From Grey Lists to Golden Eras: The Institutional Rebirth of the EFCC
By Erasmus Ikhide
The Economic and Financial Crimes Commission (EFCC) Boss Makes Good His Threat to Resign over Yahaya Bello’s Case
The Economic and Financial Crimes Commission (EFCC) Chairman, Olanipekun Olukoyede shook the headlines when he threatened to throw in the towel if the former Kogi State Governor, Yahaya Bello wasn’t prosecuted for the alleged embezzlement of public funds to the tune of about N80.2 billion naira.
In his words: “If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the EFCC Chairman.”
He went further to say:“I’m very passionate about the need for us to move forward in this country.
“A sitting governor moved $720,000 directly from the government account to the Bureau de Change and used it to pay for the school fees of his child in advance in a poor state like Kogi, and you want me close my eyes under the guise that I’m being used. Use by who ? at this stage of my life? By who for crying out loud?
“I didn’t initiate the case, I inherited the case file”.
Olukoyede made good his promise by first arraigning Ali Bello, the nephew of Yahaya Bello in the Federal High Court Abuja for laundering 10 billion naira belonging to the Kogi State government. However, in the amended charge, the agency claimed that Bello laundered and misappropriated N80 billion in 2015 before he assumed office in 2016.
After the raid, the EFCC said its efforts were frustrated by Usman Ododo, Bello’s successor, whom they claimed “whisked him away”.
The Yahaya v EFCC case has also involved a clash of separate court issuances. Justice Isa Jamil had previously ruled in a Lokoja high court against the EFCC’s move to arrest, detain or prosecute the former governor.
The EFCC got a warrant of arrest from the Federal High Court in Abuja to arrest Bello; an appeal granted by Justice Emeka Nwite. Following this, Abdulwahab Mohammed, Bello’s counsel, charged the EFCC to court for contempt of a court order.
Olukoyede, however, swore to editors in April that he would resign if he failed to bring Yahaya Bello to trial.
Subsequently, what followed the failed raid at Bello’s residence in Abuja was the EFCC declaring him wanted.
“The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above, is wanted by the Economic and Financial Crimes Commission in connection with an alleged case of Money Laundering to the tune of N80,246,470,089.88,” the EFCC’s wanted poster on Bello read. Bello was finally arrested and arraigned in court and has been facing trial since then – a clear testimony of the competence of Olukoyede.
Asides the Bello prosecution case, his other achievements include:
- Significant Recoveries: Over N566 billion, $411m, and other currencies recovered, plus 1502 real estate assets (including 753 Abuja duplexes).
- High Conviction Rate: 7,503 convictions secured from 10,525 filed cases, with 29,240 investigations conducted.
- Focus on Naira Abuse: Established a task force to combat currency racketeering and dollarization, leading to over 50 convictions in this area.
- Institutional Reforms: Dismissed 55 officers for misconduct to uphold internal integrity.
- International Recognition: Efforts contributed to Nigeria’s exit from the FATF grey list in October 2025, boosting global confidence.
- Asset Utilization: Recovered funds supported student loan and consumer credit programs.
- Enhanced Transparency: Launched the EFCC Radio to boost public awareness and commitment to accountability.
Leadership & Strategy - Proactive Stance: Focused on tracking and recovering illegal profits, tackling cybercrime, and improving asset recovery.
- Collaborative Approach: Strengthened regional and international partnerships.
Olukoyede is indeed a Daniel that has come to the judgement of extremely corrupt Nigerian politicians and other politically exposed persons as well as their acolytes in the private sector.
The fourth estate of the realm or the media should be effusive in praise for his altruistic efforts aimed at cleaning the Augean Stable and ensuring that Nigeria becomes corruption free through his zero tolerance for the scourge that has greatly under developed this potentially great nation.
His appointment as the EFCC Helmsman is indeed one of the best of such in Nigeria and the nation has been better off for it. He has indeed written his name in gold and left a lasting as well as worthy legacy in the noble fight against corruption.
Erasmus Ikhide contributed this piece via: ikhideluckyerasmus@gmail.com
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