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Says EFCC recovered billions in foreign currencies, assets and digital funds in 2024
From Adesuwa Tsan, Abuja
The Senate has lauded the Economic and Financial Crimes Commission (EFCC) for what it described as outstanding performance in 2024, saying the agency’s achievements are a turning point in Nigeria’s anti-corruption war.
The commendation followed the consideration of a motion titled “Commendation of the EFCC for 2024 Achievements” sponsored by Emmanuel Udende, who also chairs the Senate Committee on Anti-Corruption.
Presenting the motion on Tuesday in plenary, Udende revealed that the EFCC received 15,724 petitions in 2024, opened 12,928 case files, filed 5,081 cases in court, and secured 4,111 convictions — the highest in the agency’s history. He said these convictions led to massive recoveries and forfeitures across multiple currencies and assets.
According to him, the Commission recovered over ₦460 billion and millions in foreign currencies, including dollars, pounds, euros, and other denominations, as well as hundreds of vehicles, properties, estates, and digital assets such as Bitcoin, Ethereum and Tether.
“The EFCC has demonstrated courage, patriotism, and professionalism in discharging its mandate,” Udende said. “This performance has strengthened Nigeria’s financial framework and deepened public trust in anti-corruption institutions.”
In their contributions, senators across party lines praised both the EFCC and President Bola Tinubu for their commitment to institutional reforms that have improved anti-corruption enforcement.
Onyeka Nwebonyi, while speaking in support of the motion, described the EFCC’s performance as “a revolution in anti-corruption enforcement,” noting that over ₦500 billion had been recovered in the past two years and more than 7,000 convictions secured since the agency’s inception.
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“It’s time to acknowledge the results and give credit where it’s due,” he said. “President Tinubu deserves commendation for appointing the right people and providing the right support.”
Senators Saliu Mustapha, Orji Uzor Kalu and Aliyu Ikra Bilbis also applauded the President’s sustained backing of anti-graft institutions, describing the EFCC’s success as proof of renewed efficiency in governance.
But Mustapha expressed concern over the EFCC’s retention of 2–3% of recovered funds, urging strict adherence to constitutional provisions that require presidential and legislative approval before such funds can be spent.
Clarifying the matter, Senate President Godswill Akpabio explained that the law empowers only the President — not the EFCC — to seek Senate approval before expending any recovered proceeds.
“For every one conviction, there are at least ten deterrents,” Akpabio said. “The EFCC’s work is not only about prosecution but prevention. We must commend their success while ensuring proper oversight.”
Speaking with journalists after plenary, Senator Udende rejected proposals for the creation of a separate agency to manage recovered assets, insisting that the EFCC remains best positioned for that role.
“The EFCC understands the origin of every asset it recovers, so they’re in the best position to manage them,” he said. “Our duty as lawmakers is to ensure transparency and accountability — not to duplicate agencies and increase government bureaucracy.”
