The Economic and Financial Crimes Commission (EFCC) has announced a major milestone in its asset recovery efforts. A property seized from a former civil servant in Kaduna State has been converted into the Federal University of Applied Sciences, Kachia.
EFCC Chairman, Ola Olukoyede, made the announcement during a stakeholders’ sensitisation event in Lagos on Friday.
According to Olukoyede, the seized property now serves as the permanent campus for the newly established university. This move represents a shift in the Commission’s approach—repurposing recovered assets for the direct benefit of citizens.
Olukoyede also highlighted other notable recoveries. These include funds from the Niger Delta Development Commission (NDDC), which were used to establish a skill acquisition centre and liaison office in Bayelsa State.
In total, the EFCC has recovered over ₦100 billion, which has been reinvested into social development programmes under the Tinubu administration. These programmes include the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit scheme.
“These are not just headlines. They are real interventions, funded by money recovered from corrupt individuals and organisations,” Olukoyede stated.
The EFCC chairman also addressed the illegal practice of naira abuse. He warned that spraying, stamping, or mutilating the naira is both unlawful and culturally inappropriate.
In response, the EFCC has launched a Task Force on Dollarization and Naira Abuse in partnership with the Central Bank of Nigeria (CBN). This task force will intensify enforcement actions against those who disrespect the national currency.
Olukoyede also outlined recent reforms aimed at institutional strengthening. These include the creation of a Fraud Risk Assessment and Control Department, a dedicated EFCC radio station, and weekly media programmes to educate the public.
These efforts, according to the EFCC, are designed to ensure that enforcement goes hand in hand with transparency and civic engagement.
