The Chairman of the {Economic} and {Financial} Crimes Fee (EFCC), Mr. Ola Olukoyede, has lastly revealed how the large sums of cash recovered by the anti-graft company are being utilised.
Based on him, the recovered funds — totalling ₦566.3 billion and $411.6 million — are being channeled into key social funding programmes throughout the nation.
He made this identified throughout a media briefing in Abuja to mark his second anniversary in workplace.
Mr. Olukoyede defined that a part of the recovered cash has been used to assist nationwide initiatives such because the College students Mortgage Scheme and the Client Credit score Scheme, that are each geared toward enhancing entry to schooling and {financial} stability for Nigerians.
“A part of the funds recovered by the fee within the final two years was invested in crucial social funding programmes: the College students Mortgage Scheme and the Client Credit score Scheme,” he mentioned.
He additionally disclosed that a number of authorities companies have benefited immediately from recovered belongings and funds. These embrace the Niger Delta Improvement Fee (NDDC), Asset Administration Company of Nigeria (AMCON), Federal Inland Income Service (FIRS), and the Nationwide Well being Insurance coverage Authority (NHIA).
Based on him, a lot of properties seized from corrupt people have been handed over to authorities establishments to be used as places of work and public service amenities.
Talking additional, the EFCC boss famous that within the final two years, the fee recorded important recoveries, not simply in money but additionally in belongings. He listed the recovered gadgets to incorporate 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 in 2025.
“The recovered property embrace two notable landmarks: the ultimate forfeiture of 753 models of duplexes in Lokogoma, Abuja and the forfeiture of Nok College, now Federal College of Utilized Sciences, Kachia, Kaduna State,” he said.
Olukoyede additionally highlighted that since assuming workplace, the EFCC has prioritised corruption prevention as a simpler and cheaper technique than enforcement alone.
He mentioned the institution of the Fraud Threat Evaluation and Management (FRAC) unit was a part of this new strategy to trace funds implementation in Ministries, Departments, and Companies (MDAs) to scale back fund diversion.
In his phrases, “Underneath Olukoyede, the EFCC has prioritised corruption prevention as a less expensive different to enforcement exercise. The paradigm shift led to the institution of FRAC, which is deploying risk-based approaches in monitoring funds efficiency of MDAs to forestall diversion of funds and different leakages.”
He revealed that within the final two years, the fee obtained 19,318 petitions, investigated 29,240 circumstances, filed 10,525 court docket circumstances, and secured 7,503 convictions.
Olukoyede reassured that the EFCC stays dedicated to pursuing all corruption circumstances — whether or not involving public officers or personal people — with equal dedication and transparency.
“One other attention-grabbing improvement within the prosecution of corruption circumstances beneath Olukoyede, is that circumstances thought to have been deserted have been reviewed and prosecutions revived. Amongst them are the circumstances of Fred Ajudua, former PDP Chairman Haliru Bello Mohammed, former NSA Sambo Dasuki, and former Managing Director of NSITF, Ngozi Olojeme, amongst others,” he added.