…More Than 40 EFCC Personnel Dismissed for Misconduct
By Vivian Okejeme
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Monday revealed that the commission had secured the conviction of 10,872 financial offenders and recovered N1.233 trillion in assets and proceeds of crime in three years.
The anti-graft agency said it received 49,673 petitions, investigated 39,615 cases and filed 41,476 cases in court during the period under review.
Giving an account of the commission’s achievements, Olukoyede said the EFCC recovered N1.23 trillion, $684.48 million, £384,905.78 and €9.34 million between October 1, 2023, and June 30, 2026.
Meanwhile, the anti-graft agency further disclosed that more than 40 EFCC personnel had been dismissed for misconduct in the past three years.
On asset recovery, Olukoyede said more than N1 trillion had been recovered, comprising N397 billion in direct recoveries for the Federal Government and N836 billion in indirect recoveries for state and local governments, ministries, companies and individuals.
Explaining where some of the recovered proceeds would go, he said the Federal Government had also approved N1 billion, with 50 per cent allocated to the Nigerian Consumer Credit Corporation (CREDICORP) and the remaining 50 per cent to the Nigerian Education Loan Fund (NELFUND).
According to him, promoting a credit-based financial system would help reduce financial crimes, while the EFCC is designing a fraud-risk platform for NELFUND to monitor the use of funds disbursed to beneficiaries.
Olukoyede further said the commission had secured the forfeiture of 10,053 assets and recovered 102 tonnes of solid minerals.
He also disclosed that 2,374 cases had been filed against Bureau de Change operators, resulting in 71 convictions.
Addressing concerns over the arrest of family members and associates of suspected criminals, he explained that the Administration of Criminal Justice Act does not permit the arrest of individuals who have no links to alleged offences.
According to him, the commission was ensuring that its arrest operations complied with the law. He warned that officers found violating the provisions would face appropriate disciplinary action.
He identified the categories of crime on which the agency focuses as advance fee fraud, bank fraud and economic governance fraud.
Others include money laundering, cybercrime, extractive industry fraud, land and property fraud, and tax fraud.
Moreover, the agency announced plans to launch a 24-hour rapid response centre in September for members of the public to report economic crimes.
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