EFCC Breaks Asset Recovery Record Under Olukoyede's Leadership
The Economic and Financial Crimes Commission (EFCC) has made significant strides in its anti-graft campaign under the leadership of Ola Olukoyede, who took over in October 2023.
In just 34 months, the EFCC broke its 23-year record for monetary asset recovery in both national and foreign currencies. The commission recovered a staggering ₦1,233,612,040,411.11 (One Trillion, Two Hundred Thirty-Three Billion, Six Hundred Twelve Million, Forty Thousand, Four Hundred Eleven Naira, Eleven Kobo) in naira, $684,478,457.32 (Six Hundred Eighty-Four Million, Four Hundred Seventy-Eight Thousand, Four Hundred Fifty-Seven Dollars, Thirty-Two Cents) in dollars, £373,905.78 (Three Hundred Seventy-Three Thousand, Nine Hundred Five Pounds, Seventy-Eight Shillings) in Pound Sterling, and €9,343,803.66 (Nine Million, Three Hundred Forty-Three Thousand, Eight Hundred Three Euros, Sixty-Six Cents) in euros.
The larger chunk of the recovery, approximately ₦836.34 billion, representing 67 percent, was made for ministries, departments and agencies, state revenue services, corporate entities, Nigerian and foreign victims of fraud. The EFCC also secured the forfeiture of 10,053 fixed assets under interim and final court orders within the period.
The commission's efforts have led to a significant increase in convictions, with 10,872 convictions out of 14,476 cases filed in court, reflecting a conviction-to-filing ratio of 75.1 percent. The EFCC is currently prosecuting about 45 high-profile individuals, including nine former governors, five former ministers, and 13 private sector players for corruption.
The commission has also made significant contributions to the federal government's establishment of Nigerian Consumer Credit Corporation (CREDICORP) and Nigerian Education Loan Fund (NELFUND), which have disbursed over ₦322 billion in loans to more than 1.6 million students and over ₦37 billion in consumer credit to more than 200,000 civil servants.