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How EFCC Secures 3,175 Convictions, Recovers N156 Billion

Published by Tope Fakinlede on May 30th, 2024.

How EFCC Secures 3,175 Convictions, Recovers N156 Billion

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has announced that the Commission achieved 3,175 convictions and recovered N156,276,691,242.30 (One Hundred and Fifty-six Billion, Two Hundred and Seventy-Six Million, Six Hundred and Ninety-One Thousand, Two Hundred and Forty-Two Naira, Thirty Kobo) between May 29, 2023, and May 29, 2024, coinciding with President Bola Ahmed Tinubu’s first year in office.

Olukoyede shared this information on Wednesday, May 29, 2024, during the launch of the Zero Tolerance Club at the University of Abuja, Gwagwalada. Represented by the Commission’s Secretary, Mohammed Hammajoda, he detailed additional recoveries: $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals, and 21,580,867,631 units of various cryptocurrencies.

Despite these successes, Olukoyede expressed concern over the persistent issue of youth involvement in cybercrime, particularly internet fraud known as “yahoo yahoo.” He highlighted the significant number of monthly arrests and subsequent imprisonments, urging students to avoid such illegal activities. Conviction for fraud, he warned, would have lasting negative impacts on their lives.

“There is no justification for cybercrime. Fraud is not a sign of creativity or intelligence. Students should focus their creative talents on productive activities rather than deceiving others out of their resources,” Olukoyede emphasized.