The work of the Economic and Financial Crimes Commission (EFCC), as the saying goes, is cut out for it, especially in a society such as Nigeria, which ranks very poorly on the Corruption Perceptions Index and is generally regarded as corrupt globally. This perception drives the popular saying, orchestrated by the former Prime Minister of Britain, David Cameron, that Nigeria is a fantastically corrupt country. What a sad description of a burgeoning nation.

In this regard, it is heartwarming to read from the Chairman of the EFCC, Mr Ola Olukoyede, while presenting his stewardship report from October 2023 to July 2026, recently in Abuja, that about N288.1 billion in federal and state tax revenue was recovered through enforcement of existing obligations and thus adding more revenue to the coffers of the government. This has received some commendation from some stakeholders, but notwithstanding that, there are a number of matters arising from this issue that need to be further evaluated in order to enhance the entrenchment of financial sanity in a relatively corrupt society such as Nigeria.

The EFCC report indicates that the institution made recoveries comprising about N173.2 billion in federal tax revenue and N114.9 billion attributed to states’ internal revenue services, through enforcement of existing obligations. It also reported progress in enforcing regulations in the foreign exchange market, particularly its crackdown on unlicensed bureaux de change (BDCs), where as many as 234 were fished out and 73 convictions secured since 2023.

Aside from these, the report indicates the EFCC made recoveries up to the tune of N1.233 trillion between October 2023 and June 2026, alongside $684.48 million, £373,905.78 and €9.34 million, as well as recoveries in other currencies. The report further indicates that of the naira recoveries, about N397.26 billion or 33 per cent was recovered directly for the Federal Government, while N836.34 billion or 67 per cent was recovered on behalf of Federal Government Ministries, Departments and Agencies (MDAs), state revenue services, companies, individuals and foreign victims.

The performance report finally indicates that N661.32 billion and $492.37 million had been released to beneficiaries during the period, with the naira releases comprising N325.35 billion paid directly to individuals and corporate bodies, N335.97 billion going to MDAs, the Nigerian Revenue Service (NRS), state internal revenue services and other public institutions, companies and individuals.

The above report appears impressive, but a few issues arise. While some may want to question the credibility of these figures being churned out by the Chairman of EFCC, given the experience the country has had with former administrations of the anti-graft agency where recovered loots were allegedly re-looted, the core issue is whether the agency is focusing on the main mandates for which it was established and not just playing to the gallery by seeking to appear credible in the eyes of the general public while leaving out, to a large extent, some of what should be its focus.

The bulk of the report as can be gleaned out from the EFCC presentation is primarily on recoveries which is only a narrow part of its core mandates. From the documents establishing the EFCC, the mission of the organisation is three-pronged, namely prevention, enforcement and coordination. In the fulfilment of its vision of making Nigeria a country free of economic and financial crimes, having a narrow focus on enforcement, which is an umbrella cover for the stated recoveries as highlighted by the chairman of the organisation, is insufficient to fulfil its vision as clearly itemised by the Olusegun Obasanjo administration which set it up.

One largely under-reported area is that of prevention, followed by coordination. Dealing with the issue of prevention will require the EFCC to do a lot of collaborative work with other arms of government as well as the entire Nigerian public. Many people go into crime, whether economic or financial, simply because society does not support the ordinary man to meaningfully and legitimately eke out a living for himself. The creation of a just and equitable society is a step in this direction where resorting to crime would not be attractive at all. When young men and women graduate from school and find it very difficult to secure jobs, then the weak ones would just seek to find any means, no matter what, to earn a living, whether legitimate or otherwise.

Creating a level playing ground for all economic agents is a form of crime prevention. Creating public awareness through interactions with civil society is a form of crime prevention and ensuring that hard work is rewarded is also a form of crime prevention. These are issues that the EFCC should be looking into which have not been given adequate prominence by the organisation.

Coordination with the support of the arms of government and the sub-nationals appears not to be receiving the adequate attention it deserves by the organisation. Coordinating with academia and the school system to teach and enforce good practices in civil and financial relations is a good way of promoting coordination by the organisation.

Finally, the EFCC needs to address the public perception that it is a witch-hunting agent of government sent by the ruling party to torment its political enemies or the opposition. In other words, the organisation has been accused of playing to the gallery and embarking on selective justice in its operations. A case in point is the issue of the freezing of the accounts of the Osun State Government by the EFCC, prior to the mid-season gubernatorial election in the state.

The hue and cry that attended the action of the EFCC on this issue does not place the organisation in the good books of the public, as many see it as simply playing the game as set by the executive arm of government in the pursuit of its objectives. So, the EFCC has been seen as a bulldog which the government uses to silence its enemies.

While the latest report of the EFCC may be commendable, the organisation needs to put its house in order, reorganise itself and focus its efforts on the three core mandates, as well as work hard to erase the perception that it is simply being used by the ruling party to witch-hunt its enemies.