Nigeria’s Anti-Graft Agency Recovers Nearly $500 Million in One Year
Nigeria’s EFCC recovered nearly $500 million in criminal proceeds last year, achieving over 4,000 criminal convictions, its highest since establishment. The agency’s efforts continued amid ongoing corruption issues, with substantial assets also seized, including petroleum products and real estate. Nigeria’s ranking on the Corruption Perception Index remains concerning at 140 out of 180.
In a recent report, Nigeria’s Economic and Financial Crimes Commission (EFCC) announced the recovery of nearly $500 million in illicit proceeds over the past year. This achievement marks a significant milestone for the agency, which also secured over 4,000 criminal convictions, the highest number since its establishment more than 20 years ago.
Corruption has been a persistent challenge in Nigeria, significantly impacting the nation’s economic landscape and contributing to widespread poverty. As the largest energy producer in Africa, Nigeria’s fight against corruption is crucial for its socioeconomic development. The EFCC indicated that a portion of the recovered funds has been reinvested into various government projects.
Additionally, the EFCC reported the confiscation of substantial assets, including 931,052 metric tons of petroleum products, as well as 975 real estate properties and company shares. Despite these efforts, Nigeria ranks 140 out of 180 countries on the latest Corruption Perception Index published by Transparency International.
The Economic and Financial Crimes Commission’s recent report highlights Nigeria’s significant strides in combating corruption, recovering nearly $500 million and achieving a record number of criminal convictions. Despite these advancements, Nigeria continues to face challenges related to corruption and poverty. The ongoing reinvestment of recovered funds into public projects aims to further enhance the country’s economic resilience.
Original Source: www.usnews.com
