EFCC Recovers $104,950 For US-based Businesswoman

The Economic and Financial Crimes Commission (EFCC) has recovered $104,950 for a US-based Nigerian businesswoman, Adeshola Oshilaja, following an investigation into an alleged fraud involving funds provided for the procurement of 10 dump trucks from China.

The commission handed over the outstanding $56,000 to Oshilaja on Friday at its Lagos Zonal Directorate 1 in Ikoyi, bringing the total amount recovered to $104,950.

The latest recovery followed an earlier payment of $48,950 made directly to Oshilaja by the defendant, Babatunde Samuel Akinsanmi.

According to the EFCC spokesperson, Dele Oyewale, Oshilaja petitioned the commission over the alleged failure of Akinsanmi, her business associate and family friend, to account for funds provided for the purchase of the trucks.

Oshilaja said she transferred $104,950 to two Chinese companies, Jinan Goneng Power Technology Company and China Howo Heavy Truck Industry Limited, on Akinsanmi’s instructions.

The EFCC said its investigation revealed that both parties entered into a written agreement on 25 July 2023, in which Akinsanmi acknowledged receiving the money for the procurement of the trucks and undertook to refund the amount on or before 31 December 2023.

However, six trucks were subsequently delivered to Akinsanmi in Nigeria. Oshilaja alleged that he retained the vehicles for business purposes without remitting the proceeds to her.

The commission said its investigation led to the recovery of the full $104,950, comprising the earlier payment of $48,950 and the outstanding $56,000 recovered in cash and handed over to the businesswoman on Friday.

Speaking at the handover ceremony, the acting zonal director of the Lagos Zonal Directorate 1, Adebayo Adeniyi, represented by the Head of Public Affairs, Ayo Oyewole, said the recovery reflected the commission’s commitment to returning recovered funds and assets to their rightful owners in line with due process.

He added that the commission would continue to investigate alleged financial crimes and pursue restitution for victims.

Oshilaja expressed gratitude to the EFCC for its efforts, describing her experience as evidence of the commission’s work.

“I am so happy and grateful for all the effort the EFCC has put towards the recovery of this money. I am a testament to what the EFCC is doing in Nigeria, and I can always rely on the fact that you are really working hard. May God bless you all,” she said.

The EFCC said the recovery followed its investigation into the petition.

Last month, the commission announced that it had recovered more than N1.23 trillion, $684.48 million, £373,905 and €9.34 million in proceeds of crime between October 2023 and June 2026.

EFCC Chairman Ola Olukoyede said the recoveries were among the major outcomes of the commission’s enforcement, investigation, prosecution and asset-recovery efforts under his leadership.

Of the N1.233 trillion recovered during the period, approximately N397.26 billion, representing 33 per cent, constituted direct recoveries for the Federal Government, according to Olukoyede.

The remaining N836.34 billion, representing about 67 per cent, comprised indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

Olukoyede said the figures showed that the commission’s recovery efforts extended beyond generating revenue for the Federal Government to recovering funds and assets for beneficiaries across different sectors.

He also disclosed that the commission had released N661.32 billion and $492.37 million to beneficiaries during the period.

According to him, the naira releases included approximately N325.35 billion paid directly to individuals and corporate organisations.

Another N335.97 billion was released to ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services, other public institutions, companies and individuals.