The Senate Committee on Anti-Corruption and Financial Crimes has commended the Economic and Financial Crimes Commission (EFCC) for its performance over the past year.
Led by Senator Emmanuel Udende, the Committee praised the EFCC’s leadership for its proactive approach in combating economic and financial crimes, highlighting notable recoveries and high-profile convictions.
During an oversight visit and pre-budget review at the EFCC’s headquarters in Abuja, Senator Udende expressed satisfaction with the Commission’s achievements, acknowledging its significant efforts despite limited resources.
“We have looked at the records, the budget performance, and what the EFCC has done over the past year, and we are quite impressed,” Udende said.
He further noted, “Within the one year since the Chairman assumed office, they have made several recoveries, returning significant sums and assets to the nation. This effort is commendable and deserves the recognition of every Nigerian.”
EFCC Chairman Ola Olukoyede welcomed the committee, urging them to consider the agency’s achievements within the constraints of its budget.
He reported that in the last year, the EFCC recovered approximately N250 billion, tens of millions of dollars, and various real estate assets across the country. Additionally, the Commission secured nearly 3,500 convictions, including high-profile cases.
Responding to criticisms regarding the EFCC’s focus on cybercrime, Olukoyede stressed the severe economic impact of such crimes.
“Cybercrime causes economic sabotage and inflicts reputational damage on our country,” he explained.
“Last year alone, Nigeria lost over $500 million to cybercriminals. This isn’t something we can ignore.”
He emphasized that economic sabotage remains a top priority and that financial crimes, regardless of scale, warrant attention to prevent larger issues in the future.