AWKA, NIGERIA — The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyode, has said that only about 60 per cent of stolen funds may be recoverable once the money has been taken.
Olukoyode made the disclosure on Friday during the inauguration of the EFCC’s new Zonal Office in Awka, Anambra State, where he stressed that preventing financial crimes remains more effective than attempting to recover funds after they have been stolen.
Recovery Becomes Difficult After Theft
The EFCC chairman explained that recovering money after it has been stolen presents significant challenges.
According to him, experience in financial-crime investigations has shown that authorities may not be able to recover the entire amount once stolen funds have been moved, concealed or otherwise dissipated.
“I have discovered that when money has been stolen, the best you can recover is 60 percent,” Olukoyode said.
His comment underscores the difficulties faced by law-enforcement agencies in tracing and recovering proceeds of fraud and other financial crimes after the funds have already left their original accounts or have been converted into other assets.
Prevention Remains Key
Olukoyode said the experience reinforces the importance of preventing corruption and fraud before public or private funds are lost.
He urged Nigerians to remain vigilant and report suspected cases of corruption and financial crimes to the EFCC.
The chairman’s position places emphasis on early detection and intervention rather than relying primarily on asset recovery after criminal proceeds have already been moved.
The EFCC has also continued to emphasise stronger anti-money-laundering measures and collaboration among institutions as part of efforts to protect Nigeria’s financial system.
EFCC Opens Awka Office
The chairman spoke during the inauguration of the commission’s zonal office in Awka, a development aimed at strengthening the EFCC’s presence and operations in Anambra State.
Olukoyode said the commission’s presence in the state was intended to support economic activities and contribute to efforts to create a more secure environment for legitimate businesses.
The establishment and strengthening of EFCC offices across the country form part of the agency’s broader operational structure for investigating economic and financial crimes.
Citizens Urged To Report Suspicious Activities
Olukoyode called on citizens not to hesitate to report suspected corruption and fraud to the commission.
Public reporting, he said, can assist authorities in identifying financial crimes early enough to improve the chances of intervention and prevent further losses.
The EFCC operates within Nigeria’s legal framework for investigating economic and financial crimes, while asset recovery is governed by applicable laws and judicial processes. Nigeria’s anti-money-laundering framework also includes the Money Laundering (Prevention and Prohibition) Act, 2022 and the Proceeds of Crime (Recovery and Management) Act, 2022.
Focus On Protecting Public Funds
Olukoyode’s remarks highlight the financial consequences of allowing corruption and fraud to occur before authorities intervene.
While recovering stolen assets remains an important part of the fight against economic crime, the EFCC chairman’s message was that prevention can reduce the losses that follow financial crimes.
His 60 per cent estimate was presented as his assessment based on his experience rather than a statutory ceiling that limits every asset-recovery case to exactly 60 per cent.
The disclosure therefore reinforces the commission’s call for stronger preventive measures, faster reporting of suspected financial crimes and greater public cooperation in combating corruption.
