EFCC secures 4,111 convictions, recovers N364.5b besides seizures of assets, other valuables
By Jeph Ajobaju, Chief Copy Editor
A total 4,111 convictions were secured and more than N364.5 billion was recovered from the proceeds of crime in the past one year, the Economic and Financial Crimes Commission (EFCC) has disclosed in its update on its activities in 2024.
It said the number of convictions was the highest number in any operational year since its inception.
It also announced recovery of huge sums of money across multiple currencies, totalling $214.5 million, N364.6 million, £54,318, €31,265, and various other amounts in different currencies.
The PUNCH quoted a document released by the EFCC as saying that “In 2024, the commission secured 4,111 convictions. This is the highest number of convictions secured in any operational year from inception to date.
“This laudable achievement is attributable to the dedication of our officers and the enabling environment provided by the management and stakeholders of the commission.
“The commission remains committed to enhancing the knowledge and capacity of its prosecutors and the judiciary.”
The EFCC also seized significant assets, including 70 tons of unidentified solid minerals and various cryptocurrencies, including Ethereum, Green Satoshi Tokens, and Tether coins, among others.
“$214,513,439.55, N364,597,370,151.35; £54,318.64; €31,265.00; CAD $2,990.00; AUD $740.00; CFA 7,821,375.00; UAE DIRHAM 170.00; RIYALS 5,115.00; W 73,000.00 ; ¥105.00 ; GH¢ 225.00 and RAND 50.00 were recovered in 2024.
“Assets recovered are 70 tons of unidentified solid minerals; 40,844,094 units of shares worth about N1,055,190,044.55 and $4,414,801.76; 13.37BTC worth about $572,992.86, 5.97886094 ethereum worth $13,353.06, 298.4770071 green Satoshi token worth $6, 1,002.547631, ($1,002.22), sum of N2,699,233 and N9,477,977,318.78, $2,605,858.30 and GBP1,600, cash among others.
“Some of the monetary recoveries made by the commission have been reinvested by the Federal Government into initiatives that provide significant benefits to the Nigerian people.
“The commission is actively advancing its investigative efforts across all zonal directorates. In 2024, cases involving advance fee fraud, money laundering, and cybercrime were the most prevalent in our investigations.
“The high volume of these cases can be attributed to several factors, including rising unemployment, a desire for quick wealth among the youth, a large informal economy, and weak regulatory frameworks.
“Additionally, cybercriminals are continuously evolving their tactics, incorporating innovations like AI-driven fraud, deepfakes, and advanced phishing schemes.”
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