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.

Tinubu Urges World Leaders To Declare Theft Of Mineral Resources An International Crime.

President Bola Ahmed Tinubu has called on world leaders to recognise the stealing of countries’ mineral resources through illegal mining and smuggling as an international crime.

Speaking at the 7th Annual General Assembly of the Network of Anti-Corruption Institutions in West Africa (NACIWA) in Abuja, the President said the illegal exploitation of Africa’s natural resources has become a global threat to economic stability and peace.

Tinubu lamented that billions of dollars are lost yearly to mineral smuggling, corruption, and illicit trade, which he said fuel insecurity, kidnapping and banditry across the continent.

“The stealing of our countries’ mineral resources should no longer be treated as a local issue. It is an international cr+me that undermines peace and stability,” he said.

The President urged the Economic Community of West African States (ECOWAS) and the broader international community to strengthen legal frameworks that criminalize illegal mining and resource theft.

He also called for collective regional action to trace and recover stolen assets, while emphasizing transparency in their use. Tinubu disclosed that Nigeria has so far channelled over ₦100 billion in recovered proceeds into social intervention projects such as the Student Loan Scheme and the Consumer Credit Scheme.

“No nation can win this fight alone. We must build stronger partnerships and ensure that those who profit from our collective wealth face justice,” he added.

Tinubu further appealed to world leaders to support a global convention against resource theft, similar to existing international laws against drug and human trafficking.

Headline:
Tinubu: We’ve Upgraded 8,800 Health Centres, Spent N45.9bn; Over 100,000 Nigerians Benefit from Credit Scheme
President Bola Tinubu announced that his administration has spent N45.9 billion to upgrade 8,800 primary healthcare centres, improving maternal care and diagnostics in underserved communities, though specific locations weren’t mentioned.

Speaking at the 32nd Afreximbank Annual Meetings in Abuja, Tinubu also revealed that over 100,000 Nigerians have so far benefited from the national consumer credit scheme, with 400,000 more set to join in the next phase to boost small businesses and financial inclusion.

He highlighted achievements in infrastructure, including completion of 279 roads, construction of major highways like the Lagos–Calabar Coastal Highway and Abuja–Kaduna–Kano Road, and expansion of rural roads.

Nigeria has reportedly received over $52 billion from Afreximbank, supporting projects in energy, health, manufacturing, and creative industries, such as the Dangote Refinery and the Africa Medical Centre of Excellence.

Tinubu confirmed Nigeria’s approval of the Pan-African Payment and Settlement System (PAPSS) and announced the launch of the Africa Energy Bank in Abuja with $5 billion capital to support clean energy transition.

He praised Afreximbank President Prof. Benedict Oramah for growing the bank’s assets from $5 billion to $37 billion, and commended the institution’s role in Africa’s pandemic response, trade integration, and SME development.
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