EFCC secures 481 convictions in 10 months

The Economic and Financial Crimes Commission (EFCC) has secured 481 convictions in 10 months.

Chairman of EFCC, Abdulrasheed Bawa stated that assets running into several billions of Naira have also been recovered by the Commission.

He said this via a video link at the Financial Crimes Reporting Workshop organised by the Commission on Tuesday in Lagos.

Bawa explained that the commission is not resting on its laurels in spite of its success stories because there are more ground to be covered.

The chairman expressed the belief that more needs to be done to deter citizens from getting involved in financial crimes and discourage the theft of public resources.

Head of the anti-graft agency, therefore, noted it is the reason for intensifying public enlightenment engagements.

“In 2021, the commission secured 2220 convictions. This has jumped to 2701 by October 7, 2022.

“Assets running into several billions of Naira have also been recovered by the commission.

“In spite of these, we are not resting on our laurels because there are more ground to be covered.

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“We believe that more needs to be done to deter citizens from getting involved in financial crimes and discouraging the theft of public resources.

“We believe that some of these crimes could be prevented if the members of the public have the right information.

“It is for this reason we are intensifying our public enlightenment engagements which, in a few weeks’ time will witness the formal launch of the EFCC Radio,” he said.

Meanwhile, Bawa noted the legislative reforms that recently birthed the Money Laundering (Prevention and Prohibition) Act, 2022.

According to him, “there are certain provisions of this new law that I believe will affect you directly or indirectly.”

While pointing to secrecy of financial transactions as one of the new law, Bawa explained that the new law criminalises the operation of numbered accounts and also mandates financial institutions to ascertain the beneficial owners of accounts before opening such accounts.

“I am sure that most of us are aware of the legislative reforms that recently birthed the Money Laundering (Prevention and Prohibition) Act, 2022.

“There are certain provisions of this new law that I believe will affect you directly or indirectly.

“One is secrecy of financial transactions. The new law criminalises the operation of numbered accounts and also mandates financial institutions to ascertain the beneficial owners of accounts before opening such accounts,” Bawa explained.