Lagos, July 18, 2025
In a major win for public accountability, the Economic and Financial Crimes Commission (EFCC) has disclosed that property seized from a former Kaduna State civil servant has been repurposed to establish the new Federal University of Applied Sciences in Kachia, Kaduna. This revelation came during a stakeholder sensitisation programme hosted in Lagos by EFCC Chairman Ola Olukoyede.
“This is what accountability looks like—assets recovered from corruption being repurposed to serve the people,” Olukoyede stated. The achievement underscores the EFCC’s proactive approach in their asset recovery mission.
Reinvesting in Public Good
Olukoyede further highlighted how recovered Nigerian assets are being redirected into social impact initiatives. Among other successes, he cited recovered funds from the Niger Delta Development Commission being channelled towards a skill-acquisition centre and liaison office in Bayelsa State. Over ₦100 billion in confiscated assets have also been funneled into programs like the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit scheme.
“These aren’t just headlines—they are real interventions funded by money recovered from corrupt individuals and organisations,” he emphasized.
Combating Naira Abuse & Strengthening Governance
Beyond asset recovery, Olukoyede warned against the illegal spraying, stamping, and mutilation of the naira—a cultural practice he described as disrespectful and unlawful. He announced the formation of a joint EFCC-Central Bank Task Force aimed at reinforcing enforcement to curb “naira abuse”.
In addition to enforcement efforts, the EFCC has rolled out structural reforms—including a Fraud Risk Assessment and Control Department, launching an EFCC-branded radio station, and hosting weekly media programs to increase public awareness on economic crime.
🧭 Why This Matters
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Public Benefit from Corrupt Acts: The conversion of seized property into an educational institution demonstrates a commitment to redirect illicit gains for societal advancement.
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Broader Anti‑Corruption Strategy: Beyond prosecutions, the EFCC is channeling recovered assets into education, skills training, and credit access—underscoring a strategy that ties enforcement to tangible development.
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Cultural & Legal Shift: New efforts to eliminate naira abuse reflect deeper cultural reform in financial governance, backed by inter-agency cooperation.
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Transparency Through Outreach: Institutional developments and public sensitisation are key to ensuring citizens understand how recovered assets are being utilized.
What’s Next?
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The Federal University of Applied Sciences, Kachia will begin operations soon; program offerings and enrollment details are expected shortly.
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The EFCC–CBN Task Force will roll out nationwide campaigns against currency abuse.
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Public engagement will intensify through new radio content and media briefings from the EFCC.
This initiative highlights a growing pivot in Nigeria’s anti-corruption landscape—transforming root causes of public distrust into real-world value. Stakeholders in governance, education, and development should take note as recovered illicit wealth starts to shape new institutions and opportunities.
