EFCC achieved record-breaking N250 billion asset recovery in one year, says chair

INDEPENDENT NG

The Economic and Financial Crimes Commission (EFCC) has successfully recovered over N250 billion in assets in the past year, announced its Chairman, Ola Olukoyede, during an oversight visit by the House of Representatives Committee on Financial Crimes.

Olukoyede emphasized that asset recovery is a core strategy in the EFCC’s fight against corruption. He explained that tracing and seizing assets acquired through illegal means not only discourages financial crime but also highlights the agency’s dedication to transparency and accountability.

“Recovering even a billion naira is a battle,” Olukoyede noted, describing the challenges in investigating and prosecuting financial crimes. He explained that the EFCC now prioritizes asset tracing early in investigations to prevent suspects from using illegal funds to evade justice.

This proactive approach has greatly contributed to the EFCC’s recent achievements. Since October 2023, the EFCC has recovered nearly N250 billion, along with millions in foreign currencies, including dollars and pounds. Additionally, around 3,500 convictions have been secured over the past year, many involving high-profile cases.