“Stop the Money Before It Disappears”: EFCC Shifts Strategy

The Economic and Financial Crimes Commission is shifting its anti-corruption strategy from chasing stolen funds after they vanish to catching them while they are still in motion.

The Fraud Risk Assessment and Control Department can detect and temporarily restrict suspicious transactions for up to 72 hours while investigators establish their source, destination and purpose.

A New Approach to an Old Problem

ValidViewNetwork gathered that the Economic and Financial Crimes Commission is shifting its anti-corruption strategy from chasing stolen funds after they vanish to catching them while they are still in motion.

At the heart of this new approach is the Fraud Risk Assessment and Control Department (FRAC) , which can detect and temporarily restrict suspicious transactions for up to 72 hours while investigators establish their source, destination and purpose.

Why Wait?

EFCC Chairman Ola Olukoyede said:

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“Why must we be waiting for money to be stolen? When we see money moving suspiciously, we move in and freeze.”

The commission cited a case where funds were traced from a local government account to a private company and subsequently into cryptocurrency wallets.

FRAC detected the suspicious movement and froze the funds for 72 hours.

Successes So Far

The EFCC said its preventive interventions had saved more than N4 billion by blocking transfers before they were completed, a figure separate from the N1.233 trillion recovered between October 2023 and July 2026.

The Legal Framework

The commission relies on Section 7(6) of the Money Laundering (Prevention and Prohibition) Act, 2022, which allows a stop order not exceeding 72 hours on an account suspected to be connected with an unlawful act.

However, the legal basis has been contested. In 2025, the Court of Appeal held that freezing an account without a prior court order violated Section 34(1) of the EFCC Act.

A Lesson for Nigerian Youths

This is a reminder that prevention is better than cure. The EFCC is now focusing on stopping theft before it happens.

The same politicians who steal public funds will never allow their own children to be victims of corruption. Their families are protected.

For young Nigerians, the lesson is clear: the fight against corruption is not just about punishment, it is about prevention. The same people who steal from the public will never allow their own children to be victims of a corrupt system.

Demand accountability. Support anti-corruption efforts. And never forget that every stolen naira is a naira that could have built a school, a hospital, or a road.