By Tony Egbulefu
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Ola Olukoyede took over the leadership of the Economic and Financial Crimes Commission (EFCC) on Thursday, October 19, 2023, with a clear vision of repositioning the Commission for optimal efficiency in line with global best practices.
This agenda is anchored on a robust pursuit of EFCC’s mandate, the creation of an atmosphere for transparency and accountability in governance, prioritization of preventive strategies in the anti-corruption fight, strict adherence to the rule of law, and better working conditions for officers of the Commission.
Right from the start, he left the officers of the Commission with no illusions about his agenda. “We are going to drive professionalism in discharging our duties in line with the rule of law. The rule of law is going to be our guiding light. We are going to drive EFCC to a place where, when you see EFCC personnel, you will see a touch of professionalism. We are also going to be more involved in prevention, because it is better to save money for the government than to spend money on prosecution. My priority is to enhance staff welfare. We will build on what we have done before, and there are prospects that we will do better things for every staff of the Commission,” he said.
By reason of sterling leadership, he has achieved his vision of a Commission that is better in character, more result-oriented, and running on the wheels of professionalism, integrity, transparency, accountability, and the rule of law in just two years, leaving observers—including naysayers—persuaded that indeed the man walks his talk.
Within this short period, new records of achievement are being set and old ones are tumbling in every aspect of the fight against corruption, economic, and financial crime. In the last two years, total monetary recoveries in naira stood at ₦566,319,820,343.40, while the dollar component was $411,566,192.32.
Fifteen thousand seven hundred and twenty-four petitions were received in 2024, with 12,928 investigated. Of the number investigated, the Commission charged 5,081 to court and secured 4,111 convictions within the same year. The prosecution and conviction figures represented a 47.70 percent and 53.74 percent increase, respectively, from the 2023 figures.
The Special Control Unit Against Money Laundering (SCUML) of the Commission, mandated to monitor compliance of Designated Non-Financial Businesses and Professions (DNFBPs) with the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regulations, conducted 2,348 onsite evaluations of DNFBPs in 2024, representing an increase of 1,085 over the 1,263 examined in 2023.
The Department of Fraud Risk Assessment and Control (FRAC), created by Olukoyede to drive the Commission’s fraud prevention mandate with focus on Ministries, Departments, and Agencies (MDAs), is up and running. It monitored financial disbursements for flagship federal government initiatives, including Pi-CNG, NG-CARES, NACA Global Fund Grants, RESET, and ARMOR LOANS, as well as CBN COVID-19 Support Schemes. Its evaluation of the Pi-CNG Project Contract valued at N88.5 billion ensured 95 percent delivery of the buses and conversion kits.
Highlights of asset forfeitures include Nok University, Kaduna, renamed Federal University of Applied Sciences, Kachia, by the Federal Republic of Nigeria, and the recovery and handover to the federal government of Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, measuring a staggering 150,462.86 sqm and comprising 753 units of duplexes.
The EFCC set both local and global real estate recovery records with this feat. Besides this record-setter, several properties and real estates were also recovered from the former CBN governor, Godwin Emefiele. Cash recoveries from Emefiele to the federal government include $2.045 million before Justice Dehinde Dipeolu of the Federal High Court, Ikoyi, Lagos; $1.4 million before Justice Ayokunle Faji of the Federal High Court, Ikoyi, Lagos; and N1.04 billion before Justice Chukwujekwu Aneke of the Federal High Court, Lagos.
Also recovered are shares valued at N246,305,544 (Two Hundred and Forty-Six Million, Three Hundred and Five Thousand, Five Hundred and Forty-Four Naira), linked to a former Managing Director of the Nigerian Army Properties Limited (NAPL), Major-General U.M. Mohammed (retd).
Under Olukoyede, the EFCC is prosecuting Abdulfatah Ahmed, former Kwara State governor, for alleged N5.78 billion fraud; Willie Obiano, former Anambra State governor, for alleged N4 billion; Theodore Orji, former governor of Abia State, for alleged N47 billion fraud; Darius Ishaku, former Taraba State governor, for alleged N27 billion fraud; and Yahaya Bello, former Kogi State governor, for alleged N80.2 billion and N110.4 billion fraud.
Others include Saleh Mamman, former Minister of Power, for alleged money laundering to the tune of N33,804,830,503.73; Olu Agunloye, former Minister of Power, for alleged official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6 billion; and Hadi Sirika, former Minister of Aviation, alongside his brother Ahmad and daughter Fatimah, in two separate charges for alleged N5.8 billion and N2.8 billion fraud. Halima Buba, Director/CEO of SunTrust Bank Ltd, alongside Innocent Mbagwu, Executive Director/Chief Compliance Officer of the bank, face alleged money laundering to the tune of $12 million.
Under Olukoyede, the EFCC has stepped up the prosecution of Colonel Sambo Dasuki (retd), a former National Security Adviser (NSA). He was dragged before Justice Charles Agbaza of the Federal Capital Territory High Court, Abuja, on Tuesday, March 25, 2025. Dasuki was re-arraigned alongside a former General Manager of the Nigerian National Petroleum Corporation (NNPC), Aminu Baba Kusa, Acacia Holdings Limited, and Reliance Referral Hospital Limited on a 32-count charge, bordering on breach of trust and dishonesty to the tune of N33,200,000,000 (Thirty-three billion, Two Hundred Million Naira).
Also facing prosecution for alleged money laundering, stealing, and conversion of public funds to the tune of N1,488,425,629.00 (One Billion, Four Hundred and Eighty-eight Million, Four Hundred and Twenty-five Thousand, Six Hundred and Twenty-nine Naira) is the Accountant General of Bauchi State, Sirajo Muhammad Jaja.
Also within the period, the EFCC dragged Professor Usman Yusuf, former Executive Secretary of the National Health Insurance Authority, before Justice Chinyere E. Nwecheonwu of the Federal Capital Territory High Court, Kuje, Abuja, for alleged embezzlement and fraud to the tune of N90,439,178.00 (Ninety Million, Four Hundred and Thirty-Nine Thousand, One Hundred and Seventy-Eight Naira).
On Monday, March 18, 2024, Olukoyede restarted the prosecution of a former Peoples Democratic Party (PDP) chairman and ex-Minister of Defence, Bello Haliru Mohammed, dragging him before Justice Peter Lifu for his alleged role in the diversion of N300 million meant for arms procurement through the Office of the ex-NSA, Dasuki.
Awerusuo Otorudo and Chukwuebuka Ehirim, promoters of Crypto Bridge Exchange (CBEX), a monumental investment fraud, are being prosecuted before Justice Muhammed Umar of the Federal High Court, Abuja, for obtaining money by false pretence, inducement, and misleading the public into a fraudulent investment.
With Olukoyede, the EFCC set yet another record with the busting of a syndicate of 792 suspected cryptocurrency investment and romance fraud operators in Lagos on December 10, 2024. Out of the number, 194 were nationals of China, Tunisia, the Philippines, Kazakhstan, and Pakistan. All of the rogue foreign nationals have been prosecuted and jailed. A total of 102 who have served out their jail time have been deported as of August 15, 2025, in a synergized effort between the EFCC and the Nigeria Immigration Service (NIS).
The fight against illegal mining of the country’s solid minerals has received a boost from the EFCC in the past two years, resulting in an unprecedented number of arrests of illegal miners, convictions, and forfeitures of solid minerals and mining equipment to the federal government. On Wednesday, October 16, 2024, the Commission secured the final forfeiture of the sum of N2,739,836,331.31 (Two Billion, Seven Hundred and Thirty-nine Million, Eight Hundred and Thirty-six Thousand, Three Hundred and Thirty-one Naira, Thirty-one Kobo), being proceeds of illegal mining of solid minerals in Endo Community of Nasarawa State, before Justice Emeka Nwite of the Federal High Court, Abuja.
To check national currency mutilation and the dollarization of the Nigerian economy, Olukoyede, in March 2024, set up a “Special Task Force against Naira Abuse and Dollarisation of the Economy” in all the Commission’s 14 Zonal Directorates and the headquarters for the enforcement of laws against the crime. The task force, through resilient enforcement, has succeeded in changing the abusive habit of Nigerians in handling the national currency. No fewer than 70 culprits have been convicted for the misdemeanour.
In his agenda of prioritization of fraud prevention, Olukoyede, within one year of assumption of office, established FRAC, saddled with the responsibility of tackling the systemic issues that ensure the festering of corruption in MDAs. The department has become a game-changer in plugging leakages in public offices and ensuring effective budget implementation.
Further prioritizing fraud prevention, Olukoyede set up a Visa and Immigration Fraud Unit in all the Commission’s zonal directorates and headquarters to tackle visa and immigration fraud in the country. The establishment of the unit became necessary following the stream of fraud taking place on immigration matters in the country.
Also to his credit is the establishment of the Cybercrime Research Centre in the Commission’s New Academy in Giri, Gwagwalada Area Council of the FCT. The initiative takes strong roots in his desire to entrench financial integrity in Nigeria’s cyberspace and redirect youth onto the path of ethical values.
To expand the geographical spread of the Commission, the EFCC boss embarked on the establishment of three additional directorates in Ekiti, Katsina, and Anambra states, bringing the Commission’s zonal directorates to 17.
In the area of officers’ rights and welfare, staff promotions now come as and when due. Last year alone, over 500 officers were promoted to new ranks following their successes in the promotional exam. In general, an atmosphere of joy and rejoicing prevails among the officers of the Commission because of the payment of earned allowances.
• Tony Egbulefu is of the Media & Publicity Unit of the EFCC
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