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EFCC Recovers N250bn Loot, Secures 3,500 Convictions in One Year

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By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) says it has successfully recovered looted N250 billion in cash between October 2023 and October 2024.

According to the anti-graft agency, this underscores its renewed efforts in the fight against corruption and financial crimes.

The EFCC said it also recovered millions of dollars, pounds, and other currencies in the past year, and recorded 3,500 convictions, demonstrating a broadening of its focus beyond internet fraud, or “yahoo yahoo,” to include high-profile corruption cases that have cost Nigeria millions.

Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes at its headquarters, the chairman of the organisation, Mr Ola Olukoyede, highlighted that asset recovery is a central component of the EFCC’s anti-corruption strategy, stressing that depriving suspects of the proceeds of their crimes weakens their ability to resist prosecution.

“If you understand the intricacies involved in financial crimes investigation and prosecution, you will discover that to recover one billion Naira is war. So I told my people that the moment we start an investigation, we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight.

“If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it. So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed tremendously. The moment we begin an investigation, we begin asset tracing. That was what helped us to make our recovery.

“The essence of the EFCC mandate is to move Nigeria forward. And I made known my three policy objectives. So, we have embarked on these since October last year with the help of my management team and the entire EFCC staff, and I am happy to announce to you that between October last year and October this year, we were able to recover about N250billion in cash, tens of millions of dollars, tens of millions of Pound Sterling and other currencies,” he stated.

He explained that the commission equally put up a command performance in the area of convictions, amassing about 3500 convictions in the period spanning from October 18, 2023, to October 18, 2024.

“In the area of convictions, we have done over 3000 and we also want to re-orientate your minds that it is not only yahoo yahoo. We have evidence, we have many high-profile cases in which we secured convictions. I wish to remind everyone that this issue of yahoo yahoo thing that some people are treating with kid gloves is a crime that cost the nation over $500,000.

In the aspects of the corruption and fraud prevention mandate of the EFCC, Mr Olukoyede disclosed to the Committee that the Commission within the last one year had emphasized prevention more than ever before and it is set to achieve better and more cost-efficient results with it.

“I believe that the best way of fighting corruption is to prevent it. In the past one year, we have had cause to establish a new Directorate called Fraud Risk Assessment and Control, FRAC. The mandate of this Directorate is to work with the Office of the Accountant General to look at the financial releases that go into the MDAs and monitor the implementation of projects because, in the last 20 years, we discovered that we have not done up to 20 per cent of our capital project implementation and execution.”

Mr Olukoyede also touched on the workload of the Commission, noting that “apart from the convictions, we have several cases filed in court. In the last one year, we received over 17,000 petitions and right now, we are investigating over 20,000 cases. Between October 2023 and now, we have opened new case files of over 4800,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Obasa Makes First Appearance at Lagos Assembly After Impeachment

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By Adedapo Adesanya

Mr Mudashiru Obasa made his first appearance at the Lagos State House of Assembly complex on Thursday, February 27, 2025, after he was impeached as the Speaker on January 13, 2025.

The former speaker entered the chamber flanked by armed and uniformed security operatives, who ushered him into the premises.

Business Post reports that Mr Obasa was welcomed with an ovation by his supporters and well-wishers

The politician was welcomed at the entrance gate of the Assembly Complex.

The 40-member House removed the Agege I representative as Speaker by more than two-thirds of the house over alleged misconduct and corruption offences.

Mr Obasa’s then deputy, Mrs Mojisola Meranda, was immediately elected the new Speaker, becoming the first female to take charge of the legislative body in the South-West state.

With her emergence, Mrs Meranda, who represents Apapa Constituency I, ended the 10-year reign of Mr Obasa on the seat.

Mr Obasa was first elected into the House in 2007. He has been in the chamber since then. He emerged as a speaker in June 2015 before his removal in January 2025. He is believed to have the strong support of President Bola Tinubu, who reportedly asked for his return and the resignation of Mrs Meranda.

It is not immediately clear what the next development will be with his return to the chamber, but Mrs Meranda has about 36 members of the state parliament as loyalists. They have all supported and passed a vote of confidence on her, insisting that Mr Obasa has no room to return to the position despite claiming he was not lawfully removed from office.

Last week, some agents of the Department of Security Services (DSS) and legislative workers clashed in the chambers.

The incident led to 36 lawmakers passing a vote of confidence in Mrs Meranda, who was teary-eyed.

Meanwhile, the police had earlier allegedly withdrawn all the escorts attached to the speaker.

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EFCC Laments Crypto Funding of Fraud Syndicates’ Cells

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By Adedapo Adesanya

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, says organised foreign fraud syndicates are establishing cells in Nigerian cities and recruiting youths into serious organised cybercrimes, made easy by cryptocurrencies.

This was disclosed by the anti-graft agency in a statement signed by its spokesperson, Mr Dele Oyewale, on Thursday in Abuja.

Mr Olukoyede said this while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS) on Wednesday in Abuja.

He said the team was led by the institute’s Director of Studies, Mr Hyginus Ngele, to the commission.

Mr Olukoyede expressed surprise at how bandits and insurgents were able to sustain their activities in the country over the years.

He noted with concern, the rate of flow of small arms and light weapons across the borders and the involvement of non-state actors in the illegal exploitation of minerals in parts of the country.

The EFCC boss said all these activities compounded the threats in the security landscape.

“Another dimension that is not given attention is the discovery, recently, that organised foreign fraud syndicates are establishing cells in Nigerian cities.

”They are recruiting young Nigerians into serious organised cybercrimes, including cryptocurrency fraud.

“By the virtue of EFCC’s recent discovery, we are beginning to see the likelihood, the propensity that a lot of these people are into illegal importation of arms into the country using cryptocurrency as means of payment.”

According to him, this is an area that must interest all and sundry.

“In the special operations we carried out in Lagos recently, we arrested 194 foreigners in the heart of Victoria Island.

”They comprised Chinese, Filipinos, Eastern Europeans, Tunisians and among others in one building at a time. You can imagine what these guys are doing, 194 of them.

“Some of them don’t even have valid visas and most of the financial activities they carried out were through cryptocurrency,” he said.

He said the commission also discovered that some of the foreigners arrested were already ex-convicts in their countries.

“Some of them have been convicted and escaped from their countries and found safe haven in Africa, not only Nigeria.

“We discovered that they are also developing cells in some other African countries by virtue of the investigation we are carrying out,” he said.

The EFCC boss called for spirited efforts at both national and continental levels to combat the menace of internet fraud.

He stressed that the money laundering and national security dimension of the presence of foreign organised crime groups demanded close scrutiny.

“All security, intelligence and law enforcement organisations in Nigeria and indeed Africa, must close ranks in dealing with this challenge,” he said.

On his part, the NISS commandant, Mr Joseph Odama, who spoke through Mr Ngele, praised Mr Olukoyede’s leadership of the EFCC for the commission’s “remarkable achievements in combating corruption, money laundering, and other financial crimes.”

He noted that the achievements had not only strengthened Nigeria’s integrity but also served as a model for other nations in Africa and beyond.

He said the EFCC, under Mr Olukoyede, had been at the forefront of investigating and prosecuting financial crimes, including those involving non-state actors.

“Your commission’s exploratory activities have uncovered the intricate networks through which some NGOs and other entities channel funds to support hostile non-state actors, thereby, fueling instability in various parts of the country and the African continent.

“We recognise the critical role the EFCC plays in disrupting these networks and ensuring accountability.

“In light of this, we are particularly interested in hearing your insights on how your commission navigates the complexities of investigating and prosecuting cases involving non-state actors.

“We also seek your contributions on how Nigeria and other African nations can strengthen legal and institutional frameworks to address the challenges posed by these actors while promoting transparency and accountability in their operations.”

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NSCDC Intercepts 1,571 Litres of Petroleum Products in Zamfara

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By Adedapo Adesanya

The Zamfara State Command of the Nigeria Security and Civil Defence Corps (NSCDC) has intercepted 1,571 litres of petroleum products in the Northern state.

According to the security outfit, the products were illegally transported in jerry cans to banditry-prone areas.

The State Commandant, Mr Sani Mustapha, in a statement by the Public Relations Officer of the command, Mr Umar Muhammad, revealed that four suspects were arrested in connection with the crime at two separate locations.

Among them were two filling station pump attendants and two buyers apprehended in the Birnin Magaji and Tsafe Local Government Areas of the state.

Mr Muhammad disclosed that aside from transporting fuel from unauthorised locations, the suspects also violated the Executive Order prohibiting the sale of petroleum products in jerricans within Zamfara State.

He stated that two of the suspects were caught in Birnin Magaji with 1,296 litres of fuel, while the other two were arrested in Tsafe with 275 litres of the product.

“Today, we bring before you four suspects apprehended for illegal dealings of Premium Motor Spirit (PMS) in large quantities, violating the National and State Executive Order of petroleum products sales to retailers in jerry cans,” he stated.

The NSCDC assured citizens that investigations are ongoing and reaffirmed its commitment to enforcing the law to curb illegal fuel diversion and activities that could aid insecurity in the state.

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