By Luminous Jannamike

ABUJA – The Economic and Financial Crimes Commission (EFCC) is urgently requesting a 300% increase in its annual budget to effectively combat rising cases of financial crime, including cybercrime and cryptocurrency fraud, which has led to significant losses in Nigeria.

During an oversight visit by the Senate Committee on Anti-Corruption and Financial Crimes to the EFCC headquarters in Abuja on Monday, the Executive Chairman of the commission, Ola Olukoyede, highlighted the need for advanced investigative software to monitor virtual currencies and address fraudulent crypto trading valued at an estimated N3.4 billion.

He stated that in 2023, the EFCC achieved nearly 3,500 convictions, including high-profile cases, and made substantial financial recoveries.

According to him, Economic sabotage and cybercrime remain major challenges, with cyber-related financial losses approaching $500 million this year.

He disclosed that the agency has traced and recovered close to N250 billion in cash, millions in foreign currency, and numerous real estate properties in the past year, with some funds returned directly to victims of financial crimes.

The EFCC Chairman indicated that the agency is focusing on high-stakes areas, including investigations into the extractive industry and illicit dollar pricing by Nigerian businesses, and warned that violators would face prosecution.

Despite its successes, Olukoyede lamented that the EFCC faces significant challenges, including public perception, lack of resources, and high operational costs due to its reliance on rented facilities, which also present security risks.

He emphasized that increased funding would support the agency’s mission to address these critical issues and improve its overall effectiveness.

Olukoyede said, “We have complied with statutory requirements, submitting our reports promptly. Our annual report covers activities from January to December 2023, and we have responded to requests for statutory documents and statistics through October this year.

“In the past year, we have made significant recoveries, tracing and recovering close to N250 billion in cash and several tens of millions of dollars, as well as numerous real estate properties nationwide. Not all recovered funds go directly to the Federation account; some are returned to victims of financial crimes.

“We have secured nearly 3,500 convictions, including high-profile cases. Economic sabotage remains a major issue, and no financial crime is too small to investigate. Cybercrime alone has resulted in close to $500 million in losses this year.

“We face challenges, including public perception, which we aim to change. EFCC is a responsible agency, and we need support, especially with the 2025 budget. There is a need for software to investigate crypto and virtual currencies, which could help us recover significant funds annually.

“We require funds to maintain our facilities and respect the rights of suspects. Most of our zonal offices are rented, which poses security risks. We urge collaboration to recover and utilize assets effectively.”

Senate Committee Chairman Senator Emmanuel Udende emphasized the agency’s funding needs and expressed support for an increased budgetary allocation.

He noted that, similar to the Nigeria Customs Service, the EFCC should retain a portion of its recoveries to enhance its operational efficiency.

“When the EFCC chairman is telling you that he needs a software that will tackle virtual and fraudulent cryptocurrency trading, valued at about N3.4billion, then, you will understand why they need more funding. What we will do is to increase their funding through budgetary allocation,” Senator Udende stated.