Ola Olukoyede EFCC Chairman
Olukoyede broke down details of the recoveries as ₦1, 233,612,040,411.11, $684.478,457.32, £373,905.78, € 9,343,803.66 in addition to recoveries in other currencies.
Mr. Ola Olukoyede, Executive Chairman, Economic and Financial Crimes Commission, EFCC, has said that the commission in three years of his leadership between 1 October 2023 and 30 June, 2026, the EFCC has recovered the sum of N1.233 trillion, $684 million, £373,905 and € 9.343 million.
Olukoyede broke down details of the recoveries as ₦1, 233,612,040,411.11, $684.478,457.32, £373,905.78, € 9,343,803.66 in addition to recoveries in other currencies.
Olukoyode spoke at a press briefing on his three years at the helm of the EFCC.
Of the naira amount, approximately ₦397.26billion (33%) represented direct recoveries for the Federal Government, while ₦836.34billion(67%) represented indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
He said two out of every three naira recovered, were on behalf of beneficiaries other than the Federal Government.
Where the money is
Olukoyede explained that recovery is only truly meaningful when value is returned to the public interest and to rightful beneficiaries.
“During the period, ₦661.32 billion and US$492.37 million were released to beneficiaries. The naira releases included about ₦325.35 billion paid directly to individuals and corporate bodies.
Similarly, ₦335.97 billion was released to various MDA’s, Nigerian Revenue Service and States internal revenue services, alongside releases to other public institutions, companies and individuals,” he said.
The EFCC chairman said “there is also a significant revenue-mobilisation dimension to our work. Federal and state tax recoveries amounted to approximately ₦288.1 billion over the period, including about ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to States’ Internal Revenue Services.
“This is fiscal value recovered through enforcement of existing obligations, not through the imposition of new taxes. In addition, approximately ₦257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies, demonstrating how anticorruption enforcement can reinforce the revenue capacity of the government,” he told the press.
The Commission, he said, has secured convictions of some high profile Nigerians including Saleh Mamman former minister of power, Robert Orya former NEXIM Bank MD, and Chukwunyere Nwabuoku, former acting Accountant-General of the Federation.
