Nigeria’s Economic and Financial Crimes Commission (EFCC) has announced a major anti-corruption milestone, recovering nearly $500 million in misappropriated funds last year.
- Nigeria’s EFCC recovered nearly $500 million in misappropriated funds last year.
- EFCC secured over 4,000 criminal convictions, the highest record since its establishment.
- Nigeria still ranks 140 out of 180 on Transparency International’s Corruption Perceptions Index.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has announced a major anti-corruption milestone, recovering nearly $500 million in misappropriated funds last year.
The recovery effort is part of the agency’s anti-corruption campaign under President Bola Tinubu’s administration.
According to the agency, more than 4,000 criminal convictions were secured last year, its highest record since the EFCC was established over two decades ago.
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Some of the recovered money was reinvested in government projects. Besides recovering cash, the EFCC said it also seized 931,052 metric tons of petroleum products, 975 real estate properties, and company shares.
The $500 million recovered last year is on par with the amount lost to corruption in 2022. Additionally, cybercrime suspects accounted for the majority of the 3,455 convictions recorded during this period.
Like many other countries, corruption has been a thorn in Nigeria’s side for years, holding back development in Africa’s most populous country and fourth-largest economy.
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Despite efforts to tackle it, the country still ranks 140 out of 180 on Transparency International’s latest Corruption Perceptions Index (CPI).
In Africa, South Sudan takes the title of the most corrupt nation, scoring 8 and ranking 180th globally. Right behind it is Somalia at 179th with a score of 9, while Libya isn’t far off at 173rd with 13 points.
These countries continue to struggle with weak institutions, poor governance, and corruption that affects almost every aspect of life.
