EFCC Chairman Says Only 60% of Stolen Funds Can Be Recovered

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyode, has said only about 60 percent of stolen funds can be recovered once they have been taken.

Olukoyode made the disclosure on Friday during the inauguration of the EFCC Zonal Office in Awka, Anambra State.

The EFCC chairman said the difficulty of recovering stolen assets makes preventing corruption and financial crimes a more effective approach than trying to recover funds after they have been diverted.

“I have discovered that when money has been stolen, the best you can recover is 60 percent,” Olukoyode said.

He therefore urged Nigerians to play a more active role in preventing corruption by reporting suspected cases of financial misconduct to the commission.

According to him, early reporting can help authorities intervene before suspected illicit financial activities result in the loss of public or private funds.

Olukoyode said the establishment of the EFCC zonal office in Awka was part of efforts to strengthen the commission’s presence in Anambra and support the state’s economic development.

The new office is expected to improve the commission’s ability to respond to financial crime reports and carry out investigations within the state and surrounding areas.

The EFCC chairman encouraged residents to provide relevant information to the commission whenever they suspect corruption, fraud or other financial crimes.

He reiterated that prevention remains central to the fight against corruption, given the challenges associated with tracing and recovering stolen assets.