The Senate Committee on Anti-Corruption and Financial Crimes has praised the Economic and Financial Crimes Commission (EFCC) for its exceptional performance over the past year.
During an oversight and pre-budget presentation visit to the EFCC headquarters in Abuja on Monday, November 11, the Committee Chairman, Senator Emmanuel Udende, lauded the Commission’s efforts in tackling economic and financial crimes.
“We have reviewed the records, budget performance, and achievements of the EFCC in the past year, and we are thoroughly impressed,” Udende stated. “The Chairman has achieved significant recoveries for the nation. Given the limited resources at their disposal, this level of success deserves commendation from every Nigerian.”
Udende highlighted that the EFCC recovered over N250 billion, tens of millions of dollars, and numerous real estate properties in the past year while also securing close to 3,500 convictions, many involving high-profile cases.
In response, EFCC Chairman, Mr. Ola Olukoyede, underscored the importance of asset recovery in combating financial crimes. “If you are fighting financial crimes and don’t prioritize asset tracking and recovery, you won’t go far,” he said. “In the past year alone, we have recovered over N250 billion, millions of dollars, and substantial real estate assets.”
Olukoyede also addressed criticisms over the anti-graft agency’s focus on cybercrime, emphasizing its significant impact on the economy. “Cybercrime costs Nigeria over $500 million annually,” he explained. “Some argue we should not prioritize it, but ignoring small crimes today allows them to become bigger tomorrow.”
The EFCC Chairman identified currency racketeering and dollarization of the economy as major issues undermining Nigeria’s financial stability. “We must respect the Naira as a legal tender,” he said. “This year, our Special Task Force has secured over 50 convictions for currency-related offenses, bringing some sanity to the handling of our national currency.”
Olukoyede reaffirmed his commitment to maintaining ethics within the agency, noting that staff misconduct is met with strict disciplinary actions. “I take ethics seriously and have dismissed several workers for unethical behavior,” he revealed. “Upon assuming office, I declared my assets and encouraged others to do the same.”
The Senate Committee members, who also toured the commission’s facilities, including the EFCC Radio, expressed satisfaction with the agency’s operations. Senator Udende emphasized the importance of supporting the Commission’s work, stating, “This is an institution every Nigerian should be proud of.”
The visit reflects the Senate’s confidence in the EFCC’s leadership and its unwavering commitment to fighting financial crimes despite financial constraints and public scrutiny.
