The Economic and Financial Crimes Commission has explained why the N1.23 trillion it recovered in proceeds of crime over the past 34 months will not be found entirely in the account of the Federal Government.
EFCC Director of Publicity, Wilson Uwujaren, gave the clarification during an interview on Arise Television’s Prime Time, following the commission’s disclosure of its recovery figures under Chairman Ola Olukoyede.
The EFCC had announced that it recovered N1,233,612,040,411.11 between October 2023 and July 2026, alongside $684.48 million, £373,905.78 and €9.34 million, among other currencies. The commission also recorded 10,872 convictions during the period.
Uwujaren explained that the headline N1.23 trillion figure consists of two categories of recoveries: direct recoveries made for the Federal Government and indirect recoveries made on behalf of other beneficiaries.
According to him, approximately N397.26 billion, representing about 33 per cent of the naira recoveries, was recovered directly for the Federal Government and is available for government projects.
The remaining N836.35 billion, representing about 67 per cent, was recovered for ministries, departments and agencies, state revenue services, companies, individuals and other victims of financial crimes.
Uwujaren stressed that money recovered on behalf of victims does not automatically become government revenue.
He explained that where the EFCC traces money stolen from an individual or company, the recovered funds are returned to the rightful victim rather than paid into the Federal Government’s account.
The commission’s spokesman also maintained that the EFCC does not keep recovered funds for itself.
The clarification followed questions over the whereabouts of the N1.23 trillion after the EFCC announced the record recovery figure. Uwujaren said the recoveries were verifiable and that the commission’s role was to trace, recover and facilitate the return or transfer of funds to their legitimate beneficiaries.
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