The Senate has hinted that it may approve the retention of two percent of all financial recoveries made by the Economic and Financial Crimes Commission (EFCC) as an incentive to boost its anti-graft operations.
Godswill Akpabio, President of the Senate, disclosed this during Tuesday’s plenary, following deliberations on a motion titled “Urgent Need to Commend the Economic and Financial Crimes Commission (EFCC) for Its Significant Gains Made in Recent Times, Particularly in 2024, Despite the Challenges It Has Encountered”, sponsored by Senator Emmanuel Udende (Benue North-East).
Akpabio commended EFCC Chairman, Ola Olukoyede, for his leadership and the visible transformation in the Commission’s operations since his appointment on October 12, 2023. He also lauded President Bola Tinubu for appointing Olukoyede, describing him as a “round peg in a round hole.”
He further urged the EFCC to publish frivolous petitions to help Nigerians differentiate between mere allegations and genuine cases, noting that many citizens equate petitions with convictions, especially those involving politicians.
Lawmakers who contributed to the debate praised the EFCC for its performance despite limited resources, calling for stronger financial support to sustain the momentum.
In agreement, Akpabio said the Senate would give favourable consideration to a formal request if the Commission seeks approval to retain two percent of recovered funds.
The Senate noted that the EFCC, established to combat financial and economic crimes, has remained pivotal in promoting transparency and accountability in both public and private sectors.
According to the motion, the Commission in 2024 received 15,724 petitions, investigated 12,928 cases, and filed 5,081 cases in court. It also secured 4,111 convictions—the highest in its history—and recovered substantial sums of money and assets in various currencies.
A summary of EFCC’s 2024 recoveries includes: ₦364,597,370,151.35; $214,513,439.55; £54,318.64; €31,265.00; CAD$2,990.00; AUD$740.00; CFA7,821,375.00; 5,115 Riyals; and 50 Rand.
The Senate commended President Tinubu for his continued support for the EFCC, which it said has enabled the Commission to deliver on its mandate of investigation, conviction, and recovery of stolen assets.