EFCC Recovers Over N1 Trillion in Stolen Assets
By Kasim Isa Muhammad
Kanempress News
11th March 2025
In 2024, the Economic and Financial Crimes Commission (EFCC) achieved a monumental milestone by recovering over N1 trillion in stolen assets and cash, marking the largest haul in the agency’s history.
These recoveries span across various sectors, including real estate, automobiles, shares, and cryptocurrency. This windfall alone could fund the entire 2024 budgets of several Nigerian states, and potentially support 25 million Nigerians if used for vital subsidies.
While Nigeria has made slight improvements in its global corruption ranking, with a modest increase from 25 to 26 in Transparency International’s 2024 Corruption Perceptions Index, the battle against corruption is far from over. EFCC’s efforts in investigating high-profile cases, including politicians and politically exposed persons, have resulted in a staggering 4,111 convictions in 2024 alone.
Despite these successes, experts argue that simply recovering stolen assets is not enough. Transparency and swift prosecution are critical to sustaining progress in the fight against corruption. Civil society groups, such as CISLAC, urge the EFCC to improve asset management and share information effectively with other anti-corruption agencies like ICPC and the police. Calls for stronger action against those supporting corrupt officials and better protection for whistleblowers are also growing louder.
The EFCC’s Chairman, Olanipekun Olukoyede, remains committed to expanding the agency’s efforts, aiming to recover more assets in 2025 and hold corrupt officials accountable, especially at the local government level. However, experts highlight that the EFCC must also address internal challenges, such as perceived partisanship and lack of professionalism, to restore public trust.
With significant recoveries already in 2025, the EFCC is on track to surpass its 2024 accomplishments, but only time will tell if these efforts will lead to meaningful systemic change.
