EFCC Highlights Asset Recovery as Key Weapon Against Corruption

The Economic and Financial Crimes Commission (EFCC) has reiterated that asset recovery plays a pivotal role in curbing corruption and financial crimes in Nigeria. EFCC Chairman, Ola Olukoyede, shared this perspective during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja on Tuesday.

Olukoyede emphasized that the process of asset tracing begins as soon as an investigation is launched. He explained that depriving suspects of their illicit gains significantly weakens their ability to challenge the Commission’s efforts, making asset recovery a powerful deterrent to corruption. The Chairman also pointed out that the Commission’s continued focus on seizing illegal assets has contributed to its growing success in combating financial crimes.

ALSO READ: EFCC Summons Foreign Groom and Guests Over Naira Spraying at Kano Wedding

The EFCC has seen notable progress, with over 3,500 convictions recorded between October 2023 and October 2024, alongside numerous ongoing court cases. Rep. Ginger Onwusibe, Chairman of the Financial Crimes Committee, expressed his full support for the EFCC’s work, praising its efficient use of resources and its unwavering commitment to fight corruption impartially. Onwusibe assured the Commission of continued support from the National Assembly, including increased funding in the upcoming 2025 budget to bolster the EFCC’s operations.