Senate committee hails EFCC’s anti-corruption achievements, calls for increased funding

The Senate Committee on Anti-Corruption and Financial Crimes has praised the Economic and Financial Crimes Commission (EFCC) for its achievements in combating economic and financial crimes over the past year.

Committee Chairman Senator Emmanuel Udende expressed the Senate’s satisfaction during an oversight visit and pre-budget presentation at the EFCC’s corporate headquarters in Abuja.

Senator Udende highlighted the Committee’s positive evaluation of the EFCC’s efforts, stating that the agency has delivered impressive results despite limited funding.

“We have reviewed the records, budget performance, and the Commission’s achievements in the past year, and we are quite impressed,” he said. “Under the current leadership, the EFCC has made substantial recoveries, and the Chairman deserves commendation for the excellent work.”

Udende pointed to the EFCC’s success in asset recovery, noting that “within just one year, the agency has recovered significant amounts for the nation.” He also emphasized the challenges posed by budgetary constraints and called for greater financial support to sustain the Commission’s efforts. “The agency needs more funding, given how much it has accomplished with limited resources. Every Nigerian should commend their work.”

In response, EFCC Chairman Ola Olukoyede acknowledged the Committee’s support and urged it to consider the agency’s performance when evaluating future budgets. Olukoyede provided an overview of recent accomplishments, revealing that the EFCC had recovered nearly N250 billion, tens of millions of dollars, and numerous real estate assets in the past year. He also reported that the agency secured close to 3,500 convictions, including high-profile cases.

Addressing criticism about the agency’s focus on cybercrime, Olukoyede defended its actions, highlighting the economic and reputational damage such crimes inflict on Nigeria.

“Cybercrime constitutes economic sabotage. A crime that has cost us over $500 million in a single year cannot be ignored,” he said, adding that prosecuting financial crimes of all sizes is essential to deter future offenses.

Olukoyede also cited currency racketeering and the dollarization of Nigeria’s economy as forms of economic sabotage that the EFCC is actively working to combat. “We are working to ensure respect for the Naira, and our Special Task Force is addressing these issues nationwide,” he stated. This year alone, the EFCC has obtained over 50 convictions related to currency-related crimes.

On internal integrity and ethics, Olukoyede assured the Committee that he takes ethics seriously, having recently dismissed several employees for ethical breaches.

“Upon assuming office, I declared my assets and encouraged all staff to do the same,” he said, emphasizing his commitment to maintaining accountability within the agency.

The visit concluded with a tour of the EFCC’s headquarters, including the EFCC Radio, where Committee members expressed satisfaction with the Commission’s facilities and achievements.