EFCC boss justifies diversion of recovered funds to NELFUND, others

The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukayode, has declared that, under his watch, the anti-graft agency has secured the convictions of high-profile individuals for economic governance offences.

Olukayode made the declaration on Monday at a media briefing to give an account of his 34-month stewardship as the nation’s anti-corruption czar.

He was appointed EFCC Chairman on October 12, 2023, and confirmed by the Senate on October 18, 2023.

He listed the convictions of former Minister of Power, Saleh Mamman; former Managing Director of the Nigerian Export-Import Bank (NEXIM), Robert Orya; and former Acting Accountant-General of the Federation, Chukwunyere Nwabuoku, as landmark cases involving financial sleaze in which the agency secured convictions.

He attributed the feat to resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.

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He said: “The fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation.

“We have, at the same time, continued to pursue complex and high-profile matters without regard to status. Our high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials.

“Recently, the Commission secured convictions of some high-profile Nigerians, including Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku.

“The principle is simple: no office or title places anyone beyond the reach of the law. We will continue to investigate professionally, prosecute on the strength of evidence and allow the courts to determine guilt or innocence.”

The EFCC chairman told newsmen that between October 2023 and July 2026, the Commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.

Giving a breakdown of data from petitions and case analysis, Olukayode noted that advance-fee fraud and cybercrime together represented nearly two-thirds of recorded offences.

“However, between 2024 and 2025, total recorded offences rose by 24.1 per cent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.”

On asset recovery, he declared that “between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78, €9,343,803.66, in addition to recoveries in other currencies.

“Of the naira amount, approximately ₦397.26 billion (33 per cent) represented direct recoveries for the Federal Government, while ₦836.34 billion (67 per cent) represented indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims. Two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government.”

Apparently defending the diversion of proceeds of crime to agencies such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation, the EFCC Chairman cited Sections 69, 70 and 73 of the Proceeds of Crime Act to justify the growing trend.

He further described it as productive social investment.

“The national impact of recovery is perhaps clearest when proceeds of crime are converted into productive social investment. In August 2024, the Federal Government directed that ₦50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC. Further NELFUND and Credit Corp funding from EFCC recoveries (₦50 billion each) was subsequently approved in 2026. When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.

“A recovered property, NOK University, was converted to a Federal University of Applied Sciences, Kachia, Kaduna State. A total of 1,909 students matriculated into the university in December 2025. These are students who ordinarily would not have been afforded the opportunity of tertiary education. We can also imagine the impact of the institution on the local economy of Southern Kaduna. In addition, another private university of high value has just been finally forfeited to the Federal Government.

“Taken together, these outcomes tell a larger story. Anti-corruption enforcement can restore fiscal space, strengthen federal and sub-national revenue, return working capital to institutions, companies and citizens, support financial-market integrity, protect the extractive and digital economies and strengthen Nigeria’s international credibility.

“It also produces a deterrence dividend: every successful prosecution and every asset stripped from criminal enterprise reduces the expected cost of economic crime.”

Describing his 34-month stewardship as a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad, Olukayode said the Commission’s efforts contributed to Nigeria’s removal last year from the Financial Action Task Force Grey List.

“Our work has equally contributed to improving the integrity of Nigeria’s financial system. Sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other higher-risk sectors formed part of Nigeria’s wider national effort to address deficiencies in the anti-money laundering and counter-financing of terrorism framework.

“Nigeria’s removal from the Financial Action Task Force Grey List in October 2025 was a national achievement, and the Commission’s casework and enforcement activities formed part of that collective effort.”