Tinubu, EFCC commended over N1.23trn recovery, 10,872 convictions

The Arewa Think Tank has commended President Bola Ahmed Tinubu and the Economic and Financial Crimes Commission (EFCC) over the recovery of about N1.233 trillion and the securing of 10,872 convictions in corruption and financial crime cases within the past 34 months.

Convener of the group, Muhammad Alhaji Yakubu, described the figures as an indication that the Tinubu administration was making progress in its fight against corruption and financial crimes.

Yakubu said the latest record presented by the EFCC showed that the administration’s anti-corruption campaign was yielding tangible results despite resistance from those involved in corrupt practices and illicit activities.

“While the administration of President Bola Ahmed Tinubu is fighting corruption, corruption was also fighting back. But President Tinubu has overpowered corruption,” Yakubu said.

He commended the President and the EFCC Chairman, Ola Olukoyede, for their commitment to the anti-corruption campaign and urged them to sustain the momentum until corruption was substantially eliminated from the country.

“We are saying big kudos to Mr. President and the Chairman of EFCC. They should keep the good fight going until corruption is totally wiped out of our dear country, Nigeria,” he said.

Yakubu’s comments followed the presentation of a stewardship report by Olukoyede in Abuja, covering the commission’s activities from October 2023 to July 2026.

According to the EFCC chairman, the commission recovered assets and cash valued at about N1.233 trillion between October 2023 and June 2026.

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The recoveries also included $684.48 million, £373,905.78 and €9.34 million, as well as funds recovered in other currencies.

The commission, he added, secured 10,872 convictions within the period, while more than 40 personnel were dismissed over corruption and financial malpractice.

Olukoyede further disclosed that about N288.1 billion in federal and state tax revenue was recovered through enforcement of existing tax obligations and measures aimed at strengthening government revenue mobilisation.

He said the recoveries comprised N173.2 billion in federal tax revenue and N114.9 billion attributed to state internal revenue services.

The EFCC chairman stressed that the funds represented existing obligations recovered through enforcement rather than new taxes imposed on individuals and businesses.

He added that approximately N257.2 billion was recovered for federal Ministries, Departments and Agencies (MDAs).

On foreign exchange enforcement, Olukoyede said the commission recorded 234 cases involving unlicensed bureaux de change, with 73 convictions secured during the period.

He explained that the enforcement was aimed at supporting the regulatory reforms of the Central Bank of Nigeria and promoting a more formal, transparent and compliant retail foreign exchange market.

“The overarching objective is to support a more formal, transparent, and compliant retail foreign-exchange market and close channels vulnerable to illicit finance, speculation and round-tripping,” he said.

Yakubu, however, urged the Federal Government and the EFCC to remain relentless in the anti-corruption campaign, stressing that sustained enforcement, recovery of stolen assets and institutional reforms were necessary to strengthen the Nigerian economy and restore public confidence in government institutions.

He said the Arewa Think Tank would continue to support initiatives aimed at strengthening institutions and promoting accountability, transparency and good governance in the country.

Yakubu also commended Olukoyede for dismissing more than 40 staff members over alleged corruption and financial malpractice in the last three years.

He described the action as a bold demonstration of leadership, discipline and commitment to accountability, stressing that the anti-graft agency must lead by example in the fight against corruption.