Nigeria’s EFCC recovered nearly $500 million in misappropriated funds last year and secured over 4,000 criminal convictions, marking a record achievement. Despite these efforts, Nigeria ranks 140 out of 180 on Transparency International’s Corruption Perceptions Index, indicating ongoing struggles with corruption.
Nigeria’s Economic and Financial Crimes Commission (EFCC) announced a significant anti-corruption achievement, having recovered nearly $500 million in misappropriated funds during the last year. This recovery is part of the agency’s ongoing efforts under President Bola Tinubu’s administration to combat corruption, which is a long-standing issue in the nation.
The EFCC reported securing over 4,000 criminal convictions last year, marking the highest number since the agency’s inception more than twenty years ago. These efforts also included seizing significant assets such as 931,052 metric tons of petroleum products, 975 real estate properties, and various company shares.
The financial recovery is equivalent to the estimated losses to corruption that Nigeria experienced in 2022. It is noteworthy that cybercrime played a substantial role, with the majority of the 3,455 convictions being related to such offenses.
Despite these accomplishments, Nigeria still struggles with corruption, ranking 140 out of 180 on the latest Transparency International’s Corruption Perceptions Index (CPI). This position reflects the deep-seated challenges of corruption in Nigeria, which hinders its development as Africa’s most populous nation and the continent’s fourth-largest economy.
In summary, Nigeria’s EFCC has made substantial strides in combating corruption, reportedly recovering nearly $500 million and securing over 4,000 convictions. Despite these advancements, significant challenges remain as evidenced by Nigeria’s low rank on the Corruption Perceptions Index. Continuous efforts are needed to further address corruption and bolster effective governance in the country.
Original Source: africa.businessinsider.com
