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.
