EFCC: N100bn recovered from corruption cases invested in student loan, credit schemes

The Economic and Financial Crimes Commission (EFCC) says it invested N100 billion recovered from corruption cases in the federal government’s student loan and consumer credit schemes.

Wilson Uwujaren, the commission’s director of public affairs, spoke on Thursday while presenting “Two Years of the EFCC Under Olukoyede: A Mid-term Report” in Abuja to mark the second anniversary of Ola Olukoyede’s appointment as chairman of the agency.

Uwujaren said the EFCC’s recoveries in the past two years included N566.3 billion, $411.5 million, £71,306, €182,877, and several other foreign currencies.

“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the student loan scheme and the consumer credit scheme. A total of N100 billion of funds recovered by the commission was invested in these two schemes,” he said.

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

Uwujaren said the commission has recorded 7,503 convictions between October 2023 and September 2025, describing the figure as “inspiring” and reflective of the EFCC’s renewed focus on accountability and integrity.

“For most law enforcement organisations, performance is frequently benchmarked on two critical scores: records of convictions and recovery of proceeds of crime,” he said.

“On these two scores, the performance of the Olukoyede-led EFCC in the last two years is most inspiring. The numbers speak for themselves.”

Citing the report, he said the anti-graft agency filed over 10,500 cases in court within the period under review and investigated more than 29,000 petitions.

He added that the EFCC secured final forfeiture of 1,502 real estate assets, including 753 duplexes in Lokogoma, Abuja, and Nok University, now Federal University of Applied Sciences, Kachia, Kaduna state.

Uwujaren noted that the EFCC under Olukoyede has “revived longstanding cases” involving prominent political figures and former public officials such as Fred Ajudua, a one-time Lagos socialite; Haliru Bello Mohammed, former chairman of the Peoples Democratic Party (PDP); Sambo Dasuki, former national security adviser (NSA); and Ngozi Olojeme, former chairperson of the Nigeria Social Insurance Trust Fund (NSITF).

He further highlighted the commission’s anti-cybercrime drive, which, according to him, led to the arrest of 792 investment and cryptocurrency fraud suspects, including 192 foreigners, during a December 2024 sting operation in Lagos.

“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” Uwujaren said.

He noted that the EFCC has strengthened collaboration with international law enforcement agencies, including the Federal Bureau of Investigation (FBI), the National Crime Agency (NCA) of the United Kingdom (UK), the Royal Canadian Mounted Police, and the Spanish Police, resulting in the return of recovered assets to victims of fraud in Spain, Canada, and the United States.

Uwujaren also said the commission under Olukoyede has prioritised corruption prevention by creating a fraud risk assessment and control (FRAC) directorate to monitor the budget performance of ministries, departments, and agencies.

“Under Olukoyede, the EFCC has prioritised corruption prevention as a cheaper alternative to enforcement activity,” he said.

“The paradigm shift led to the establishment of FRAC, which is deploying risk-based approaches in monitoring budget performance… to prevent diversion of funds and other leakages.”

He said the commission dismissed 55 officers over the past two years for various acts of misconduct as part of efforts to uphold integrity within the agency.

Uwujaren said Olukoyede “believes you cannot use corruption to fight corruption”, adding that all errant staff were disciplined in line with due process.

President Bola Tinubu appointed Olukoyede as the EFCC chairman on October 18, 2023.