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2 clusters · 47 sources · 5 days · First seen · Last updated

Nigeria EFCC asset recovery and economic crime enforcement

Overview

The Economic and Financial Crimes Commission (EFCC) has detailed its efforts to recover stolen Nigerian assets and combat economic crime. During a symposium in the United Kingdom, EFCC Chairman Ola Olukoyede announced a new incentive scheme for whistleblowers, offering rewards of between 2.5% and 5% of an asset’s value for credible information leading to successful recoveries. Olukoyede reported that the commission has secured the forfeiture of over $500 million in cash and assets over the last three years, citing Nigeria’s legal framework that allows for the forfeiture of suspected proceeds of crime without a prior criminal conviction. Notable recoveries include an aircraft linked to a $30 million bribe and various properties linked to former government officials.

A stewardship report covering October 2023 to July 2026 detailed the recovery of ₦1.23 trillion, $684.48 million, £373,905.78, and €9.34 million. Of the recovered naira, approximately 33 percent was returned to the Federal Government, while 67 percent was recovered for various ministries, departments, agencies, and private entities. The commission secured forfeiture orders for 10,053 assets, including real estate, vehicles, and electronic items. The EFCC maintained a 75.1 percent conviction-to-filing ratio across 10,872 convictions from 14,476 filings.

To address internal corruption, the EFCC has dismissed more than 40 staff members for malpractice and renamed its Department of Internal Affairs to the Department of Ethics and Integrity. To further enhance accountability, the commission is implementing a new gift policy and a proactive fraud risk assessment department, specifically the Fraud Risk Assessment and Control Department (FRAC), designed to freeze suspicious funds within 72 hours. The agency is also targeting cryptocurrency-related crimes by utilizing a national confiscation wallet for seized virtual assets.

Entities

Ola Olukoyede · Nigeria · Economic and Financial Crimes Commission · Robert Orya · United Arab Emirates

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. 12 days ago

    [CRIME] 39 sources
    EFCC recovers N1.23tn and $684m, secures 10,872 convictions

    Under Chairman Ola Olukoyede, the EFCC has recovered over N1.23 trillion and $684 million, secured 10,872 convictions, and dismissed over 40 staff members for corruption since October 2023.

  2. 16 days ago

    [CRIME] 14 sources
    EFCC offers whistleblower rewards for recovery of stolen assets abroad

    The EFCC is offering whistleblowers 2.5% to 5% of recovered stolen assets held abroad. Chairman Ola Olukoyede reported over $500 million in assets forfeited to Nigeria in the last three years.

Sources

afghanistans.com · blueprint.ng · businessday.ng · businesselitesafrica.com · chronicle.ng · citybusinessnews.com · cknnigeria.com · dailytrust.com.ng · dmarketforces.com · e247mag.com · fellowpress.com · gistlover.com · gistmania.com · gwg.ng · knowledgesource.com · lagostelevision.com · latestnigeriannews.com · lindaikejisblog.com · myjoyonline.com · naijanews.com · nannews.ng · newscentral.africa · nigerianeye.com · orientalnewsng.com · phenomenal.com.ng · platinumpost.ng · pointblanknews.com · premiumtimesng.com · prnigeria.com · punchng.com · qed.ng · realnewsmagazine.net · sagagist.com.ng · silverbirdtv.com · solacebase.com · statepress.ng · tgnews.com.ng · thecitizenng.com · theglittersonline.com.ng · thenicheng.com · thenigerialawyer.com · thepodiummedia.com · thevoicenewsmagazine.com · thewhistler.ng · thisdaylive.com · tribuneonlineng.com · worldstagenews.com

This summary has been updated 6 times: see revision history