Bukky Olukayode Esq, in an open letter to the Chairman of the anti-graft agency, Mr Ola Olukoyede, on Tuesday, said concerns have been raised about EFCC’s delay in releasing recovered funds to rightful complainants.
A Nigerian lawyer has lamented that the Economic and Financial Crimes Commission (EFCC) has been holding on the funds of complainants for prolonged periods of time, leading to loss of value.
Bukky Olukayode Esq, in an open letter to the Chairman of the anti-graft agency, Mr Ola Olukoyede, on Tuesday, said concerns have been raised about EFCC’s delay in releasing recovered funds to rightful complainants.
The open letter is titled, ‘Why Is the EFCC Chairman Imposing Hardship And Losses On Complainants By Holding On To Their Recovered Funds?’
It reads in part, “The Economic and Financial Crimes Commission (EFCC) is tasked with combating financial crimes and ensuring justice for victims of fraud and corruption.
“However, recent concerns have been raised about the delay in releasing recovered funds to rightful complainants. A striking case involves a lady whose funds, recovered by the EFCC, have been held for four months, with inflation steadily eroding the value of her money.
“This raises pressing questions about the internal processes of the EFCC. Why are recovered funds not promptly returned to complainants?
“In the case of the lady in question, the delay has not only caused financial loss but also undermined confidence in the institution’s ability to deliver timely justice.
“The impact of inflation cannot be overstated in such cases. Holding funds unnecessarily for prolonged periods diminishes their real value, leaving victims with less purchasing power than when the funds were initially recovered.
“This outcome effectively penalizes victims twice—first by the perpetrators of financial crimes and then by institutional inefficiencies.”
According to Olukayode, the issue casts a shadow over the EFCC's credibility.
“By holding onto funds without clear justification, the commission risks being viewed as unresponsive or complicit in prolonging victims' suffering,” the lawyer said.
“Transparency and accountability are critical for public trust, and such delays erode both. The EFCC’s leadership, particularly the chairman, must address these concerns promptly.
“Processes should be put in place to ensure that recovered funds are returned to victims as quickly as possible, minimizing the financial harm caused by delays. Clear timelines and public accountability measures should be implemented to prevent further occurrences of such cases.”
The lawyer further noted that victims of financial crimes turn to the EFCC for justice, “not for additional hardships”.
“It is imperative that the commission fulfills its mandate effectively and ensures that recovered funds are promptly returned to their rightful owners,” Olukayode said.
“The longer this issue persists, the more the public will question whether the EFCC truly prioritizes the welfare of victims or is mired in bureaucratic inefficiencies.
“The question remains: Why is the EFCC chairman holding on to these funds, and when will victims see the justice they deserve?”