EFCC Probes 18 Serving Governors, Recovers N50bn for Education, Skills Projects

Segun Atanda/

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that 18 serving governors across Nigeria are currently under investigation by the anti-graft agency.

Speaking in Lagos on Friday during a stakeholders’ sensitisation campaign against naira abuse, Olukoyede disclosed that the EFCC has adopted a proactive approach by investigating governors before they complete their tenure in office.

Citing a specific example, Olukoyede recounted:

“There was a case of a Nigerian governor who, just a day after handing over, travelled to the United Kingdom to celebrate his birthday. While celebrating in a hotel and spraying £50 notes, the hotel staff called 911, thinking he was mentally unstable. The Metropolitan Police arrested him. His two fellow governors who were present intervened, explaining he was not insane, and he was subsequently handed over to the EFCC. He was prosecuted, jailed, and later pardoned. Even the British do not tolerate the abuse of their currency.”

Olukoyede underscored that the naira is more than just a means of exchange — it is a symbol of Nigeria’s sovereignty.

“Some people claim naira spraying is part of our culture and customs. Even if that were true, culture must evolve and add value. There’s nothing cultural about abusing the naira,” he said. “We are mandated by law to enforce anti-naira abuse regulations. We will not succumb to blackmail. It is our collective duty to restore the integrity of the naira.”

Highlighting the impact of EFCC’s asset recovery efforts, Olukoyede revealed that N50 billion of recovered looted funds have been committed to the National Student Loan (NELFUND) and Credit Scheme, flagship programmes of President Bola Tinubu’s Renewed Hope Agenda.

“Funds recovered from the Niger Delta Development Commission (NDDC) have been used to build a skills acquisition centre and the NDDC headquarters in Yenagoa, Bayelsa, which was recently commissioned,” he added.

Olukoyede also cited the case of a former civil servant who diverted N12 billion to build a private university. The EFCC recovered and converted it into the University of Applied Sciences, Kachia, Kaduna — now regarded as one of the best in the country.

“Unlike in the past, when recovered loot was re-looted, we are committed to ensuring that these assets are put to judicious use,” he assured.

On the crackdown against cybercrime, Olukoyede disclosed that out of 194 foreign nationals arrested in Lagos for illegal cryptocurrency operations, 168 have already been convicted.

“We are determined to sanitise Nigeria’s economic space and rebuild our international reputation. Internet fraud and other related crimes have significantly damaged Nigeria’s image globally,” he said.

According to him, Nigerian passports once allowed visa-free access to 12 developed countries, but today, even Cameroonian and Ghanaian passports offer better travel privileges.

The EFCC boss further revealed that over 5,000 corruption cases were filed last year, with more than 65% involving civil servants and politically exposed persons, including former governors.

“Prosecuting ex-governors is extremely difficult. They hire top lawyers, file endless interlocutory applications, and use their influence to stall trials. In one case, it took us 11 years to get past preliminary objections up to the Supreme Court before trial could proceed,” Olukoyede lamented.

“We endure enormous pressure, including threats and intimidation. Sometimes, we are forced to relocate from our homes.”

In a proactive step to curb corruption, Olukoyede said the EFCC recently established a Fraud Risk Assessment Unit, which within a year prevented the theft of N10 billion.

He also mentioned the commission’s investment in public enlightenment through its own anti-corruption radio station, EFCC Radio 97.3 FM, in a bid to change public attitudes towards corruption.

Supporting the EFCC’s stance, the Director-General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu, emphasized that naira abuse is both unlawful and unethical.

“For civic responsibility and national cohesion, we must treat our naira with dignity. The National Values Charter strongly advocates against naira abuse,” he said, adding that the agency was running nationwide sensitisation campaigns on television and radio.