The Chairman of the House of Representatives Standing Committee on Financial Crimes, Hon Kayode Oladele has revealed that the Economic and Financial Crimes Commission, EFCC, has in the past six months recovered over N600 billion.
Speaking with newsmen in Abuja, the lawmaker explained that not all recovered property, cash or any other asset by EFCC are immediately forfeited to government’s coffers, stressing that they remain exhibits until when a judicial pronouncement is made by the court.
The lawmaker criticised politicians over their constant bashing of the anti-graft agency’s mode of operation.
He said, “People just bring up questions to discredit and to reduce the credibility of the agency. So far, with an agency collecting $3.1 billion in less than six months, people should really give them a lot of accolades.
“When you talk of money being remitted to the national treasury, it is something you have to look at very well in a different perspective because when you collect money and unless somebody voluntarily says this money is stolen and he is really giving it up, any money collected by EFCC, unless there is voluntary admission of guilt, is still regarded as an exhibit for the purpose of conviction.”
Oladele disclosed that the commission operates a Recovery Account where the recovered funds are deposited to yield interest, adding that an accused will get his money back with interest if not convicted.
“So, EFCC cannot just collect money and begin to pay into national treasury. What if at the end of the day the person from whose hand they collected the money is acquitted? Who will pay back the money,” the lawmaker said.
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