EFCC Chairman Ola Olukoyode has warned that recovering money after it has been stolen is inherently limited, saying prevention remains Nigeria’s most effective defence against corruption and fraud.
Key takeaways
- Only about 60% of misappropriated funds may be recovered once they are stolen, Olukoyode said.
- The EFCC chief spoke on Friday during the opening of the commission’s zonal office in Awka, Anambra State.
- He called on Nigerians to report suspected corruption cases without delay.
- The commission’s presence in Anambra is intended to support the state’s economic development.
Recovery losses underline need for prevention
Speaking at the inauguration of the EFCC’s new Awka zonal office, Olukoyode said law-enforcement agencies cannot usually retrieve the full value of funds taken through corruption or fraud. In his assessment, recovery is capped at roughly 60% after the money has disappeared.
He therefore described stopping corrupt acts before they occur as the strongest strategy for tackling the problem in Nigeria. Olukoyode also asked members of the public to promptly alert the commission whenever they suspect corrupt activity.
EFCC links Anambra office to economic growth
The EFCC chairman said the commission had established its presence in Anambra not only to pursue financial crimes but also to help strengthen the state’s economy.
