'Seun Ibukun-Oni, Abuja
DAILY COURIER - Lagos and Enugu have emerged as the top-performing states in the Economic and Financial Crimes Commission's (EFCC) historic crackdown on financial crimes in 2024, leading in convictions as the agency secured an unprecedented 4,111 guilty verdicts nationwide.
The anti-graft body also recorded its most significant asset recovery since its inception in 2002, seizing over N364 billion, millions in foreign currencies, properties, luxury vehicles, and digital assets from convicts and their associates.
According to the EFCC’s 2024 report obtained by LEADERSHIP, Lagos, Nigeria’s commercial nerve center, led the conviction tally with 685 cases, reflecting the city's high incidence of financial crimes. Enugu, the economic hub of the South-East, followed closely with 516 convictions, signaling a rising trend of fraud-related offenses in the region.
Lagos, home to Nigeria’s busiest financial institutions, tech hubs, and a sprawling real estate sector, continues to be a focal point for fraud, money laundering, and cybercrime. The EFCC’s zonal office in the state investigated thousands of petitions, leading to hundreds of prosecutions and the forfeiture of significant assets, including prime properties and luxury cars.
Recovered assets in Lagos included high-end apartments in Ikoyi, Lekki, and Victoria Island, alongside billions in naira and foreign currencies. Notably, the EFCC confiscated several cryptocurrency wallets linked to fraudulent transactions, including 13.37 Bitcoin (BTC) valued at $572,992.86 and 5.97 Ethereum (ETH) worth $13,353.06. Other assets seized in Lagos included 173 vehicles, 70 tons of solid minerals, a factory, and a hotel.
A senior EFCC official in Lagos, speaking on the agency’s success, stated: "The conviction rate in Lagos reflects the high volume of financial transactions that occur here. Fraudsters often exploit the city's business-friendly environment, but our intensified surveillance and enforcement have ensured that many are being held accountable."
Enugu’s 516 convictions marked a significant increase in financial crime activities in the South-East, traditionally less associated with large-scale fraud compared to Lagos and Abuja. The EFCC’s operations in the state revealed an uptick in cybercrime, advance fee fraud (419), and real estate-related money laundering schemes.
The agency successfully investigated and prosecuted high-profile fraud cases in Enugu, leading to the forfeiture of prime properties, cash recoveries, and electronic gadgets used for online scams. Many of those convicted were young individuals engaged in internet fraud, locally known as "Yahoo Yahoo." The EFCC also noted a trend in fraudulent investment schemes, where unsuspecting victims lost millions to Ponzi-like operations.
A law enforcement source in Enugu commented: "The rise in financial crime here is alarming. Many fraudsters have moved away from Lagos to operate in quieter cities like Enugu, where they believe they can evade law enforcement. However, our surveillance and intelligence networks have ensured that they are being caught and prosecuted."
Beyond Lagos and Enugu, other major convictions occurred in Ibadan with 501, Benin with 412, Abuja with 290, and Kaduna with 273. In total, the EFCC recovered N364,597,370,151.35, $214,513,439.55, £54,318.64, and €31,265, along with various amounts in CFA, Dirhams, Riyals, Yen, and Ghanaian cedis.
Additionally, over 750 luxury duplexes and apartments were forfeited to the Federal Government—the largest real estate seizure by the Commission to date. Other recovered assets included cash sums of N9.4 billion, $2.6 million, and cryptocurrency holdings. The EFCC also confiscated petroleum products, gold chains, and other valuable assets tied to financial crimes.
The EFCC disclosed that some of the recovered funds have been channeled into developmental projects. Notably, N50 billion was allocated to the Nigerian Education Loan Fund (NELFUND), a government initiative launched in 2024 to provide interest-free loans to students in tertiary institutions. Other funds were redirected to critical infrastructure projects such as roads, hospitals, and power supply improvements, aimed at boosting economic growth.
Despite its success, the EFCC acknowledged ongoing challenges, including slow judicial processes, weak anti-corruption laws, and Nigeria’s cash-based economy, which continues to facilitate money laundering. The agency reiterated its commitment to enhancing staff training, strengthening partnerships with international bodies like the FBI and Interpol, and advocating for judicial reforms to speed up corruption trials.
As the EFCC intensifies its anti-corruption efforts, its 2024 achievements signal a firm stance against financial crimes in Nigeria. With Lagos and Enugu at the forefront of the crackdown, the Commission remains resolute in its pursuit of justice and asset recovery, ensuring that fraudsters and corrupt officials face the full weight of the law.
