Not less than N100 billion out of the recovered over N566 billion loot by the Economic and Financial Crimes Commission (EFCC), in the last two years has been pumped into the Student Loan Scheme and Consumer Credit Policy.
The two programmes are key electoral promises of the Bola Tinubu Administration, which are being fulfilled.
Besides, some of the recovered properties have been given to government agencies for use as offices.
EFCC Director of Media and Publicity, Mr. Wilson Uwujaren made these known yesterday while giving the two-year scorecard of the commission’s Chairman Mr. Ola Olukoyede in Abuja.
Uwujaren said: “Part of the funds recovered by the commission in the last two years was invested in critical social investment programmes: the Student Loan Scheme and the Consumer Credit Scheme. A total of N100billion of funds recovered by the commission was invested in these two schemes.
“Also agencies of government, including the Niger Delta Development Commission, NDDC, the Asset Management Corporation of Nigeria, AMCON, the Federal Inland Revenue Service, FIRS, and the National Health Insurance Authority, are beneficiaries of funds recovered by the Commission.
“A number of property recovered by the Commission have been allocated to some agencies of government for use as offices.
Apart from the recoveries, Uwujaren said the commission has done its best to stimulate the economy.
“The EFCC Chairman upon his appointment set up a Task Force on Naira Abuse and Dollarisation of the Economy, with presence across all our Zonal Directorates.
“ The Task Force went after currency racketeers and speculators, with the arrest and prosecution of some culprits. While the offensive against naira abuse improved public consciousness on proper handling of the naira, it may have also reduced the cost of currency management by the Central Bank of Nigeria.
“By the same token, the campaign against currency racketeering and criminal speculation, including the clampdown on rogue cryptocurrency exchanges helped to reduce the pressure on the naira, a situation that bolstered the CBN’s efforts to stabilise the Naira.
“One area where the Commission under Olukoyede has made great strides is in the fight against cybercrime. Apart from stepping up the Commission’s enforcement activities, the EFCC Chairman also ramped up public education and sensitisation activities intended to discourage the youths from engaging in cybercrime”, he said.
Credit: Thenation
