(Ecofin Agency) - When Bola Tinubu came to power in 2023, he promised to strengthen transparency and intensify the fight against embezzlement, but the challenges remain significant in a country considered one of the most exposed to corruption in the world, where cash and the informal sector still dominate.

Nigeria’s Economic and Financial Crimes Commission (EFCC) recovered nearly $500 million in stolen funds in 2024, marking a record since its creation in 2002. The agency also secured 4,111 criminal convictions, the highest number in its history.

Alongside cash, the EFCC seized 750 duplexes and apartments, 173 vehicles, cryptocurrency assets, a factory, a hotel, 14 plots of land, over 931,000 tons of petroleum products, and 70 tons of unidentified solid minerals. The recovered crypto assets included 13.37 bitcoins ($572,992), 5.97 ETH ($13,353), and several thousand dollars in Tether (USDT).

The agency reported that the most common financial crimes in 2024 involved advance fee fraud (commonly known as "419"), money laundering, and cybercrime. It received 15,724 complaints and launched 12,928 investigations, leading to 5,083 trials.

Recovered Funds Reinvested in the Economy

According to the EFCC, part of the recovered funds has been reinvested by the federal government. One notable initiative was a 50 billion naira ($32.6 million) contribution to the Nigerian Education Loan Fund (NELFUND), a program launched in 2024 to provide interest-free loans to university students.

Other funds were allocated to infrastructure projects, including road improvements, hospitals, and the power grid.

Despite being Africa’s top oil producer, Nigeria has struggled with deep-rooted corruption that has slowed its economic progress. While the EFCC’s efforts show progress, the country still ranks poorly on Transparency International’s Corruption Perceptions Index, placing 140th out of 180 nations in the latest report.