EFCC RECOVER N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERS
EFCC RECOVERS N1TRN STOLEN CASH, ASSETS FROM POLITICIANS, OTHERS Despite Nigeria’s slight improvement in the 2024 Corruption Perceptions Index (CPI), it is yet a long road to redemption out of the country’s double whammy plagues of corruption and misgovernance. We gathered at the weekend that about N1 trillion in cash and assets were recovered by the Economic and Financial Crimes Commission (EFCC) in 2024, marking the biggest haul in proceeds of crime recovery by the anti-graft agency since its inception in 2003. This money alone covers the 2024 budget of Yobe (N217 billion), Gombe (N207.75 billion), Ebonyi (N202.13 billion), Nasarawa (N199.88 billion) and Ekiti states (N159.57 billion) combined. At the current minimum wage of N70,000, this recovered loot will conveniently pay about 1.2 million civil servants for 12 full months, and 25 million Nigerians or families will benefit from that sum if used to purchase the Federal Government’s subsidised rice at N40,000 per 50kg bag as part of efforts to reduce the biting hardship caused by the current administration’s economic policies. In the latest report by Transparency International (TI), Nigeria scored 26 out of 100—up from 25 in 2023 in the 2024 CPI, moving the country’s global ranking from 145th to 140th among 180 nations. But while this marginal progress may signal some gains in the fight against corruption, the recurrent discovery of humongous sums seized and forfeited to the Federal Government by high-profile Nigerians and Politically Exposed Persons (PEPs) x-rays the deep-rooted issues holding back development in Africa’s most populous country that further sinking many of its citizens into despair amid the current administration’s effort to ‘renew’ hope. To drive home the rot, the EFCC chairman, Olanipekun Olukoyede, recently disclosed how he rejected N500 million offers during his mother’s burial in 2019. He had only just been appointed Secretary of the Commission by then-President Muhammadu Buhari. He explained that the substantial gifts, which included cheques and drafts, were sent to him by ministers, permanent secretaries, directors, and other high-ranking officials in government. In a factsheet that was submitted to President Bola Tinubu, which primarily focused on the activities of EFCC in 2024, a copy of which was sighted by The Guardian, the Commission secured 4,111 convictions out of the 5,083 cases filed in court – the highest number of convictions secured in any operational year from inception to date. This was after it had, throughout the year in review, investigated 12,928 cases from the 15,724 petitions received. According to EFCC, cases involving Advance Fee Fraud (419), money laundering, and cybercrime were the most prevalent in its investigations. “The high volume of these cases can be attributed to several factors, including rising unemployment, a desire for quick wealth among the youth, a large informal economy, and weak regulatory frameworks. Additionally, cybercriminals continuously evolve tactics, incorporating innovations like AI-driven fraud, deepfakes, and advanced phishing schemes.” The bulk of the petitions received were from its Lagos office (3,224), followed by 1,576 received at its headquarters in the Federal Capital Territory (FCT) and the zonal offices of Kaduna (1,456), Enugu (1,362), Kano (1,270) and Port Harcourt (1,185). More staggering in the report were the monetary recoveries and asset forfeiture. The amounts recovered in different currencies include N364,597,370,151.35, $214,513,439.55, £54,318.64 and €31,265.00, among others. The impact of this is the future of children yet unborn already stolen. Assets forfeited to the Federal Government last year alone are: 223 automobiles, five barges/vessels, 975 real estate, 40,844,094 units of shares worth N1,055,190,044.55 and $4,414,801.76, N250,000,000.00 in treasury bills, 70tons of unidentified solid minerals, and crypto values – 13.37BTC worth $572,992.86, 5.97886094 Ethereum worth $13,353.06, and 1,002.547631 USDT ($1,002.22). While the identities of those whose assets and cash were recovered were conspicuously missing in the report, EFCC stated that the…