This Is What We Do With Recovered Looted Funds – EFCC Explains


The Economic and Financial Crimes Commission, EFCC, has in a recent tweet, explained what the commission does with all recovered looted funds. According to the anti-graft agency, all looted funds recovered are paid into the consolidated revenue account of the Federal Government.

Also See: Charly Boy Wants The Senate Scrapped, Death Penalty For Looters

The commission said this in response to a question from one of its followers @officialefcc. In a tweet to the commission through the handle @asantoo11a, the follower had asked; “When are we sharing our recovered looted money’’.

In reply, the  EFCC tweeted: “Recovered funds are paid into the consolidated revenue account of the Federal Government.”

looted funds

Some Nigerians have asked questions about where crime proceeds recovered by the commission are kept. The EFCC, has reaffirmed severally that there was no hiding place for looters, including those who travel abroad to evade the arm of the law. The commission had responded to an enquiry by one Biyi Soremekun:

“Our network of partners includes the FBI (Federal Bureau of Investigation) and other international law enforcement agencies. Perpetrators cannot hide forever.”

Using the handle @adebiyie200, Soremekun futher asked what would happen in a situation where an individual travels out of the country after perpetrating fraud.

“What happens in a situation where someone defrauds you through issuance of dud cheques or falsification of land documents and leaves the country before you realise it?”

The commission advised victims and members of the general public to forward their petitions through its offices nearest to them, adding that they could do so anonymously.

The Chairman of the Commission, Ibrahim Magu, had recently stressed that the anti-graft commission would not be deterred from prosecuting corrupt judicial officers, despite the controversies that have trailed the arrest of some judges over alleged graft.

Also See: Court Grants Femi FaniKayode N50m Bail

Magu also stressed that the country would  not serve as a hiding place for any corrupt public or private individual, no matter how highly placed in the society.