Market News

by Yusuf Alli (Managing Editor, Northern Operation)

Not less than N100 billion out of the recovered over N566 billion loot by the Economic and Financial Crimes Commission (EFCC), in the last two years has been pumped into the Student Loan Scheme and Consumer Credit Policy.

The two programmes are key electoral promises of the Bola Tinubu Administration, which are being fulfilled.

Besides, some of the recovered properties have been given to government agencies for use as offices.

EFCC Director of Media and Publicity, Mr. Wilson Uwujaren made these known yesterday while giving  the two-year scorecard of the commission’s Chairman Mr. Ola Olukoyede in Abuja.

Uwujaren said: “Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Student Loan Scheme and the Consumer Credit Scheme. A total of N100billion of funds recovered by the commission was invested in these two schemes.

“Also agencies of government, including the Niger Delta Development Commission, NDDC, the Asset Management Corporation of Nigeria, AMCON, the Federal Inland Revenue Service, FIRS, and the National Health Insurance Authority, are beneficiaries of funds recovered by the Commission.

“A number of property recovered by the Commission have been allocated to some agencies of government for use as offices.

Apart from the recoveries, Uwujaren said the commission has done its best to stimulate the economy.

“The EFCC Chairman upon his appointment set up a Task Force on Naira Abuse and Dollarisation of the Economy, with presence across all our Zonal Directorates.

“ The Task Force went after currency racketeers and speculators, with the arrest and prosecution of some culprits. While the offensive against naira abuse improved public consciousness on proper handling of the naira, it may have also reduced the cost of currency management by the Central Bank of Nigeria.

“By the same token, the campaign against currency racketeering and criminal speculation, including the clampdown on rogue cryptocurrency exchanges helped to reduce the pressure on the naira, a situation that bolstered the CBN’s efforts to stabilise the Naira.

“One area where the Commission under Olukoyede has made great strides is in the fight against cybercrime. Apart from stepping up the Commission’s enforcement activities, the EFCC Chairman also ramped up public education and sensitisation activities intended to discourage the youths from engaging in cybercrime”, he said.

On discipline, Uwujaren said 55 officers of the EFCC have been dismissed in two years because Olukoyede has zero tolerance for unethical behaviours.

He said: “In 2024, the Commission announced the dismissal of 27 officers for various acts of misconduct. That number has since increased. A total of 55 personnel have been dismissed in the last two years for different acts of misconduct. Among them is a former officer in the Kaduna Zonal Directorate who tampered with items in the Exhibit Room. He was not only dismissed but is currently being prosecuted.”

He added that the commission received 19, 318 petitions and recovered over N566.9b and $411m in two years.

It also said the total forfeited real estate assets in two years were 1,502 properties.

For cases in court, it secured 7,503 convictions out of 10, 525 cases filed in court.

He said: “For most law enforcement organisations performance is frequently benchmarked on two critical scores: Records of convictions and recovery of proceeds of crime. On these two scores, the performance of the Olukoyede-led EFCC in the last two years is most inspiring.

“ The numbers speak for themselves on petitions, investigations and convictions. Between October 2023 and September 2025, EFCC received 19, 318+ petitions, investigated 29, 240 cases, filed 10,525 cases in court and obtained 7,503 convictions.

“From October to December 2023, EFCC received 3,594 petitions, investigated 3,747 cases, filed 2,064 in court and secured 826 convictions.

“As from January to December 2024, it was in receipt of 15,724 petitions, investigated 12,924 cases, filed 5, 081 cases in court and secured 4,111 convictions.

“Between January and September this year, EFCC carried out 12,569 investigations, filed 3, 380 cases in court and secured 2, 566 convictions. “

Uwujaren listed high-profile prosecutions in the last two years by Olukoyede administration.

He said: “Some of the notable arrests and prosecution for alleged corruption include former governors Willie Obiano of Anambra State, Abdulfatha Ahmed of Kwara State, Dairus Ishiaku of Taraba State, Theodore Orji of Abia State and Yahaya Bello of Kogi State. Others are former ministers: Olu Agunloye, former minister of Power, Mamman Saleh, former minister of Power, HadiSirika, former minister of Aviation, Charles Ugwu, former minister of Industry and Godwin Emefiele, former Governor of the CBN.

“ Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024. The syndicate included 192 foreigners, who have since been prosecuted for cyber-terrorism and cryptocurrency fraud and deported. This development conveys the message that Nigeria will not tolerate foreigners turning it to a safe haven for cybercrimes.”

“ Another interesting development in the prosecution of corruption cases under Olukoyede, is that cases  thought to have been abandoned were reviewed and prosecutions revived. Among them are the cases of Fred Ajudua, former PDP Chairman, Haliru Bello Mohammed, former NSA, Sambo Dasuki, and former managing Director of NSITF, Ngozi Olojeme, among others.”

Regarding the recovery of proceeds of crime, Uwujaren said the commission has made substantial progress.