The Economic and Financial Crimes Commission (EFCC) has successfully recovered a substantial amount of money from three significant cases, along with several other cases that are currently under investigation.
According to Dele Oyewale, the spokesperson for the EFCC, the Acting Chairman’s primary focus on fund recovery has resulted in the retrieval of approximately N41.78 billion. In recent months, the EFCC has managed to recover N27.18 billion in cash and $19.08 million (equivalent to N14.60 billion) in total.
Despite a recent decrease in the EFCC’s operational activities, Oyewale emphasized that the commission continues to make progress in fulfilling its mandate.
Notably, ongoing investigations are being conducted in relation to a significant fraud case involving officials from the Federal Ministry of Power and Agriculture.
This case centers on procurement fraud and the diversion of funds designated for the Mambilla and Zungeru Power projects through various Bureau de Change operators.
As a result, several houses purchased with these misappropriated funds are currently in the process of being recovered, located in Abuja, Lagos, and Cross River State.
Furthermore, in a case involving the former Accountant General of the Federation (AGF) accused of embezzling N109 billion, one of their associates, a senior government official, voluntarily surrendered N12 billion to the EFCC.
Additionally, the EFCC has also successfully recovered an undisclosed sum of money on behalf of the Niger Delta Development Commission (NDDC).
In these three cases, the commission has managed to recover a total of N41.78 billion, comprising N27,184,357,524.52 in cash and $19,084,419.33.
The EFCC remains committed to ongoing investigations, particularly those related to alleged financial misconduct by former and current public office holders, including former governors, ministers, and ministry officials.
The commission is actively pursuing cases involving money laundering, theft, and misappropriation of funds, and it plans to disclose the details of these investigations in due course.
Notably, the former Minister of Power, Sale Mamman, was apprehended by EFCC operatives on allegations of involvement in a N22 billion fraud scheme.
This arrest is linked to the ongoing investigation into corruption within the execution of specific power projects, where Mamman and ministry staff overseeing the accounts of the Zungeru and Mambilla Hydro Electric Power projects allegedly conspired to divert N22 billion for personal gain.
