The EFCC of Nigeria recovered nearly $500 million in misappropriated funds last year, securing over 4,000 criminal convictions. Despite these achievements, Nigeria ranks low on Transparency International’s Corruption Perceptions Index, indicating ongoing challenges with corruption.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has achieved a significant milestone in its anti-corruption efforts, recovering nearly $500 million in misappropriated funds in the past year. This recovery aligns with the agency’s ongoing campaign, which is part of President Bola Tinubu’s administration. The EFCC also reported securing over 4,000 criminal convictions, marking the highest number since its inception over twenty years ago.
In addition to cash recoveries, the EFCC confiscated 931,052 metric tons of petroleum products, 975 real estate properties, and various company shares. Notably, the recovered funds roughly equate to the amount lost to corruption within Nigeria in 2022. Cybercrime suspects constituted the majority of the 3,455 total convictions recorded last year.
Corruption remains a significant issue in Nigeria, impeding the nation’s development as Africa’s most populous country and its fourth-largest economy. Despite the EFCC’s accomplishments, Nigeria still ranks 140 out of 180 in Transparency International’s Corruption Perceptions Index (CPI) for 2022. South Sudan is identified as the most corrupt country, scoring 8 and occupying the last position in the ranking, followed by Somalia and Libya, which also struggle with rampant corruption and weak governance.
In summary, Nigeria’s EFCC has successfully recovered nearly $500 million in misappropriated funds and recorded a historic number of criminal convictions. However, the persistent issue of corruption continues to hinder the nation’s progress, as reflected in its low ranking on the Corruption Perceptions Index. Effective governance and sustained anti-corruption measures remain critical for Nigeria’s development and stability.
Original Source: africa.businessinsider.com
