How We Spent Some Recovered Funds –EFCC

By Kolawole Ojebisi 

The Economic and Financial Crimes Commission has disclosed how it is facilitating the execution of some programmes by the federal government through recovered stolen funds.

The anti-graft agency highlighted that part of the recovered funds had been used to support key infrastructural projects, including the Lagos-Ibadan Expressway and the Abuja-Kaduna Expressway.

The EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed this in an interview with Saturday Punch.

He said, “Some high-profile projects across the country are funded with proceeds from recovered assets

“Additionally, out of N100bn, the government directed the EFCC to release N50bn for the students’ loan fund and another N50bn for the Nigeria Consumers Credit Corporation,”

The commission said this while reacting to recent reports by the Civil Society Legislative Advocacy Centre, which raised concerns about the alleged mismanagement and re-looting of recovered funds.

CISLAC, in its recent report, stated that Nigeria had successfully recovered over $5bn in stolen assets over the past 25 years.

The centre also noted that there were concerns regarding the transparency and accountability in the management of the assets.

CISLAC’s Executive Director, Auwal Musa, called for consistent implementation of policies to ensure that recovered assets were properly managed and utilised for the benefit of the Nigerians.

EFCC, however, refuted the claim that it has become a conduit pipe for relooting proceeds from crime recoveries or mismanagent of recovered stolen funds.

The EFCC’s Head of Media and Publicity, Dele Oyewale, dismissed the allegations, describing them as mischievous speculations.

He stressed that such claims were not just fictitious but deliberate and calculated attempt to denigrate the anti-graft commission.

“It is mischievous, speculative, and unfounded for anyone to say that money recovered over time has not been well utilised,” Oyewale said.

He emphasised that the EFCC’s primary responsibility was to recover assets, whether monetary or non-monetary and that all such recoveries were remitted into the appropriate government accounts.

He added: “Between last year and now, we have recovered N248bn, and all funds were remitted to the designated government accounts.

“It is not the mandate of the EFCC to determine how these funds are used. Our job is to recover and remit. Allegations suggesting that the funds are misused are speculative and should be avoided.”

Oyewale pointed to several high-profile projects funded with recovered assets as evidence of their proper usage.