The Economic and Financial Crimes Commission (EFCC) has recovered over N1 trillion in cash and assets in 2024, marking the largest haul of illicit proceeds since the agency’s inception in 2003. The staggering sum underscores the scale of corruption in Nigeria, despite the country making slight progress in the 2024 Corruption Perceptions Index (CPI).
The recovered funds, if reinvested into the economy, could cover the combined annual budgets of five Nigerian states—Yobe, Gombe, Ebonyi, Nasarawa, and Ekiti. It is also sufficient to pay 1.2 million civil servants for a full year at the current minimum wage or provide 25 million families with subsidised food relief amid ongoing economic challenges.
A Long Road to Transparency
Nigeria improved marginally in the latest Transparency International ranking, moving from 145th to 140th place out of 180 countries, with a CPI score of 26 out of 100, up from 25 the previous year. However, the massive recoveries of stolen funds highlight deep-rooted corruption within Africa’s largest economy.
EFCC Chairman Olanipekun Olukoyede has been vocal about the extent of corruption, revealing that he rejected N500 million in gifts at his mother’s burial in 2019. The funds, in the form of cheques and drafts, were allegedly sent by high-ranking government officials, including ministers and directors.
According to a report submitted to President Bola Tinubu, the EFCC secured 4,111 convictions out of 5,083 cases filed in court in 2024—its highest ever. The commission investigated 12,928 cases from the 15,724 petitions it received, with fraud, money laundering, and cybercrime being the most prevalent offences.
Monetary and Asset Recoveries
The EFCC’s 2024 recoveries include N364.6 billion, $214.5 million, £54,318, and €31,265, among others. Additionally, assets forfeited to the federal government include:
- 223 automobiles
- Five barges/vessels
- 975 real estate properties
- Over 40.8 million units of shares valued at N1.05 billion and $4.41 million
- N250 million in treasury bills
- 70 tonnes of unidentified solid minerals
- Cryptocurrency assets, including 13.37 BTC ($572,992), 5.97 ETH ($13,353), and 1,002.54 USDT ($1,002)
The EFCC refrained from naming individuals implicated in these cases but stated that some of the recovered funds have been redirected toward national development initiatives. One such example is the allocation of N50 billion to the Nigerian Education Loan Fund (NELFUND), which provides financial support to students who cannot afford higher education.
Addressing the Root Causes
The EFCC noted that economic hardship and unemployment continue to fuel financial crimes. The agency has seen an increase in sophisticated cyber fraud, including artificial intelligence-driven scams and deepfake-related crimes.
Geographically, Lagos recorded the highest number of corruption cases, with 3,224 petitions received, followed by the Federal Capital Territory (1,576), Kaduna (1,456), Enugu (1,362), Kano (1,270), and Port Harcourt (1,185).
One of the most significant recoveries of the year was the forfeiture of over 750 duplexes and other high-value apartments in late 2024, marking the single largest property seizure in EFCC history.
The commission has reiterated its commitment to ensuring that looted funds are recovered and repurposed for national development, stressing that those who have plundered public wealth will not benefit from their illicit gains.
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