Olukoyede: EFCC recovered N156bn fraud proceeds, secured 3,175 convictions in one year

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says the anti-graft agency has recovered N156,276,691,242.30 in the last one year.

Dele Oyewale, spokesperson of the EFCC, said in a statement that Olukoyede spoke on Wednesday during the launch of the commission’s zero-tolerance club at the University of Abuja.

Olukoyede, who was represented by Mohammed Hammajoda, the secretary to the commission, added that the EFCC also secured 3,175 convictions.

The chairman said the funds were recovered between May 29, 2023, and May 29, 2024.

He said the EFCC also recovered $43,835,214.24, £25,365, €186,947.10, ₹51,360.00, C$3,750.00, A$740, ¥74,754, R35,000, 42,390 UAE Dirhams, 247 Riyals, and 21,580,867,631 crypto currency.

Olukoyede lamented that youth involvement in internet fraud remains a significant challenge in the fight against corruption.

“In spite of this commendable performance, the commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called Yahoo Yahoo. Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said.

He called on students of the university to stay away from internet fraud, noting that a conviction for fraud “is a burden that will leave a life-long scar on the fortunes of these youths.”

“There is no justification that will make Yahoo Yahoo acceptable. Contrary to the impression in some quarters, being a fraudster is not synonymous with creativity or being smart,” Olukoyede said.

“As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources.”