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September 10, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) has disclosed that it has recovered more than ₦1 trillion in illicit funds in the last 34 months, underscoring the scale of financial crimes undermining Nigeria’s economy.
The disclosure was made in Uyo, Akwa Ibom State, by Theresa Nwosu, who represented the resident directors of anti-corruption agencies at a two-day workshop for journalists on addressing illicit financial flows in Nigeria, organised by the Africa Network for Environment and Economic Justice (ANEEJ).
Nwosu said the recovered funds, spanning the naira, US dollar, euro and pound sterling, were “quite staggering”, stressing that the figure represented recoveries recorded under the current leadership of the EFCC and not the cumulative recovery since the commission was established.
She said illicit financial flows continued to weaken Nigeria’s economic development, undermine institutions and erode public confidence, making collaboration between law enforcement agencies, the media, civil society and citizens essential.
According to her, the media has a particularly important role to play because journalists can investigate and expose hidden financial transactions, corruption, money laundering networks and other illicit activities that may otherwise remain undetected.
“Only journalists can do this, of course through investigative journalism,” Nwosu said, urging journalists to intensify public awareness and scrutiny of financial crimes.
She said the EFCC was also strengthening its preventive mandate, noting that the commission’s responsibilities went beyond investigation, arrest and prosecution to educating young Nigerians on the consequences of financial crimes.
Nwosu said the commission had been taking its prevention campaign to schools and other institutions as part of efforts to “catch them young” and discourage young people from becoming involved in criminal activities.
She further stressed that law enforcement agencies could not be everywhere at the same time, making citizens’ vigilance and timely reporting of suspicious activities critical to the fight against financial crimes.
Earlier, the Executive Director of ANEEJ, David Ugolor, said illicit financial flows remained one of the most persistent obstacles to Nigeria’s development, with resources that should be deployed to education, healthcare, infrastructure, social protection and job creation being diverted through corruption, money laundering, tax evasion, trade misinvoicing, procurement fraud and profit shifting.
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Ugolor said the cost of illicit financial flows should not be measured only in monetary terms, but also by the schools that were not built, hospitals left unequipped and infrastructure projects that remained incomplete or inadequate.
He said Nigeria had established legal, policy and institutional mechanisms to combat financial crimes, but argued that such frameworks could not guarantee accountability without active citizen engagement and informed public scrutiny.
Ugolor described journalists as critical partners in the fight against illicit financial flows, saying investigative reporting had historically helped expose corruption, uncover financial crimes, hold powerful actors accountable and contribute to asset recovery and policy reforms.
He, however, noted that the methods used to move and conceal illicit funds were becoming increasingly sophisticated, requiring journalists to develop expertise in beneficial ownership, money laundering, digital and cross-border transactions, financial technology and international financial networks.
The workshop, he said, was designed to strengthen the capacity of journalists to investigate, analyse and report accurately on illicit financial flows through evidence-based and data-driven journalism.
The workshop was organised under the ANDES Project, aimed at strengthening the capacity of civil society organisations and the media to contribute to the fight against illicit financial flows in Nigeria, with support from development partners including the European Union.
In an exclusive interaction with THEWILL, Theresa Nwosu said journalists should move beyond reporting arrests and official pronouncements to investigate the financial trails behind suspected crimes.
She said effective investigative journalism should ask where the money came from, who benefited from it, where it was transferred and what assets were acquired, stressing that following such trails could help expose networks rather than merely individual offenders.
Nwosu said stronger cooperation between journalists and anti-corruption agencies would make it easier to bring complex financial crimes to public attention, adding that the media’s role was indispensable because investigative reporting could trigger institutional action and strengthen public accountability.
