Nigeria’s EFCC recovered almost $500 million in misappropriated funds and secured over 4,000 criminal convictions in the past year, marking record achievements. Despite progress, Nigeria ranks 140 out of 180 in Transparency International’s Corruption Perceptions Index, illustrating ongoing corruption challenges.
Nigeria’s Economic and Financial Crimes Commission (EFCC) has reported a significant achievement in its anti-corruption efforts, having recovered nearly $500 million in misappropriated funds in the past year. This recovery forms part of the ongoing campaign under President Bola Tinubu’s administration aimed at combating corruption.
In addition to the financial recoveries, the EFCC has achieved an impressive record with over 4,000 criminal convictions, marking its highest performance since the agency’s establishment more than twenty years ago. Notably, part of the recovered funds has been reinvested into vital government projects.
The EFCC also reported significant confiscations, including 931,052 metric tons of petroleum products, 975 real estate properties, and various company shares. The amount recovered is comparable to the estimated losses due to corruption in 2022. Furthermore, cybercrime offenders comprised a majority of the 3,455 convictions during this reporting period.
However, despite these advances, Nigeria continues to grapple with pervasive corruption, reflected in its rank of 140 out of 180 in Transparency International’s Corruption Perceptions Index. This rank indicates that corruption remains a critical challenge, hindering development in the nation, which is Africa’s most populous country and fourth-largest economy.
In the African context, South Sudan is rated as the most corrupt nation, scoring just 8 and positioning itself at the bottom of the index globally. Somalia follows closely at 179th with a score of 9, while Libya ranks 173rd with a score of 13. Several of these countries face ongoing struggles with weak institutional frameworks, ineffective governance, and corruption affecting many facets of societal life.
The EFCC’s recovery of nearly $500 million and its record number of convictions exemplify ongoing anti-corruption efforts in Nigeria. Despite these accomplishments, the nation remains challenged by corruption, ranking 140 out of 180 on the Corruption Perceptions Index. Continuous efforts are essential to overcome these systemic issues that impede development and governance.
Original Source: africa.businessinsider.com
