The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said recovering stolen public funds becomes more difficult once the money has been taken, with only about 60 per cent potentially recoverable.
Olukoyede made the disclosure on Friday, October 2, during the inauguration of the EFCC’s Zonal Office in Awka, Anambra State.
The EFCC chairman stressed that preventing corruption and financial fraud was more effective than trying to recover funds after they had been stolen.
He urged members of the public to promptly report suspected cases of corruption and financial crimes to the commission.
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“I have discovered that when money has been stolen, the best you can recover is 60 percent,” he said.
Olukoyede said the limitation underscored the importance of preventing financial crimes before public or private funds were lost.
He added that the establishment of the EFCC office in Anambra was aimed at strengthening the commission’s presence in the state and contributing to the growth of its economy.