EFCC rejects Punch editorial, cites N566 billion in asset recovery
The Economic and Financial Crimes Commission (EFCC) on Thursday rejected a Punch editorial that questioned the agency’s achievements in Nigeria’s anti‑corruption fight, citing N566 billion and US$411 million in recovered assets over the past two years.
In a statement shared with PREMIUM TIMES, EFCC spokesperson Dele Oyewale described the editorial, published on 30 October, as “lacking objectivity” and misrepresenting the commission’s record.
“The editorial’s characterisation is particularly worrisome,” Mr Oyewale said, noting that asset recovery is widely recognised as a key tool in the fight against corruption by institutions such as the World Bank and the United Nations Office on Drugs and Crime (UNODC).
He added that the EFCC secured 792 arrests in a single operation, forfeited 753 housing units, and deported 192 convicted fraudsters, underscoring the commission’s ongoing enforcement efforts.
Mr Oyewale also spotlighted the role of recovered assets in development initiatives, including the Nigeria Education Loan Fund (NELFUND) and Credit Corp.
On delays in prosecuting cases or presidential pardons, he noted that these fall outside EFCC’s mandate.
The EFCC statement referenced Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October, attributing the milestone to reforms implemented by the commission.
It also cited the work of the Fraud Risk Assessment & Control (FRAC) department in preventing graft before it occurs.
Established more than two decades ago, the EFCC investigates, prosecutes, and recovers proceeds of economic and financial crimes. Between October 2023 and September, under Executive Chairman Ola Olukoyede, the commission reported recovery of N566 billion, US$411 million, and 1,502 non-monetary assets.
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In 2024, the EFCC recorded 4,111 convictions, investigated 12,928 complaints, filed 5,083 cases in court, and forfeited over 750 high-value properties.
Jointly with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the agency recovered an additional N277 billion and US$105.966 million that year.
Critics, however, continue to point to delays in case resolution, limited prosecutions of politically exposed persons, and questions about asset utilisation, while some media outlets have expressed scepticism over reported figures.
The Punch editorial argued that EFCC’s asset recovery claims were overstated.