Key points:
- $500m recovered by EFCC
- 4,000 convictions in 2024
- Funds reinvested in projects
NIGERIA’S Economic and Financial Crimes Commission (EFCC) announced it recovered nearly $500 million from criminal activities in 2024, marking its largest haul since its establishment over two decades ago. The anti-graft agency also secured over 4,000 convictions during the year,
according to a Reuters report.
Ongoing battle against corruption
As Africa’s biggest oil producer, Nigeria has long grappled with entrenched corruption. Many citizens believe systemic graft continues to fuel widespread poverty, despite the country’s vast energy resources. The EFCC, tasked with investigating and prosecuting economic crimes, said in its latest annual report that recovered funds were channelled into government development projects aimed at improving public services and infrastructure.
Major seizures extend beyond cash
In addition to the recovered cash, the EFCC reported the confiscation of other significant assets. These included over 931,000 metric tons of petroleum products, 975 real estate properties
, and company shares linked to criminal enterprises. Such seizures represent a broadening of the EFCC’s efforts to dismantle the financial networks behind corruption and organised crime.
Nigeria’s corruption ranking remains low
Despite these efforts, Nigeria continues to struggle with its global reputation on corruption. The country ranks 140th out of 180 nati
ons in Transparency International’s latest Corruption Perceptions Index. The EFCC’s leadership has pledged to intensify its crackdown on financial crimes, aiming to restore public confidence i
n Nigeria’s justice system and governance.
