The Economic and Financial Crimes Commission (EFCC) of Nigeria recovered nearly $500 million in misappropriated funds last year and secured a record over 4,000 criminal convictions. Despite these efforts, Nigeria ranks 140 out of 180 on the Corruption Perceptions Index, indicating persistent challenges related to corruption.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has reached a significant milestone by recovering nearly $500 million in misappropriated funds in the past year. This achievement is part of the agency’s ongoing anti-corruption campaign, aligned with President Bola Tinubu’s administration. The EFCC also reported securing over 4,000 criminal convictions during this period, marking the highest record since its inception over two decades ago.
In addition to cash recovery, the EFCC has seized 931,052 metric tons of petroleum products, 975 real estate properties, and various company shares. Notably, the sum recovered closely parallels the amount lost to corruption in 2022. Furthermore, cybercrime suspects represented the majority of the 3,455 convictions during this time.
Corruption remains a pervasive issue in Nigeria, hindering progress in Africa’s largest economy. Despite the recent recovery efforts, Nigeria ranks 140 out of 180 countries on Transparency International’s Corruption Perceptions Index (CPI). In the African context, South Sudan is identified as the most corrupt nation, closely followed by Somalia and Libya, all facing challenges related to weak institutions and governance.
The EFCC’s recovery of nearly $500 million highlights the agency’s commitment to combating corruption in Nigeria. While the financial recoveries and convictions are significant progress, the ongoing low ranking on the Corruption Perceptions Index underscores that much work remains to be done to foster transparency and governmental integrity in the country.
Original Source: africa.businessinsider.com
