The Senate Committee on Anti-Corruption and Financial Crimes, led by its Chairman, Senator Emmanuel Udende, has praised the Economic and Financial Crimes Commission (EFCC) for its impressive strides over the past year. During an oversight and pre-budget visit to the EFCC’s headquarters in Abuja, Senator Udende lauded the agency’s achievements, highlighting its effective combat against economic and financial crimes.
The Committee evaluated the EFCC’s budget performance and operational results, expressing satisfaction with its accomplishments despite limited funding. “We have looked at the records and budget performance, and we are quite impressed. Within the year under consideration, the EFCC has achieved significant recoveries. The Chairman has recovered so much for the nation,” Senator Udende remarked, urging all Nigerians to commend the Commission’s efforts.
EFCC Chairman, Mr. Ola Olukoyede, welcomed the Committee members, encouraging them to consider the Commission’s performance metrics when assessing its success. He reported recoveries of close to ₦250 billion, numerous properties, and approximately 3,500 convictions in the past year. “If you are fighting financial crimes and don’t prioritize asset recovery, it’s difficult to go far,” Olukoyede explained. He noted that high-profile convictions have been secured, with further details to be published following the Senate’s review.
Addressing criticism over the EFCC’s focus on cybercrime, Olukoyede defended the agency’s stance, stating that cybercrime constitutes economic sabotage and damages Nigeria’s reputation. “Economic sabotage is a major problem,” he said. “Cybercrime alone has caused over $500 million in losses this year, and it’s important we act.”
Olukoyede also highlighted the issue of currency racketeering and dollarization, which he deemed as harmful to the Nigerian economy. “Our Special Task Force has worked to ensure the Naira is respected as our legal tender,” he added, noting that over 50 convictions related to currency manipulation had been secured this year.
Emphasizing a commitment to ethics, Olukoyede stated that he has dismissed several EFCC staff on ethical grounds and declared his own assets upon assuming office, urging staff to follow suit.