Hot Source* Lists NDDC, AMCON, others as beneficiaries
Alex Enumah in Abuja
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has disclosed that funds recovered from the proceeds of crime are being deployed into critical social investment programmes across the country.
Olukoyede stated this during a media parley with journalists on his second anniversary at the helms of the anti-graft agency.
He disclosed that in the last two years, the commission recorded huge amounts of cash suspected to be proceeds of crime both in local and foreign currencies.
He gave a breakdown of the recovered funds as N566,319,820,343.40; $411,566,192.32; £71,306.25; €182,877.10; and CAD $5,510.00, amongst others.
In the area of non-monetary assets, the EFCC claimed that a total 1,502 properties, comprising 402 in 2023, 975 in 2024 and 125 in 2025, were recovered.
“The recovered property include two notable landmarks: the final forfeiture of 753 units of duplexes in Lokogoma, Abuja and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia, Kaduna State,” he said.
“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Students Loan Scheme and the Consumer Credit Scheme.
“A total of N100 billion of funds recovered by the commission was invested in these two schemes. Also, agencies of government, including the Niger Delta Development Commission (NDDC), the Asset Management Corporation of Nigeria (AMCON), the Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA), are beneficiaries of funds recovered by the commission.
“A number of property recovered by the commission have been allocated to some agencies of government for use as offices,” he added.
Meanwhile, the Director, Public Affairs, Mr Wilson Uwujaren, who represented the chairman at the media parley, disclosed that one area where the commission under Olukoyede has made great strides is in the fight against cybercrime, stating that apart from stepping up enforcement activities, the EFCC Chairman also ramped up public education and sensitisation activities intended to discourage youths from engaging in cybercrime.
“Under Olukoyede, the EFCC has prioritized corruption prevention as a cheaper alternative to enforcement activity. The paradigm shift led to the establishment of FRAC, which is deploying risk-based approaches in monitoring budget performance of Ministries Department and Agencies to prevent diversion of funds and other leakages.
“In 2024, the direct intervention of the department ensured the delivery of over 80 per cent of the Presidential CNG buses,” he added.
In the area of prosecution, he reassured Nigerians that the anti-graft agency remains committed to pursuing all corruption matters, whether involving public officials or private individuals, with equal dedication and thoroughness.
He said to this end, the anti-graft agency has commenced the review and prosecution of some cases thought to have been abandoned.
Among the cases he listed are that of Fred Ajudua; former Peoples Democratic Party (PDP) Chairman, Haliru Bello Mohammed; former NSA, Sambo Dasuki; and former Managing Director of NSITF, Ngozi Olojeme.
“Another interesting development in the prosecution of corruption cases under Olukoyede is that cases thought to have been abandoned were reviewed and prosecutions revived. Among them are the cases of Fred Ajudua; former PDP Chairman, Haliru Bello Mohammed; former NSA, Sambo Dasuki; and former Managing Director of NSITF, Ngozi Olojeme, among others,” he said.
Meanwhile, Olukoyede disclosed that in the last two years, the commission received 19,318 petitions, investigated 29,240 cases, filed 10,525 cases in court and got 7,503 convictions.
