight against corruption and cybercrimes within our domain.
In light of the EFCC’s fight against corruption, there is an urgent need for other anti-graft bodies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Special Investigation Panel (SIP), Public Complaints Commission (PCC), Code of Conduct Tribunal (CCT), Code of Conduct Bureau (CCB), Bureau of Public Procurement (BPP), Nigeria Extractive Industries Transparency Initiative (NEITI), Due Process Review and Public Procurement (DPRPP), Civil Service Reform (Servicom), and Nigerian Financial Intelligence Unit (NFIU) to collectively join hands in stemming the issues of corruption, bribery, financial fraud, cybercrime, and Ponzi schemes within our system.
Read also: EFCC boss bemoans support for corrupt individuals in Nigerians
Anti-graft bodies play a crucial role in building public trust and restoring investor confidence by investigating financial frauds, prosecuting offenders, and conducting systematic studies to identify corruption risk factors. Their activities promote transparency and accountability in governance, thereby enhancing public trust and boosting investor confidence.
Anti-graft bodies are dedicated to eradicating financial fraud and corruption through capacity-building programmes, whistleblowing services, public enlightenment, and ensuring probity. They also actively recover stolen assets and enforce their respective legislations.
This singular act through the EFCC has positioned Nigeria among the league of nations with zero tolerance for corruption, financial recklessness, cybercrime, and related offences.
Kingsley Ndubueze Ayozie KJW, FCTI, FCA—a public affairs analyst and chartered accountant—writes from Lagos.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
