The Economic and Financial Crimes Commission, EFCC, Chairman, Ola Olukoyode, says only about 60 per cent of funds stolen through financial crimes can be recovered once they have been taken.
Olukoyode made the disclosure on Friday at the inauguration of the commission’s new Zonal Office in Awka, Anambra State, where he stressed that preventing corruption and financial fraud remains more effective than trying to recover proceeds after they have been stolen.
The EFCC chairman said the recovery of stolen assets often becomes difficult after illicit funds have been moved, converted or transferred through different channels.
“I have discovered that when money has been stolen, the best you can recover is 60 per cent,” Olukoyode said.
He therefore urged Nigerians to support the commission’s anti-corruption efforts by promptly reporting suspected cases of fraud, corruption and other financial crimes.
According to him, early intervention can help law enforcement agencies prevent the dissipation of illicit funds and improve the chances of recovering assets linked to financial crimes.
Olukoyode said the EFCC’s presence in Anambra was also aimed at strengthening economic activities and creating an environment where legitimate businesses could thrive.
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He said the commission was not in the state solely to investigate financial crimes but also to contribute to efforts that would boost the state’s economy.
The inauguration of the Awka zonal office expands the EFCC’s operational presence in the South-East and is expected to improve the commission’s ability to respond to financial crimes within Anambra and neighbouring areas.
The commission investigates economic and financial crimes including advance-fee fraud, money laundering, cybercrime, public-sector corruption and other offences involving illicit financial transactions.
The EFCC has repeatedly emphasized the importance of prevention, public awareness and early reporting in tackling financial crimes, alongside investigation, prosecution and asset recovery.
The commission has also encouraged members of the public to provide information on suspected financial crimes through its established reporting channels.
Olukoyode’s comments underscore the financial and investigative challenges that arise once proceeds of crime have been transferred or concealed, making prevention and timely intervention important components of the fight against corruption.
The EFCC said its strengthened presence in Anambra would support its mandate while contributing to efforts to protect legitimate economic activity and curb financial crimes in the state.
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