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Olukoyede Reveals How Recovered Billions Are Being Used

Phinadon Mag

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EFCC Chairman Ola Olukoyede explains how ₦566.3 billion and $411.6 million in recovered funds are being used for social investment programmes and national development.

EFCCFundsUtilisation has come into focus as the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, disclosed how the massive sums of money recovered by the anti-graft agency are being utilised for national development.

Speaking during a media briefing in Abuja to mark his second anniversary in office, Olukoyede revealed that the recovered funds — ₦566.3 billion and $411.6 million — have been channeled into key social investment programmes across the country.

Recovered Funds Supporting National Programmes

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, both designed to improve access to education and financial stability for Nigerians.

He added that several government agencies have also benefited directly from recovered assets and funds, including the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).

Recovered Properties and Asset Utilisation

According to Olukoyede, a number of properties seized from corrupt individuals have been handed over to government institutions for use as offices and public service facilities.

He noted that in the last two years, the EFCC recorded significant recoveries, not only in cash but also in assets, listing 1,502 properties recovered — 402 in 2023, 975 in 2024, and 125 in 2025.

Shift Toward Corruption Prevention

Olukoyede highlighted that since assuming office, the EFCC has prioritised corruption prevention as a more effective and cost-efficient strategy than enforcement alone.

He said the establishment of the Fraud Risk Assessment and Control (FRAC) unit was part of this new approach, aimed at tracking budget implementation in Ministries, Departments, and Agencies (MDAs) to reduce fund diversion.

EFCC’s Performance in Two Years

The EFCC chairman 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.

He reaffirmed the commission’s commitment to pursuing all corruption cases — whether involving public officials or private individuals — with equal determination and transparency.

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Police arrest Bauchi man accused of poisoning motorcyclist and stealing his bike.

Ikechukwu Emmanuel

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Operatives of the Bauchi State Police Command have arrested a 27-year-old man, Isiyaka Badamasi, for allegedly poisoning a commercial motorcyclist in an attempt to steal his motorcycle.

According to a statement issued on Thursday by the command’s spokesperson, SP Nafiu Habib, Badamasi and his alleged accomplice, Ma’aruf Sani, reportedly offered a 21-year-old motorcyclist a sweet containing a harmful substance. The victim, who resides in the Yelwa Tudun area of Bauchi, allegedly became intoxicated after consuming it.

The suspects were said to have attempted to dispossess him of his Bajaj Boxer motorcycle. However, the victim raised an alarm after sensing danger, attracting members of the public who apprehended Badamasi. Sani, both of whose residents are reportedly from Na’ibawa in Kano State, escaped and is currently the subject of a police manhunt.

The victim was taken to Gamuwa Primary Health Care Centre, where he remains on admission and is responding to treatment.

The Commissioner of Police, Sani-Omolori Aliyu, has ordered the transfer of the case to the State Criminal Investigation Department for further investigation. The command also urged residents to remain vigilant and reaffirmed its commitment to protecting lives and property across the state.

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Entertainment

Lojay: My uncle told me I would never succeed in music.

Ikechukwu Emmanuel

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Nigerian singer Lojay has revealed that he faced significant opposition when he decided to pursue a career in music, including doubts from members of his family.

Speaking during a recent livestream with content creator Gilmore, the “Monalisa” hitmaker recalled that one of his wealthy and influential uncles, who is now involved in politics, told him he would never succeed in the music industry.

“I have an uncle who is now in politics. I won’t mention his name, but he is very rich and popular. When I wanted to start music, he told me I would never blow,” Lojay said.

Despite the discouragement, the singer remained committed to his ambition and used the criticism as motivation. He expressed satisfaction that his perseverance had eventually produced positive results.

Lojay also encouraged his fans to remain confident in their dreams and avoid allowing negative opinions to define their ambitions.

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Benue Police Deny Withdrawal of Mobile Personnel from Ayilamo.

Ikechukwu Emmanuel

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The Nigeria Police Command in Benue State has dismissed reports alleging that Mobile Police personnel were withdrawn from Ayilamo community in Logo Local Government Area.

In a statement issued by the Command’s spokesperson, DSP Orchia Aondogwu, the report was described as unfounded and baseless. He stated that Mobile Police personnel remained deployed in Ayilamo alongside the Divisional Police team and other tactical units.

Aondogwu also said additional military personnel had been deployed to reinforce security in the area, urging the public to disregard the report.

However, the traditional ruler of Ayilamo, Mue Ter, Chief Torkoer Samuel, contradicted the police account. He claimed that the Mobile Police personnel left the community on Wednesday with their equipment and Armoured Personnel Carriers.

The conflicting accounts have raised questions about the current security situation in Ayilamo and the extent of military presence in the community.

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