You Are Telling Me Somebody Did Not Steal Money When I Recovered Over N200Bn From Him – Ola Olukoyede

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed frustration over the ongoing challenge of recovering stolen funds, only to see offenders secure bail without facing substantial consequences. He highlighted a case where over N200 billion was successfully recovered, but despite the evidence, convictions remain rare, revealing a lack of deterrence in the system....(CONTINUE READING)

In light of these challenges, Olukoyede and his team have shifted their focus to preventive measures. This involves closely scrutinizing the operations of Nigeria’s more than 700 Ministries, Departments, and Agencies (MDAs). By reviewing their project execution and spending patterns over the past five years, the EFCC aims to tackle the root causes of corruption.

In a live interview on Channels TV, Olukoyede explained, “Our research shows that, year after year, less than 20% of the funds allocated actually benefit Nigerians. The money is made, but it doesn’t reach the people. We can’t continue like this. We keep recovering stolen funds, but when it’s time to prosecute, offenders just get bail. You’re telling me someone didn’t steal, yet we recovered over N200 billion from them.”

Recognizing the shortcomings of the current system, Olukoyede shared that he and his team decided to prioritize prevention. “We realized that just recovering funds wasn’t enough to deter people from corruption,” he said. “We began examining the processes used by MDAs in awarding contracts and carrying out procurement. We want to ensure that funds are actually spent on the people, and that projects are completed as promised.”

This proactive approach, according to Olukoyede, aims to ensure that public funds are used effectively and to minimize corruption opportunities within government agencies.