What We Did With ₦‎50 Billion Recovered Fraud Proceeds In 2024 – EFCC

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What We Did With ₦‎50 Billion Recovered Fraud Proceeds In 2024 – EFCC

The Economic and Financial Crimes Commission (EFCC) has revealed that over N50 billion recovered from fraud-related cases in 2024 has been invested into the Nigerian Education Loan Fund (NELFUND), ThisDay Nigeria reports.

In its 2024 statistical report released in Abuja, the anti-graft agency detailed its financial recoveries, which include N364.6 billion; $214.51 million; 54,319 euros; 31,265 pounds; CAD $2,990; and AUD $740. Additional recoveries were made in various currencies, including the CFA franc, UAE dirham, Saudi riyals, Japanese yen, Ghanaian cedi, and South African rand.

The EFCC stated that aside from financial recoveries, it achieved a record-breaking 4,111 convictions in 2024, the highest in its 22-year history.

The agency processed 15,724 petitions, conducted 12,928 investigations, and prosecuted 5,083 cases.

Lagos led in the number of convictions with 685, followed by Enugu and Ibadan, with 516 and 501 convictions, respectively.

The EFCC emphasized that a portion of the recovered funds was allocated to government initiatives aimed at benefiting Nigerians, particularly through the student loan scheme established under the Students Loans (Access to Higher Education) Act, 2024 by President Bola Tinubu.