Arewa group hails recovery of N1.23trn, 10,872 convictions

From Noah Ebije, Kaduna

The Arewa Think Tank has commended President Bola Ahmed Tinubu and the Economic and Financial Crimes Commission (EFCC) over the recovery of about N1.23 trillion and the securing of 10,872 convictions in corruption and financial crime cases within about three years.

Convener of the group, Muhammad Alhaji Yakubu, said the figures were indications that the Federal Government’s anti-corruption campaign was yielding results despite resistance from individuals benefiting from illicit activities.

Yakubu, who spoke against the backdrop of a stewardship report presented by EFCC Chairman, Ola Olukoyede, in Abuja, said the commission’s performance deserved commendation.

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

He commended Tinubu and Olukoyede for what he described as their commitment to the anti-corruption campaign, urging them to sustain the momentum.

“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,” Yakubu said.

Olukoyede, in the stewardship report covering the activities of the commission from October 2023 to July 2026, disclosed that the EFCC recovered cash and assets valued at about N1.233 trillion between October 2023 and June 2026.

The commission also recovered $684.48 million, £373,905.78 and €9.34 million, among other foreign currencies, during the period under review.

According to the EFCC chairman, the commission secured 10,872 convictions while more than 40 personnel were dismissed for corruption and financial malpractice.

The commission further recovered about N288.1 billion in federal and state tax revenue through the enforcement of existing tax obligations.

The figure comprised N173.2 billion in federal tax revenue and N114.9 billion attributed to state internal revenue services.

Olukoyede stressed that the recoveries represented existing tax obligations enforced by the commission and were not new taxes imposed on individuals or businesses.

He also disclosed that the EFCC recovered another N257.2 billion for federal Ministries, Departments and Agencies (MDAs).

On foreign exchange enforcement, Olukoyede said the commission handled 234 cases involving unlicensed bureaux de change operators and secured 73 convictions.

He explained that the enforcement was aimed at complementing the regulatory reforms of the Central Bank of Nigeria (CBN) and promoting a more 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 particularly commended the dismissal of more than 40 EFCC personnel over corruption and financial malpractice, describing the action as evidence that the anti-graft agency was prepared to enforce accountability within its own ranks.

He said an institution saddled with the responsibility of fighting corruption must first demonstrate integrity internally if it expected to command the confidence and trust of Nigerians.

The Arewa Think Tank urged the Federal Government and the EFCC to sustain enforcement, asset recovery and institutional reforms, saying the measures were critical to strengthening accountability and restoring public confidence in government institutions.

Yakubu said the group would continue to support initiatives aimed at strengthening public institutions and promoting transparency, accountability and good governance in the country.

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