EFCC Secures Record-Breaking 4111 Convictions in 2024, Recovers Billions of Naira

The Economic and Financial Crimes Commission, EFCC, said it secured a record-breaking 4111 convictions in 2024 alone.

The Economic and Financial Crimes Commission, EFCC, has disclosed that it secured a record-breaking 4,111 convictions in 2024 alone.

This information is contained in the EFCC’s 2024 statistical report, which was made available to journalists, weekend.

The record marks EFCC’s highest number of convictions and the largest single-year asset recovery in the agency’s history since its establishment in 2003.

The report said that the anti-graft agency received 15,724 petitions and investigated 12,928 cases across all zonal directorates in Nigeria.

Of these, 5,083 cases were filed before various courts.

The statistics revealed that advance fee fraud, money laundering, and cybercrime were the most prevalent offences.

It said that the high volume of cases was attributed to rising unemployment, the quest for quick wealth among youths, a large informal economy, and weak regulatory frameworks.

The report stated that the 4,111 secured convictions were recorded across 15 states, including the EFCC headquarters in Abuja.

While the Lagos Zone had the highest number of convictions at 685, followed by Enugu with 516, Maiduguri recorded the lowest number of convictions at 95.

The EFCC said it also recovered significant sums during the year under review

“Such monetary recoveries include N364.6 billion; $214. 51 million; 54,319 euro; 31,265 euro; CAD$2,990 and AUD $740.00.

“ Others are CFA7,821,375, UAE Dirham 170, Riyals 5,115, W73,000, 105 Yen, GH¢225 and Rand 50.”It said EFCC also secured the forfeiture of over 750 duplexes and apartments to the Federal Government, marking the largest single asset recovery in its history.

“Other forfeited assets included: 173 vehicles, N9.478 billion, $2,605,858.30 million and £1,600.

“The others include crypto currencies of 13.37 BTC (worth approximately $572,992.86), 5.97886094 Ethereum (worth $13,353.06), 298.4770071 Green Satoshi Tokens (worth $6), 1,002.547631 USDT ($1,002.22), N2,699,233 worth of USDT (Tether Coin, TRC-20).”

Other assets forfeited to the anti-graft agency were 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products and 70 tons of unidentified solid minerals.

The EFCC’s 2024 report highlighted its aggressive crackdown on financial crimes and record-breaking asset recoveries, reinforcing its commitment to combating corruption in Nigeria.

According to the commission, some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people.

The statistics showed that the N50 billion granted to the Nigerian Education Loan Fund, NELFUND, by the Federal Government was sourced from the monetary recoveries of the EFCC.

“This initiative enables students to complete their degrees, contribute meaningfully to the Nigerian workforce, and ensures that recovered funds directly benefit Nigerians.

“By providing student loans, the EFCC is not only supporting education but also empowering young Nigerians to become productive members of society.

“This move reflects the commission’s commitment to promoting sustainable growth and development in Nigeria,” the report added.

The anti-graft agency attributed its success to the dedication of its officers and the enabling environment provided by management and stakeholders.

“It also reaffirmed its commitment to enhancing the knowledge and capacity of its prosecutors and the judiciary,” it said.

The EFCC reiterated its commitment to collaborating with various agencies and international partners to strengthen and enhance its asset recovery framework.