The Economic and Financial Crimes Commission (EFCC) has returned a total of $120,548.43 and N70,602,841.46 to American, Spanish, and Swiss nationals who fell victim to fraud schemes perpetrated by Nigerian fraudsters.
The funds recovered from convicted fraudsters were returned to the victims as part of the EFCC’s commitment to justice and financial restitution.
In a statement posted on its official X account, the Economic and Financial Crimes Commission (EFCC) announced:
“As a gesture of its commitment to tackling economic and financial crimes and offering restitution to victims of fraudulent practices, the Economic and Financial Crimes Commission, EFCC, has handed over a total sum of $120 548.43 (One Hundred and Twenty Thousand, Five Hundred and Forty-Eight United States Dollars, Forty-three cents and N70,602,841.46 (Seventy Million, Six Hundred and Two Thousand, Eight Hundred and Forty-One Naira, Forty-six kobo) to American, Spanish and Swiss victims of local fraudsters,” they stated
Olukoyede emphasized that the handover process aligns with the Federal Government’s commitment to international collaboration in fighting financial crimes. According to him, the gesture is a demonstration of Nigeria’s resolve to ensure that financial crimes do not go unpunished.
“We are doing this to demonstrate to the countries involved that it is within the confines of an international treaty, legal process, and convention,” he stated.
Appeal for asset repatriation
He further explained that expediting the restitution of recovered assets was crucial, urging other nations to reciprocate the same effort toward Nigeria.
- Olukoyede made this appeal on Friday in Abuja during the handover of recovered assets to the embassies of Spain, Switzerland, and the United States on behalf of victims
“Once properties or assets are recovered on behalf of a country, it is important to expedite action for restitution. We are demonstrating this to the world, and we expect that the rest of the world will also reciprocate the same gesture towards Nigeria,” he added.
- The EFCC boss said that nations who continue to withhold assets undermine international justice.
“We are using this opportunity to appeal to those countries that are holding the proceeds of crimes recovered on behalf of Nigeria not to continue to sit on those assets,” he said.
- He further noted that under legal frameworks, failing to return recovered assets makes a country an accessory to financial crimes.
“The assets were properties of Nigeria. Within the purview of the law, a recipient of proceeds of crime that sits over it is an accessory to the crime,” Olukoyede stated.
“Once proceeds of crime are recovered, the most responsible thing to do is to restitute the victims,” he emphasized.
EFCC’s crackdown on fraud
The commission has intensified its efforts against internet fraud, corporate fraud, and illicit financial flows. Over the past year, the EFCC has secured several convictions and facilitated the return of millions in both local and foreign currencies to fraud victims worldwide.
- In September 2024, the Economic and Financial Crimes Commission (EFCC) handed over €5,100 to the Spanish Ambassador to Nigeria, Juan Sell, as part of its ongoing efforts to return fraudulently obtained funds to victims. The amount was recovered from a Nigerian who defrauded a Spanish national, Heinz Burchard Einhaus Uchtmann, through a romance scam.
- This restitution follows a series of similar recoveries by the EFCC. The commission returned $180,300 and 53 vehicles stolen by fraudsters to Canadian authorities in September 2024. EFCC Chairperson Ola Olukoyede disclosed that $164,000 of the recovered sum belonged to a Canadian woman, Elena Bogomas, who fell victim to a romance scam, while another victim, Sandra Butler, lost $16,300.
- Similarly, on February 24, 2022, the EFCC returned €1,120 to a German victim, Regina Gluck. The funds were recovered from Austin Isibor Aisosa, a convicted fraudster from Edo State, who had deceived Gluck by posing as a wounded American soldier in Afghanistan in need of urgent medical attention to return to the United States.
Olukoyede reiterated that these recoveries reflect the EFCC’s dedication to combating cybercrime through sustained collaboration with international agencies. He urged victims of fraud to report incidents promptly as authorities continue to enhance mechanisms for tracking, recovering, and returning stolen funds.
