{"id":100071,"date":"2026-09-03T05:20:32","date_gmt":"2026-09-03T05:20:32","guid":{"rendered":"https:\/\/everyday.ng\/?p=100071"},"modified":"2026-09-03T05:50:36","modified_gmt":"2026-09-03T05:50:36","slug":"and-so-what-if-efcc-recovers-n1-23tn-684-5m-in-34-months","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=100071","title":{"rendered":"And so what if EFCC recovers N1.23tn, $684.5m in 34\u00a0months?"},"content":{"rendered":"

By Alifa Daniel<\/strong>, <\/b>Consulting Editor.<\/span><\/p>\n

The Economic and\u00a0Financial Crimes Commission\u00a0(EFCC) says it recovered more\u00a0than\u00a0<\/span>N1.23 trillion and\u00a0$684.5 million<\/b><\/span>\u00a0in proceeds of\u00a0crime between October\u00a02023 and June\u00a02026, according to Executive Chairman\u00a0Ola Olukoyede,<\/span>
\nputting renewed focus on one of the most important questions surrounding Nigeria\u2019s anti-corruption campaign: <\/span>what happens to\u00a0the money after\u00a0it is recovered?<\/b><\/span><\/p>\n

Olukoyede, who disclosed the figures in Abuja while presenting an account of his stewardship at the commission, said the EFCC had also secured <\/span>10,872 convictions from\u00a014,476 cases filed\u00a0in court<\/b><\/span>\u00a0during the period.<\/span><\/p>\n

The figures, he said, represented the outcome of sustained investigation, prosecution, asset recovery, restitution and institutional reforms undertaken since he assumed office.<\/span><\/p>\n

But beyond the scale of the recoveries, the figures have also brought the management and utilisation of recovered assets into focus, particularly as billions of naira and hundreds of millions of dollars have been recovered from individuals, companies and criminal networks.<\/span><\/p>\n

The issue is especially significant because, according to the EFCC’s own breakdown, <\/span>only about N397.26\u00a0billion, or 33\u00a0per cent of\u00a0the N1.23 trillion\u00a0naira recoveries, constituted\u00a0direct recoveries for\u00a0the Federal Government<\/b><\/span>.<\/span><\/p>\n

The remaining\u00a0<\/span>N836.34 billion, or\u00a067 per cent<\/b><\/span>, was recovered on\u00a0behalf of ministries, departments and agencies, state revenue authorities, companies, individuals\u00a0and foreign victims.<\/span><\/p>\n

That distinction means\u00a0that the headline\u00a0figure of N1.23\u00a0trillion cannot simply\u00a0be treated as\u00a0money available for\u00a0general government spending.<\/span><\/p>\n

Still, a fundamental\u00a0question remains:\u00a0<\/span>how much of\u00a0the money belonging\u00a0to the Federal\u00a0Government has been\u00a0returned to the\u00a0Treasury, how much\u00a0remains in recovery\u00a0accounts or under\u00a0court orders, where\u00a0has the money\u00a0already released gone, and what independent\u00a0mechanisms are in\u00a0place to enable\u00a0Nigerians to track\u00a0every naira and\u00a0dollar?<\/b><\/span><\/p>\n

Recovery must lead\u00a0to restitution, EFCC\u00a0says<\/b><\/span><\/p>\n

Olukoyede said the\u00a0commission had released\u00a0<\/span>N661.32 billion and\u00a0$492.37 million<\/b><\/span>\u00a0to beneficiaries during\u00a0the period under\u00a0review.<\/span><\/p>\n

Of the naira\u00a0releases, about\u00a0<\/span>N325.35 billion<\/b><\/span>\u00a0went directly to\u00a0individuals and corporate\u00a0bodies, while another\u00a0<\/span>N335.97 billion<\/b><\/span>\u00a0was released to\u00a0government ministries,\u00a0departments and agencies, the Nigerian Revenue\u00a0Service, state internal\u00a0revenue services and\u00a0other public institutions, companies and individuals.<\/span><\/p>\n

The EFCC chairman\u00a0said the commission’s\u00a0objective was not\u00a0merely to announce\u00a0recoveries but to\u00a0ensure that assets\u00a0were ultimately returned\u00a0to their rightful\u00a0owners or converted\u00a0into value for\u00a0Nigerians.<\/span><\/p>\n

\u201cTwo out of\u00a0every three naira\u00a0recovered were on\u00a0behalf of beneficiaries\u00a0other than the\u00a0Federal Government,\u201d he\u00a0said.<\/span><\/p>\n

The commission also\u00a0recovered about\u00a0<\/span>N288.1 billion in\u00a0taxes<\/b><\/span>, comprising approximately\u00a0N173.2 billion in\u00a0federal taxes and\u00a0N114.9 billion for\u00a0state internal revenue\u00a0services.<\/span><\/p>\n

Olukoyede described the\u00a0tax recoveries as\u00a0revenue mobilisation achieved\u00a0through enforcement of\u00a0existing obligations rather\u00a0than the imposition\u00a0of new taxes.<\/span><\/p>\n

On the face\u00a0of the figures\u00a0released by the\u00a0EFCC, the difference\u00a0between total recoveries\u00a0and reported naira\u00a0releases is substantial\u2014about\u00a0<\/span>N572.29 billion<\/b><\/span>, while the difference\u00a0in dollar recoveries\u00a0and dollar releases\u00a0is about\u00a0<\/span>$192.1 million<\/b><\/span>.<\/span><\/p>\n

God\u2019s Dominion, Its Deniers, And The Consequences<\/a><\/p><\/blockquote>\n