The Economic and Financial Crimes Commission (EFCC) has recovered more than N673 billion linked to financial crimes in Nigeria over the past three years.
The recovery followed investigations, asset tracing and enforcement actions targeting funds suspected to have been obtained or diverted through fraud and other economic offences.
EFCC Chairman, Ola Olukoyede, disclosed the figure on Wednesday at the Cambridge International Symposium on Economic Crime in the United Kingdom, where he addressed an international gathering of experts and practitioners on efforts to combat economic and financial crimes.
He said the recovery reflected the scale of the commission’s enforcement activities and its focus on tracing and recovering proceeds of financial crimes.
“The recovery of over N673 billion demonstrates the scale of our financial crime enforcement efforts,” Olukoyede said.
He also stressed the need to strengthen institutions and improve mechanisms for detecting, investigating and prosecuting economic crimes.
Olukoyede noted that recovering illicit funds increasingly required cooperation across national borders, particularly as criminal proceeds are often moved through different jurisdictions.
He used the symposium to highlight Nigeria’s experience in combating financial crimes and the importance of international collaboration in tracing and recovering assets.
The EFCC has in recent years made asset recovery a key component of its financial crime enforcement strategy, alongside investigations and prosecutions of individuals and organisations suspected of economic offences.
The latest disclosure highlights the commission’s efforts to recover funds allegedly lost through fraud, corruption and other forms of financial crime.
