By Damilola Adeleke

The Economic and Financial Crimes Commission (EFCC) has made a historic recovery of stolen funds and assets worth over N1 trillion in 2024. This represents the agency’s most significant haul since its establishment in 2003.

The recovered funds, if redirected, could finance the combined annual budgets of Yobe, Gombe, Ebonyi, Nasarawa, and Ekiti states. It could also pay salaries for over 1.2 million civil servants for a full year or provide subsidized rice to 25 million Nigerian families.

In its latest report, the EFCC revealed that it secured 4,111 convictions out of 5,083 cases filed in court last year. The agency also investigated nearly 13,000 cases, with Lagos leading in the number of petitions received.

Assets recovered include 223 automobiles, nearly 1,000 real estate properties, large quantities of shares, treasury bills, and even cryptocurrencies. Notably, N50 billion from these recoveries has already been allocated to the Nigeria Education Loan Fund (NELFUND) to support indigent students.

Reacting to these efforts, a presidential spokesperson commended the EFCC, stating that its work is strengthening the administration’s anti-corruption drive. Meanwhile, transparency advocates have urged the government to ensure accountability in managing the recovered assets.

Legal experts, including Senior Advocate of Nigeria Femi Falana, have called for stricter measures against corruption, including action against those who protest in defense of corrupt individuals. Additionally, calls have intensified for the speedy passage of the Whistleblower Protection Bill to safeguard individuals exposing corruption.

As the EFCC intensifies its crackdown, Nigerians remain hopeful that these recoveries will translate into tangible benefits for the country, ensuring that stolen funds are reinvested for national development.