Kashim Shettima, Vice President of Nigeria, has revealed that recovered funds from cybercrime and corruption by the Economic and Financial Crimes Commission (EFCC) are being utilized to fund social intervention programs. He described this approach as a means of enhancing the Nigerian economy through various developmental projects.
The vice-president made these disclosures on Monday at the seventh edition of a three-day capacity-building workshop for judges and justices, jointly organized by the EFCC and the National Judicial Institute (NJI) in Abuja. According to reports, he emphasized that these recovered proceeds are a testament to the impact of the Tinubu-led administration over the past two years.
Shettima further elaborated that recovered proceeds from cybercrime and corruption are being channeled into developmental initiatives across diverse sectors of the economy. He stated, "Recovered proceeds of crime by the agency (EFCC) are being brought back into the economy to fund critical social investment programs, including the students’ loan and consumer credit schemes."
He attributed this progress to the current administration's policy of non-interference in the activities of the anti-graft agency, noting that the EFCC is making significant strides in combating all forms of cybercrime and corruption in Nigeria. Shettima explained that this enabling environment has led to the EFCC recording over 7,000 convictions in the past two years of the present administration, with recovered assets exceeding N500 billion.
“As an administration, we have prioritized public accountability by strengthening the anti-corruption agencies and giving them the needed independence to execute their statutory mandates,” he added. Shettima reiterated that this stance is part of the Tinubu-led government's commitment to upholding the rule of law and ensuring accountability across all sectors.
The vice president also shared specific figures regarding the EFCC's successes. In the last two years of the current administration, the agency has secured 7,000 convictions, and recovered assets valued at over N500 billion.
Social intervention projects such as Youth credit, SMEs, and student loans have been prominent schemes under the current administration. As the EFCC continues its efforts against cybercrime and corruption, the federal government is ensuring that the recovered proceeds are reinvested to bolster the economy.
The Pervasive Threat of Cybercrime
Cybercrime has emerged as a leading criminal activity in the digital age, with countries and organizations worldwide incurring significant losses due to these fraudulent schemes. While security agencies focus on fund recovery, the broader impact of cybercrime involves the loss of substantial monetary and non-monetary resources.
In October, EFCC chairman, Ola Olukoyede, revealed that cybercrime constituted the majority of the 3,455 cases recorded during his first year in office. He further stated that the country lost $500 million to cybercrime in 2022.
Olukoyede also noted that cybercrime suspects accounted for a significant portion of the 3,455 convictions achieved by the EFCC in his first year. He raised concerns that the crime is rapidly expanding and poses a growing threat to the global economy. According to Olukoyede, global losses to cybercrimes could reach $10.5 trillion, with his research indicating approximately 2,328 cases recorded daily. "The implication of all this is that if left unchecked, cybercrimes pose grave dangers to the entire world," he warned.
In response to this growing threat, the EFCC has established a cybercrime research center. This center aims to train at least 500 young Nigerians at a time in cybersecurity and various aspects of cybercrime research. Additionally, a Cybercrime Response Academy has been set up to assist in the rehabilitation of convicted cybercriminals.
For international convicted individuals, the agency has been facilitating their repatriation to their home countries to serve their sentences.
Recently, the EFCC, in collaboration with the Nigerian Immigration Service (NIS) and the Nigerian Correctional Service (NCoS), completed the deportation of 192 foreign nationals convicted of cyber-terrorism, internet fraud, and other related financial crimes in Lagos. This exercise marked the culmination of a significant cross-agency operation.
These convicted foreigners were among the 759 suspects arrested and successfully prosecuted during a large-scale sting operation conducted by the EFCC on December 10, 2024, at Oyin Jolayemi Street, Victoria Island, Lagos.
The initial group of 42 convicts, comprising Chinese and Filipino nationals, was deported on August 15. Subsequent batches followed throughout August and September. The final batch of 51 convicts, consisting of 50 Chinese nationals and one Tunisian, departed Nigeria on October 16, 2025, bringing the total number of deported foreigners to 192.