Mr. Ola Olukoyede, the Chairman of the EFCC, recently repeated the claim that the agency has recovered a staggering sum of N60bn in less than four months since he assumed office. Given Nigeria’s cash crunch, the claim has stirred debate, with some questioning how the feat was accomplished and from whom the funds were recovered.
Established in 2003, the agency has the mandate to investigate and prosecute financial crimes such as corruption, money laundering, fraud, and related offences. It employs various methods, including asset tracing, which involves analyzing financial records to ensure that assets acquired by Nigerians – such as houses, cars, and businesses – are not financed through corrupt funds, especially money diverted from public coffers.
When such assets are discovered, including bank deposits, they are flagged, and the EFCC obtains a court order to freeze them. Subsequently, if they can prove in court that the asset was acquired through corrupt means, the agency reclaims ownership through seizures. These assets are then repurposed or sold, with the proceeds returned to the government coffers, contributing to the ‘recovery’ routinely announced by the agency.
In some cases, accused persons voluntarily surrender the assets in question in plea bargain deals, likely to avoid unwanted disclosures in prolonged and expensive court trials that could implicate them and lead to imprisonment.
According to Mr. Olukoyede, the agency has made such recoveries totaling over N60bn in his short tenure. This claim not only underscores rampant corruption in the country but also raises further questions about the effectiveness of preventive measures to curb corrupt fund diversion and illicit trade.
Additionally, despite Olukoyede’s boast of immediate impact, skepticism remains regarding the operational strength of the agency, especially its effectiveness in proving allegations in court. According to the agency, it secured 1688 convictions between Januar and September of 2023. In 2022, it recorded total convictions of 3785.
Critics maintain it could do more, considering the volume of cases it brings to court. Also, the practice of parading ‘suspects’ and announcing ongoing investigations is criticized for causing reputational harm to citizens who may end up declared innocent by the court.
Although the EFCC faces criticism for its court failures in several prominent cases, this may not be solely attributable to the agency’s legal shortcomings. The country’s judicial system remains vulnerable to manipulation, as officials are subjected to immense pressure by highly-connected and extremely wealthy individuals desperate to retain assets obtained from questionable sources and avoid jail terms.
