Where’s the Money EFCC Keeps Recovering?

By Saminu Bello

The headlines are often sensational: “₦200 billion recovered,” “$43 million found in Ikoyi apartment,” “Assets seized from corrupt politicians.” Nigerians cheer—briefly. But after the media frenzy dies down, silence follows. No detailed reports. No clear outcomes. Just a lingering question: where is the money?

In theory, funds recovered by the Economic and Financial Crimes Commission (EFCC) are to be remitted to the government’s Consolidated Revenue Fund, the federal account housed at the Central Bank of Nigeria. These funds are then expected to be channeled into national development—roads, healthcare, education, or even debt servicing.

To be fair, there have been moments of clarity. In 2023, for instance, the EFCC reportedly remitted over ₦110 billion—along with millions in foreign currencies—to the Presidential Infrastructure Development Fund. That money was earmarked for critical national projects like the Lagos-Ibadan Expressway and the Second Niger Bridge.

In 2024, the Nigerian Education Loan Fund (NELFUND) confirmed receiving ₦50 billion from recovered EFCC loot to finance student loans. These are rare but tangible examples where recovered funds were visibly put to use.

Yet, these instances are the exception, not the rule. More often, massive recoveries are announced without follow-up. No breakdowns, no accessible reports, and no visible public impact. Civil society groups, such as CISLAC, have raised concerns over alleged cases of re-looting—recovered funds being misappropriated once again.

The EFCC has routinely maintained that its mandate ends at recovery. Once funds are returned to the appropriate government accounts, the Commission claims it has no influence over how the money is spent.

But this explanation doesn’t absolve the system of its chronic lack of transparency. Why is there no public tracker to monitor where these funds go? Why don’t we see regular audits, disclosures, or impact reports on how this money is utilized?

Nigerians are understandably disillusioned. It often feels like a cycle of dramatic recovery announcements followed by governmental silence. In many cases, even the court cases tied to these recoveries disappear from public view. Without visible benefits to society, many see these recoveries as little more than political theater.

To be clear, the EFCC has indeed made significant strides in recovering stolen assets and exposing corruption. However, until a transparent and accountable system is established to track and explain how recovered funds are used, Nigerians will continue to ask the same unanswered question:
Where’s the money?

Saminu Bello, writes from Mass communication department, Abubakar Tatari Ali polytechnic Bauchi can be reach via saminubello74@gmail.com or 07034337816