EFCC Recovers N409bn, $70m in Eight Months

The Economic and Financial Crimes Commission (EFCC) has secured 137 convictions between January and August 2017, and recovered looted funds in different currency denominations totaling N409,270,706,686.75, $69,501,156.67 million, £231,118.68, €610,816.20; AED 443,400.00 and SR70,500.

The acting Chairman of the anti-graft agency, Mr. Ibrahim Magu, disclosed this in Abuja at a public lecture organised by the Abuja chapter of the Finance Correspondents Association of Nigeria (FICAN) to mark its 20th anniversary.

The recovered monies, Magu stated, are kept in the recovery fund account of the Central Bank of Nigeria (CBN).

Delivering a lecture on ‘Corruption and National Development: Issues, Challenges and Solutions,’ the EFCC boss said corruption was the single biggest challenge facing Nigeria, adding that never in the history of the agency had corruption being fought in a manner it was being addressed by the EFCC.

He added that with the successes so far recorded by the agency, the era of impunity was over.
Magu, who was represented by the Head, Public Interface Unit, EFCC, Tony Orilade, said a lot of successes had been recorded in the fight against corruption, adding that those benefiting from corrupt practices were seriously fighting back.

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