The Economic and Financial Crimes Commission (EFCC) has strongly rejected a recent Punch editorial that questioned the agency’s impact in Nigeria’s anti-corruption efforts, defending its record with claims of N566 billion and $411 million in recovered assets over two years.
In a statement shared with Premium Times, EFCC spokesperson Dele Oyewale described the October 30 editorial as “lacking objectivity” and misrepresenting the Commission’s achievements. He emphasized that asset recovery remains a globally recognised tool in fighting corruption, citing support from institutions like the World Bank and UNODC.
Highlighting its recent performance, the EFCC noted:
– 792 arrests in a single operation,
– 753 properties forfeited,
– 192 convicted fraudsters were deported,
– and over 4,000 convictions in 2024 alone.
Mr Oyewale also pointed to the role of recovered assets in funding key initiatives like NELFUND and Credit Corp. He clarified that delays in prosecutions or presidential pardons lie outside the EFCC’s control. The Commission linked Nigeria’s October 2024 removal from the FATF grey list to its internal reforms, including work by its Fraud Risk Assessment Control (FRAC) department, which focuses on prevention of corruption.
Under Chairman Ola Olukoyede, from October 2023 to September 2024, the EFCC said it:
– Investigated 12,928 complaints,
– Filed 5,083 cases,
– Recovered N566bn,411m, and 1,502 non-cash assets.
In collaboration with the ICPC, the EFCC added it recovered a further N277bn and $105.9m during the same period.
Despite these claims, critics argue the Commission still struggles with slow case resolutions, lack of action against powerful figures, and unclear asset management—issues the Punch editorial raised while suggesting the agency’s figures may be exaggerated.
