EFCC Chairman Reports N60bn Recovery in First 100 Days

In an update on the Economic and Financial Crimes Commission’s (EFCC) recent activities, Chairman Ola Olukoyede revealed that the anti-graft agency successfully recovered N60 billion within his first 100 days in office. Addressing the public during the 20th-anniversary lecture of the Human and Environmental Development Agenda Resources Centre in Lagos on Saturday, Olukoyede disclosed that the EFCC received over 5,000 fraud petitions during this period.

Out of the petitions, 3,000 were approved for investigation, showcasing the agency’s commitment to addressing financial crimes. Olukoyede, appointed by President Bola Tinubu on October 12, 2023, highlighted the challenges faced by the EFCC, emphasizing the need for collective responsibility in combating corruption.

During his tenure, Olukoyede shared that the EFCC secured convictions in 700 cases, recovering not only N60 billion but also $10 million in less than four months. The chairman emphasized the agency’s limited capacity, with less than 4,800 staff serving a population of over 150 million.

He stated, “If I am able to recover over N60 billion in less than 100 days, you can imagine how much has been stolen. I can tell you that for the billion that has been recovered, a trillion has been stolen.”

Chairman of the Human and Environmental Development Agenda Resources Centre, Mr. Olanrewaju Suraju, acknowledged the challenges in the anti-corruption fight and called for an effective policing system and a judicial process that ensures accountability.