Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has returned $120,548.43 and N70,602,841.46 to fraud victims in the United States, Spain, and Switzerland. The funds were recovered from convicted Nigerian fraudsters as part of an ongoing effort to restore stolen assets.
EFCC Chairman Ola Olukoyede, speaking at the handover ceremony in Abuja, emphasized that the restitution aligns with Nigeria’s commitment to international justice. “We are demonstrating to the world that stolen assets must be returned to their rightful owners,” he said.
The recovered funds were officially transferred to representatives from the U.S., Spanish, and Swiss embassies, underscoring Nigeria’s push for stronger international collaboration in tackling financial crimes.
A Call for Asset Repatriation
Olukoyede urged foreign governments to reciprocate Nigeria’s efforts by returning illicit assets held abroad. “Countries that hold on to proceeds of crime undermine global justice,” he stated, adding that failing to return such funds makes a nation an accessory to financial crimes.
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Nigeria has long struggled with the repatriation of stolen assets stashed in foreign accounts. According to EFCC records, millions of dollars linked to Nigerian fraud cases remain unreturned in overseas jurisdictions.
EFCC’s Ongoing Fraud Crackdown
The EFCC has intensified efforts to combat cybercrime and corporate fraud. In September 2024, the agency returned €5,100 to a Spanish victim defrauded through an online romance scam. That same month, $180,300 and 53 stolen vehicles were repatriated to Canada, with $164,000 belonging to a Canadian woman deceived in a romance scam.
Other high-profile recoveries include €1,120 returned to a German victim in 2022 after a fraudster from Edo State posed as a wounded American soldier.
Olukoyede reaffirmed the agency’s commitment to tracking and recovering stolen assets. “Once proceeds of crime are recovered, the most responsible action is to return them to the victims,” he said. He urged fraud victims to report cases promptly, ensuring faster recovery of lost funds.
