Nigeria’s Vice President, Kashim Shettima, has announced that the funds recovered from cybercrime and corruption cases by the EFCC are being redirected to support social welfare initiatives. This strategy aims to stimulate economic growth through various development projects across the country.
Shettima made this revelation during the seventh edition of a three-day capacity-building workshop for judges and justices, hosted by the EFCC in collaboration with the National Judicial Institute (NJI) in Abuja. As reported by Channels, he highlighted that these recovered assets underscore the achievements of the Tinubu administration over the past two years.
He emphasized that the proceeds from criminal activities, particularly cybercrime and corruption, are now channeled into critical sectors to foster development.
“The funds recovered by the EFCC are reinvested into the economy to finance essential social programs, including student loan schemes and consumer credit initiatives,” Shettima stated.
The Vice President attributed this success to the current government’s policy of non-interference in the operations of anti-corruption agencies, allowing the EFCC to effectively combat cybercrime and corruption nationwide.
Further elaborating, Shettima revealed that the EFCC has secured over 7,000 convictions within the last two years, recovering assets valued at more than ₦500 billion. This achievement reflects the administration’s commitment to transparency and accountability.
“Our government has prioritized public accountability by empowering anti-corruption bodies and granting them the autonomy necessary to fulfill their mandates,” he added.
He reiterated that the independence granted to the EFCC has been instrumental in these outcomes, reinforcing the Tinubu administration’s dedication to upholding the rule of law and ensuring accountability across all sectors.
“This supportive environment is evident in the significant progress made over the past two years, with the EFCC recording thousands of convictions and recovering substantial assets,” Shettima noted.
Key social intervention programs such as youth credit facilities, small and medium enterprise (SME) loans, and student financing schemes have been launched under the current administration. While the EFCC continues its crackdown on cybercrime and corruption, the government ensures that recovered funds are reinvested to strengthen the economy.
Related Read: Cybercrime: FG deports additional 51 foreign nationals, totaling 102 deportations.
Understanding the Broader Impact of Cybercrime
Cybercrime remains one of the most pressing challenges in the digital era, inflicting significant financial and non-financial damage worldwide. Although the recovery of stolen assets by agencies like the EFCC is encouraging, the broader consequences of cybercrime continue to drain resources and threaten economic stability.
In October, EFCC Chairman Ola Olukoyede disclosed that cybercrime constituted the majority of the 3,455 cases prosecuted during his first year in office. He reported that Nigeria suffered losses amounting to $500 million in 2022 due to cybercriminal activities.
Olukoyede further highlighted that cybercrime suspects made up a large portion of the convictions recorded by the EFCC, warning that these criminals are becoming increasingly sophisticated and pose a growing threat to the global economy.
He estimated that worldwide losses from cybercrime could reach $10.5 trillion, with an average of 2,328 cases reported daily.
“If left unaddressed, cybercrime presents a severe risk to global security and economic well-being,” Olukoyede cautioned.
To combat this, the EFCC has established a dedicated cybercrime research center designed to train at least 500 young Nigerians at a time in cybersecurity and cybercrime investigation techniques. Additionally, a Cybercrime Response Academy has been set up to rehabilitate convicted cyber offenders.
For foreign nationals convicted of cyber-related offenses, the EFCC has been coordinating their repatriation to serve their sentences abroad.
Recently, in collaboration with the Nigerian Immigration Service (NIS) and the Nigerian Correctional Service (NCoS), the EFCC completed the deportation of 192 foreign nationals convicted of cyber-terrorism, internet fraud, and related financial crimes in Lagos. This marked the conclusion of a comprehensive multi-agency operation.
These individuals were among 759 suspects arrested and prosecuted following 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, including Chinese and Filipino nationals, was deported on August 15, with subsequent groups following through August and September. The final batch of 51 convicts, comprising 50 Chinese nationals and one Tunisian, left Nigeria on October 16, 2025, bringing the total number of deported foreign offenders to 192.