For years, the Economic and Financial Crimes Commission (EFCC) has been recovering billions of naira in corruption proceeds but the question on the mind of many observers is: What happens to the money after being recovered? The answer, until recently, was shrouded in mystery.
Between May 2023 and May 2024, the EFCC, under the leadership of the fifth Executive Chairman of the commission, Olanipekun Olukoyede, made a staggering recovery of over ₦231 billion. The agency also recovered millions in foreign currencies, including $70 million, £29,000, €208,000 and many more. The total recoveries, including Indian rupees, Canadian dollars, Australian dollars, South African rand, UAE Dirhams, Saudi Riyals and Chinese Yuan, demonstrate the Commission’s far-reaching efforts to track down and recover stolen funds.
