The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has finally revealed how the massive sums of money recovered by the anti-graft agency are being utilised.
According to him, the recovered funds — totalling ₦566.3 billion and $411.6 million — are being channeled into key social investment programmes across the country.
He made this known during a media briefing in Abuja to mark his second anniversary in office.
Mr. Olukoyede explained that part of the recovered money has been used to support national initiatives such as the Students Loan Scheme and the Consumer Credit Scheme, which are both aimed at improving access to education and financial stability for Nigerians.
“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Students Loan Scheme and the Consumer Credit Scheme,” he said.
He also disclosed that several government agencies have benefited directly from recovered assets and funds. These include the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).
According to him, a number of properties seized from corrupt individuals have been handed over to government institutions for use as offices and public service facilities.
Speaking further, the EFCC boss noted that in the last two years, the commission recorded significant recoveries, not just in cash but also in assets. He listed the recovered items to include 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 in 2025.
“The recovered property include two notable landmarks: the final forfeiture of 753 units of duplexes in Lokogoma, Abuja and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia, Kaduna State,” he stated.
Olukoyede also highlighted that since assuming office, the EFCC has prioritised corruption prevention as a more effective and cheaper strategy than enforcement alone.
He said the establishment of the Fraud Risk Assessment and Control (FRAC) unit was part of this new approach to track budget implementation in Ministries, Departments, and Agencies (MDAs) to reduce fund diversion.
In his words, “Under Olukoyede, the EFCC has prioritised corruption prevention as a cheaper alternative to enforcement activity. The paradigm shift led to the establishment of FRAC, which is deploying risk-based approaches in monitoring budget performance of MDAs to prevent diversion of funds and other leakages.”
He revealed that in the last two years, the commission received 19,318 petitions, investigated 29,240 cases, filed 10,525 court cases, and secured 7,503 convictions.
Olukoyede reassured that the EFCC remains committed to pursuing all corruption cases — whether involving public officials or private individuals — with equal determination and transparency.
“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,” he added.
