EFCC Chairman Finally Opens Up on How the ₦566bn, $411m Recovered Loot Are Used.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has finally revealed how the massive sums of money recovered by the anti-graft agency are being utilised.
According to him, the recovered funds totalling ₦566.3 billion and $411.6 million are being channeled into key social investment programmes across the country.
He made this known during a media briefing in Abuja to mark his second anniversary in office.
Mr. Olukoyede explained that part of the recovered money has been used to support national initiatives such as the Students Loan Scheme and the Consumer Credit Scheme, which are both aimed at improving access to education and financial stability for Nigerians.
“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Students Loan Scheme and the Consumer Credit Scheme,” he said.
He also disclosed that several government agencies have benefited directly from recovered assets and funds. These include the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).
According to him, a number of properties seized from corrupt individuals have been handed over to government institutions for use as offices and public service facilities.
Speaking further, the EFCC boss noted that in the last two years, the commission recorded significant recoveries, not just in cash but also in assets. He listed the recovered items to include 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 in 2025.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has finally revealed how the massive sums of money recovered by the anti-graft agency are being utilised.
According to him, the recovered funds totalling ₦566.3 billion and $411.6 million are being channeled into key social investment programmes across the country.
He made this known during a media briefing in Abuja to mark his second anniversary in office.
Mr. Olukoyede explained that part of the recovered money has been used to support national initiatives such as the Students Loan Scheme and the Consumer Credit Scheme, which are both aimed at improving access to education and financial stability for Nigerians.
“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Students Loan Scheme and the Consumer Credit Scheme,” he said.
He also disclosed that several government agencies have benefited directly from recovered assets and funds. These include the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).
According to him, a number of properties seized from corrupt individuals have been handed over to government institutions for use as offices and public service facilities.
Speaking further, the EFCC boss noted that in the last two years, the commission recorded significant recoveries, not just in cash but also in assets. He listed the recovered items to include 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 in 2025.
EFCC Chairman Finally Opens Up on How the ₦566bn, $411m Recovered Loot Are Used.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has finally revealed how the massive sums of money recovered by the anti-graft agency are being utilised.
According to him, the recovered funds totalling ₦566.3 billion and $411.6 million are being channeled into key social investment programmes across the country.
He made this known during a media briefing in Abuja to mark his second anniversary in office.
Mr. Olukoyede explained that part of the recovered money has been used to support national initiatives such as the Students Loan Scheme and the Consumer Credit Scheme, which are both aimed at improving access to education and financial stability for Nigerians.
“Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Students Loan Scheme and the Consumer Credit Scheme,” he said.
He also disclosed that several government agencies have benefited directly from recovered assets and funds. These include the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).
According to him, a number of properties seized from corrupt individuals have been handed over to government institutions for use as offices and public service facilities.
Speaking further, the EFCC boss noted that in the last two years, the commission recorded significant recoveries, not just in cash but also in assets. He listed the recovered items to include 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 in 2025.
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