The Director of Public Affairs at the Economic and Financial Crimes Commission (EFCC), Wilson Uwujaren, says the agency’s task force on Naira abuse and dollarisation of the economy has played a significant role in stabilising Nigeria’s currency.
Speaking during an interview on ARISE News on Monday, Uwujaren said the EFCC under the leadership of Olu Olukoyede had been deliberate in tackling economic crimes that undermine the value of the Naira.
“The last two years of the leadership of Olu Olukoyede of the EFCC, I would say, have been very, very impactful,” he stated. “He came to the job fully prepared for the assignment, having served previously as Chief of Staff to an Acting Chairman and also as Secretary to the Commission.”
Highlighting one of the commission’s early interventions, Uwujaren explained that Olukoyede’s administration established a special task force to check Naira abuse and the dollarisation of the economy. According to him, “That saw the commission tackle Naira racketeering and round-tripping, which contributed to stabilising the Naira.”
Uwujaren said the EFCC chairman had set clear priorities when he appeared before the Senate for confirmation. “He stated three priorities: to use anti-corruption to stimulate the economy, to work within the rule of law, and to enforce professionalism within the EFCC. On those three scores, I think he has performed excellently well.”
He added that the initiative formed part of broader efforts to revive the economy. “Over the last two years, around 29,000 cases have been investigated, and over 10,000 have been charged to court. Within that period, we secured 7,500 convictions,” he said.
Uwujaren also revealed that the EFCC had achieved major milestones in asset recovery. “In terms of recovery of assets, where we made really landmark achievements over those two years, we have recovered hundreds of billions of Naira, tens of millions of dollars,” he stated.
He noted that the recovered funds were not idle but reinvested into key government programmes to support citizens. “We have the Student Loan Scheme and the Consumer Credit Scheme. Part of the process of crime recovered by the EFCC was invested as take-off grant for those schemes. N100 billion was invested; N50 billion for the Student Loan Scheme and N50 billion for the Consumer Credit Scheme,” he said.
Uwujaren also cited other significant recoveries. “If you talk of the non-liquid assets that were recovered, for instance, you have 753 units of duplexes in Gambia. The most important recovery that we achieved last year is there. Government will decide what to do with that,” he explained.
He further disclosed that some recovered assets had already been converted for public use. “If you look at what we also recovered in Kaduna, the North University, for instance, government took the decision to convert it to a Federal University of Applied Sciences in Kaduna State,” he said. “The students who will benefit from the asset in that institution will be the direct beneficiary of the process of crime recovered by the EFCC.”
Addressing questions about challenges and criticism, Uwujaren noted that cynicism often follows the agency’s operations. “People ask, why is it that you are focusing more on cybercrime rather than politically exposed persons? But they don’t realise the damage that cybercrime does to the economy of Nigeria. Cybercrime is a big deal.”
He also addressed concerns about media trials, insisting that the EFCC does not engage in such practices. “I can assure you that there is nothing like media trial within the EFCC. What normally happens is once people are invited to appear before the commission, they make that information available to their associates and friends, and before you know it, the news is out there,” he explained.
Uwujaren concluded by commending the leadership of Olukoyede, noting that reforms within the commission have improved staff morale and strengthened its structure. “Morale of the staff has improved because of the improvement in staff welfare that he has brought about,” he said.
“The good thing is that I think, from the court, Mr. Olukoyede has acquitted himself remarkably well in these first two years of his stewardship. He has shown capacity, he has shown competence in the job, and I believe Nigeria stands to benefit from his leadership going forward.”
Faridah Abdulkadiri
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