EFCC's Unprecedented Achievements In Fighting Corruption And Financial Crimes

EFCC's Remarkable Year Under Chairman Ola Olukoyede

Over the past year, the Economic and Financial Crimes Commission (EFCC) has achieved something truly remarkable. They've shattered all previous records in terms of asset forfeiture, prosecutions, and convictions since the commission’s inception 22 years ago. It’s been an incredible journey, and a lot of credit goes to the EFCC's Executive Chairman, Mr. Ola Olukoyede, who has taken this organization to new heights in just a year and a half of leadership. His innovative strategies have been nothing short of extraordinary.

Setting New Standards in Convictions and Investigations

In 2024 alone, EFCC set a jaw-dropping record with 4,111 convictions. But that's not all—these convictions came after investigating an astonishing 12,928 cases, out of which 5,083 were filed in court. The EFCC has truly shown what it means to be relentless in the pursuit of justice. These numbers don’t just reflect success; they represent a seismic shift in how financial crimes are tackled in Nigeria.

Breaking Records: From Arrests to Asset Recovery

Some of the arrests and asset recoveries made in the past year are not just impressive—they're record-breaking. On December 10, 2024, EFCC operatives from the Lagos Zonal Directorate dismantled a massive syndicate of 792 suspected cryptocurrency investment and romance fraudsters in Lagos. This operation took place in a seven-story building known as the "Big Leaf Building," located on Oyin Jolayemi Street, Victoria Island. Among those arrested were 194 foreigners from China, Tunisia, the Philippines, Kazakhstan, and Pakistan, who were identified as the masterminds behind the operation. This building, which looked like a corporate headquarters, was, in fact, a hub for cybercrime where these fraudsters trained their Nigerian accomplices in romance and investment scams.

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Massive Seizure of Equipment and Resources

The EFCC didn’t just arrest people; they also recovered an impressive array of equipment. Among the items seized were 249 active foreign phone lines, over 100 internet routers, over 400 computers, and over 500 active SIM cards. These tools were being used to perpetrate fraud on a massive scale, but thanks to the EFCC, they’re now off the grid.

Unprecedented Asset Recovery

December 2, 2024, marked another milestone for the EFCC when they secured a final forfeiture order for a staggering piece of land in Abuja. This property, measuring 150,462.86 square meters, contained an impressive 753 units of duplexes. This record-setting recovery highlights the EFCC's commitment to ensuring that ill-gotten gains don’t stay in the wrong hands.

Cash Recoveries in Multiple Currencies

When it comes to cash recoveries, the EFCC has been nothing short of phenomenal. In 2024, they recovered a record-breaking N364,597,370,151.35 in Nigerian currency. In foreign currencies, the numbers are equally impressive, with recoveries amounting to $214.51 million, €54.31 million, CAD$2,990, AUD$740, CFA7,821,375, UAE Dirham 170, Riyals 5,115, W73,000, ¥105, GH¢225, and Rand 50. And let’s not forget the cryptocurrencies: 13.37 Bitcoins (worth approximately $572,992.86), 5.97886094 Ethereum (worth $13,353.06), 298.4770071 Green Satoshi tokens (worth $6), 1,002.547631 USDT ($1,002.22), and N2,699,233 worth of USDT (Tether Coin, TRC-20). These figures show the EFCC's ability to adapt to the modern financial landscape, including the world of digital currencies.

Other Notable Asset Recoveries

The commission’s efforts extended beyond cash and property. They also secured the final forfeiture of Nok University in Kaduna, which had been illicitly acquired by Anthony Hassan, a former Director of Finance and Accounts in the Federal Ministry of Health. Other recoveries include 378 electronics, a factory, a hotel, two gold chains, 14 parcels of land, petroleum products, 173 vehicles, and 70 tonnes of unidentified solid minerals. The commission also recovered 40,844,094 units of shares worth about N1,055,190,044.55 and $4,414,801.76, along with N9,477,977,318.78, $2,605,858.30, and GBP1,600.

Initiatives to Combat Naira Abuse and Dollarization

In March 2024, Chairman Olukoyede launched a special task force to combat naira abuse and the dollarization of the economy. This task force operates in all 14 zonal directorates and the EFCC headquarters, enforcing laws against currency mutilation and the dollarization of the economy. Thanks to their efforts, naira abuse at social events has almost become a thing of the past. In fact, over 50 convictions have been secured, including high-profile cases involving celebrities like Idris Okuneye (a.k.a. Bobrisky) and Oluwadarasimi Omoseyin, both of whom were sentenced to six months in prison. Another notable case involved Pascal Chibuike Okechukwu (aka Cubana Chief Priest), who was fined after his charges were compounded.

Prioritizing Fraud Prevention

Chairman Olukoyede’s vision extends beyond enforcement; he’s equally committed to fraud prevention. In January 2023, he reintroduced the Inter-faith Manual for Christian and Islamic faiths, launched at a national event in Abuja. This manual serves as a guide for clergy in both faiths to instill anti-corruption values among their congregations. It’s part of a broader effort to engage religious institutions in the fight against corruption.

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Assessing and Preventing Fraud in Government Agencies

Another innovative fraud prevention mechanism introduced by Olukoyede is the Fraud Risk Assessment and Prevention for Ministries, Departments, and Agencies (MDAs). This initiative aims to prevent fraud before it happens by identifying vulnerabilities within government agencies. The EFCC also established the Department of Fraud Risk Assessment and Control, which examines systemic issues that allow corruption to thrive. This department implements aspects of the commission’s corruption prevention strategy, focusing on risk-based approaches.

Expanding the EFCC's Reach and Capabilities

To better serve the public, Olukoyede established Public Complaints Desks in all zonal directorates and the headquarters. These desks provide a direct channel for citizens to voice their concerns and seek assistance. In addition, the EFCC launched a Cybercrime Rapid Response Centre, code-named Project E247CR2C. This center processes real-time information on cybercrime and ensures swift action. It was inaugurated by the First Lady, Oluremi Tinubu.

Boosting the EFCC's Intellectual Capacity

Chairman Olukoyede has also focused on strengthening the intellectual capabilities of the EFCC workforce. In August 2024, he opened an electronic learning management studio at the EFCC Academy in Karu, Abuja. This studio supports distance learning and enhances the training of EFCC personnel. Furthermore, Olukoyede introduced policy reforms to standardize sting operations across the commission, ensuring they are conducted with the utmost professionalism and integrity.

Looking Ahead: New Directorates and a Cybercrime Research Centre

As the EFCC's workload continues to grow, Olukoyede has planned for three new directorates in Ekiti, Katsina, and Anambra, bringing the total number of zonal directorates to 17. These additions will bring the EFCC closer to the people and enhance its ability to respond swiftly to financial crimes. Additionally, Olukoyede has laid the groundwork for a Cybercrime Research Centre at the commission’s new academy in Giri, Gwagwalada Area Council of the FCT. This center will focus on advanced fraud detection, prevention, and youth empowerment, reinforcing the EFCC’s commitment to fostering ethical values among young Nigerians.

Tackling High-Profile Cases

Chairman Olukoyede’s efforts in investigating and prosecuting high-profile cases deserve special mention. In 2024, the EFCC successfully completed investigations on four former governors, three former ministers, and a former Central Bank of Nigeria (CBN) governor, all of whom are now facing prosecution. The list includes former Kwara State Governor Abdulfatah Ahmed, former Anambra State Governor Willie Obiano, former Taraba State Governor Darius Dickson, and former Kogi State Governor Yahaya Bello. These cases involve allegations ranging from N5.78 billion to N110.4 billion in fraud. Among the former ministers under investigation are Hadi Sirika, Olu Agunloye, and Saleh Mamman, while former CBN Governor Godwin Emefiele faces multiple charges of corruption.

Written by Tony Egbulefu