The Economic and Financial Crimes Commission (EFCC) has revealed that billions of naira and valuable assets recovered from corruption and fraud cases are now being used to fund major programmes under President Bola Tinubu’s administration.
EFCC Chairman Ola Olukoyede made this disclosure on Thursday in Abuja during a press briefing marking his second anniversary in office.
Represented by Wilson Uwujaren, the Commission’s Director of Public Affairs, Olukoyede said the recovered funds have greatly supported initiatives like the Students Loan Scheme and Consumer Credit Scheme, where ₦100 billion has already been invested.
According to him, the EFCC recovered over ₦566 billion, $411 million, and 1,502 non-monetary assets within the last two years through its anti-corruption efforts.
“The Commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, and other foreign currencies from proceeds of financial and economic crimes,” Olukoyede said.
He noted that the assets recovered include 402 properties in 2023, 975 in 2024, and 125 so far in 2025, with notable recoveries such as 753 duplexes in Lokogoma, Abuja, and Nok University, now renamed the Federal University of Applied Sciences, Kachia, Kaduna State.
Olukoyede explained that the funds are being redirected into national development projects, saying:
“Some of the recovered funds have been deployed to key federal programmes such as the Students Loan Scheme and Consumer Credit Scheme.”
He added that several federal agencies, including the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and National Health Insurance Authority (NHIA), have benefited from the recovered assets.
The EFCC chairman said recovered properties have been reassigned to government agencies for productive use in line with the Commission’s policy.
In addition to the financial recoveries, the EFCC received over 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases, and secured 7,503 convictions during the period under review.
Olukoyede listed major prosecutions involving former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, and Yahaya Bello, as well as ex-ministers Olu Agunloye, Mamman Saleh, Hadi Sirika, and Charles Ugwu.
He further revealed that in December 2024, the Commission arrested 792 suspects in Lagos over investment and cryptocurrency fraud, including 192 foreign nationals who were later prosecuted and deported.
The EFCC boss stressed that the agency remains focused on making corruption unprofitable in Nigeria.
“You cannot fight corruption with corruption. Prevention is more cost-effective than enforcement,” he said, noting that the Commission has established a Directorate of Fraud Risk Assessment and Control (FRAC) to strengthen prevention mechanisms.
Olukoyede also disclosed that 55 EFCC officials were dismissed for misconduct, while outstanding staff were rewarded with promotions, CNG buses, and allowances.
He highlighted the Commission’s growing international cooperation with global agencies such as the FBI, UK National Crime Agency, INTERPOL, and Japan’s JICA, which has led to the repatriation of stolen assets from countries including Spain, Canada, and the United States.