Finance

Nigeria Recovers Nearly $500mln in Embezzled Funds in One Year

Nigeria Recovers Nearly $500mln in Embezzled Funds in One Year
Tuesday, 11 March 2025 16:10

When Bola Tinubu came to power in 2023, he promised to strengthen transparency and intensify the fight against embezzlement, but the challenges remain significant in a country considered one of the most exposed to corruption in the world, where cash and the informal sector still dominate.

Nigeria’s Economic and Financial Crimes Commission (EFCC) recovered nearly $500 million in stolen funds in 2024, marking a record since its creation in 2002. The agency also secured 4,111 criminal convictions, the highest number in its history.

Alongside cash, the EFCC seized 750 duplexes and apartments, 173 vehicles, cryptocurrency assets, a factory, a hotel, 14 plots of land, over 931,000 tons of petroleum products, and 70 tons of unidentified solid minerals. The recovered crypto assets included 13.37 bitcoins ($572,992), 5.97 ETH ($13,353), and several thousand dollars in Tether (USDT).

The agency reported that the most common financial crimes in 2024 involved advance fee fraud (commonly known as "419"), money laundering, and cybercrime. It received 15,724 complaints and launched 12,928 investigations, leading to 5,083 trials.

Recovered Funds Reinvested in the Economy

According to the EFCC, part of the recovered funds has been reinvested by the federal government. One notable initiative was a 50 billion naira ($32.6 million) contribution to the Nigerian Education Loan Fund (NELFUND), a program launched in 2024 to provide interest-free loans to university students.

Other funds were allocated to infrastructure projects, including road improvements, hospitals, and the power grid.

Despite being Africa’s top oil producer, Nigeria has struggled with deep-rooted corruption that has slowed its economic progress. While the EFCC’s efforts show progress, the country still ranks poorly on Transparency International’s Corruption Perceptions Index, placing 140th out of 180 nations in the latest report.

On the same topic
• Nile.ag secures $11.2 million in equity funding led by Cathay AfricInvest Innovation Fund• Capital to expand digital agriculture tools and...
• KCB Group is in discussions with Ethiopia’s central bank following a 2024 law that allows foreign banks to operate locally.• The group may obtain a...
• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move supports expansion of investment banking and...
• CBN gives forex bureaus until December 31, 2025, to meet new capital rules• Fewer than 10% of operators were compliant as of June 2025, says ABCON• Over...
Most Read
01

• WAEMU’s inflation dropped from 2.2% in March to 1.5% in April 2025• BCEAO attributes the decline t...

WAEMU Inflation Rate Falls to 1.5% in April 2025
02

This launch is a significant milestone that highlights Rwanda's ongoing digital transformation. With...

MTN Rwanda Launches 5G Network in Kigali, Paving Way for Nationwide Expansion
03

BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...

BCEAO Cuts Key Rate to 3.25% to Stimulate Regional Growth
04

• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move sup...

FirstRand to Acquire HSBC's Clients and Assets in South Africa
05

Egypt signs deals to import up to 290 LNG cargoes over 30 months, starting in July Trafigura,...

Egypt secures 290 LNG shipments ahead of peak summer electricity demand
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.