So far, the Economic and Financial Crimes Commission (EFCC) has been instrumental in the recovery of substantial sums of money and assets acquired through illegal means. The government is said to have used these proceeds, which include money recovered in both foreign and Naira currencies, to Finance national development programs. Recently, President Bola Tinubu gave the Economic and Financial Crimes Commission (EFCC) directives to set aside ₦100 billion to aid the Consumer Credit Corporation and the Nigerian Education Loan Fund (NELFUND). With this action, recovered assets are to be used for the benefit of society, particularly in consumer finance and educational systems.
When addressing the public in a national broadcast on August 4, 2024, during the #EndBadGovernance protest, President Bola Tinubu stated that ₦50 billion would be allotted to each program. The utilization of EFCC-recovered funds shows a dedication to diverting illicit income into beneficial endeavors, ultimately bolstering the Economy and social Welfare of the country. This practice is in line with international best practices, which call for reinvesting seized funds back into the community to benefit vulnerable groups, deal with the underlying causes of crime, and enhance public services.
Funds recovered have been allocated to national development.
Under Olanipekun Olukoyede’s direction, the EFCC’s efforts resulted in the seizure of a substantial sum of foreign currency in addition to over ₦231 billion between May 2023 and May 2024. This has made it possible for the organization to reinvest these funds back into the community. NELFUND has confirmed that it has received ₦50 billion to improve the Student Loan program. With ₦50 billion in funding, the Consumer Credit Corporation seeks to increase credit availability for Nigerians and spur Economic Growth through boosting consumer spending and assisting small enterprises.
Engagement of EFCC which guarantees accountability and openness in the management of confiscated resources further strengthened public’s confidence in the government’s anti-corruption operation. Funds recovered by the Commission have been allocated to national development initiatives on multiple occasions. Part of the General Sani Abacha’s pilfered funds recovered (over $320 million) were retrieved with the support of the EFCC 2017. This fund was subsequently used to finance the Conditional Cash transfer (CCT) program of the National Social Investment Programme (NSIP), which offers financial support to low-income and vulnerable households throughout Nigeria.
Recovered funds are remitted to the Treasury Single Account.
A fraction of the money that was diverted from the Nigeria Centre for Disease Control (NCDC) was retrieved by the EFCC in 2020. The funds that were recovered were redirected to support Nigeria’s COVID-19 pandemic response. Recovered proceeds from fraudulent officials who stole funds intended for the Niger Delta Development Commission (NDDC) were later put toward funding Niger Delta development initiatives. Critical Infrastructure projects like the building and restoration of the Lagos-Ibadan Expressway have also been allocated recovered funds.
The EFCC manages and distributes the proceeds it obtains following a systematic process. A sizable portion of cash recoveries and liquidated assets are remitted to the Treasury Single Account (TSA) of the Central Bank of Nigeria (CBN). For instance, following final forfeiture, approximately ₦30 billion was sent to the Treasury Single Account (TSA) in 2022. These funds are frequently used to finance social welfare initiatives, pay off debt, and support national projects. In addition, certain recovered assets are put up for auction, with the money raised going toward the government’s consolidated revenue.
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Moreover, the EFCC has reaffirmed its commitment to upholding its obligations as it recently refuted an accusation that some officials of the commission diverted money that was recovered. As per the commission’s official statement, a report published by Sahara Reporters, an online news platform, said that some of the associates of Mr. Godwin Emefiele, the former CBN governor, forfeited ₦54 billion, which was allegedly “shared” among some of President Tinubu’s advisers and ministers, along with EFCC officials. The statement added that no officer of the Commission was or has ever been involved in the “sharing” of any funds of seized assets.