May 29: EFCC Secures 3,175 Convictions, Recovers N156bn In 1 Year

The executive chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that the commission secured 3,175 convictions and recovered N156, 276,691,242.30 between May 29, 2023 when President Bola Tinubu assumed office and May 29, 2024.

He stated this in Abuja on Wednesday at the launch of Zero Tolerance Club at the University Abuja (UniAbuja), Gwagwalada campus, Abuja.

EFCC spokesperson, Dele Oyewale, in a statement on Wednesday night, said Olukoyede, who spoke through the secretary to the commission, Mohammed Hammajoda, said the EFCC also recovered $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals and 21,580, 867631 Crypto Currency.

Speaking further, the chairman stated that, though the EFCC put up impressive performance within the year, involvement of youths in internet fraud continued to pose serious concerns to every stakeholder in the anti-graft war.

“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, stressing that conviction for fraud “is a burden that will leave a life-long scar on the fortunes of these youths.”

He further stated that there was no justification for cybercrime anywhere.

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