Funds recovered from cybercriminals used to finance student loans and other schemes – Shettima

Kashim Shettima, Vice President of Nigeria, has revealed that recovered funds from cybercrime and corruption by EFCC are used to fund social intervention programs. He described this as a way of enhancing the Nigerian economy with various developmental projects.

The vice-president disclosed this on Monday at the seventh edition of a three-day capacity-building workshop for judges and justices, organised by the EFCC and the National Judicial Institute (NJI) in Abuja. According to Channels report, he noted that the proceeds are testament of the Tinubu-led administration’s impact in the last two years.

According to him, recovered proceeds of crimes (cybercrime and corruption) are being used for developmental purposes across different sectors of the economy. 

“Recovered proceeds of crime by the agency (EFCC) are being brought back into the economy to fund critical social investment programs, including the students’ loan and consumer credit schemes,” he said. 

Shettima explained that this is as a result of the non-interference of the current administration in the activities of the anti-graft agency. He noted that EFCC is making progress in tackling all forms of cybercrime and corruption in Nigeria.

In addition, the vice president shared insights into recovered funds by the EFCC. According to him, the agency has secured 7,000 convictions in the past two years of the present administration. Also, assets recovered are more than N500 billion. 

“As an administration, we have prioritised public accountability by strengthening the anti-corruption agencies and giving them the needed independence to execute their statutory mandates,” he added.

Shettima stressed that the result is linked to providing the EFCC with a non-interference environment and allowing them to operate independently. He reiterated that this is part of the Tinubu-led government’s stance on ensuring the rule of law and accountability across all sectors.

“This enabling environment is evident in the impact that has been made in the last two years. The EFCC, for example, has recorded over 7,000 convictions in the past two years of the present administration and recovered assets in excess of ₦500 billion,” he noted.

Social intervention projects such as Youth credit, SMEs and students’ loan have been a major highlight of key schemes in the present administration. While the EFCC continues to fight cybercrime and corruption, the federal government is ensuring the proceeds are distributed to bolster the economy.

Also Read: Cybercrime: FG deports more 51 foreign nationals, now 102 in total.

The other side of cybercrime 

Cybercrime is a leading crime in the tech age and every country and organisations recounts losses to this fraudulent scheme. Amid the recovery of funds by security agencies, the other side reveals loss of resources (monetary and non-monetary) to cybercrime.

Last October, EFCC chairman, Ola Olukoyede, revealed that cybercrime accounted for the larger share of 3,455 cases recorded during his first year in office. He added that $500 million was lost to the scourge in 2022. 

Furthermore, he noted that during his first year in office, cybercrime suspects got a larger share of the 3,455 convictions recorded by EFCC. Notably he raised an alarm that the crime is gaining wings daily and fast becoming a threat to the global economy. 

According to Olukoyede, the amount lost globally to cybercrimes could reach $10.5 trillion, adding that his research showed 2,328 cases are recorded daily. “The implication of all this is that if left unchecked, cybercrimes pose grave dangers to the entire world,” he said. 

In its intervention, the EFCC has established a cybercrime research centre at that time. The centre will take a minimum of 500 young Nigerians at a time and train them in cyber security and all areas of cybercrime research. Also, a Cybercrime Response Academy is in place to help rehabilitate convicted cybercriminals.

For international convicted individuals, the agency has been repatriating them to their country for their sentenced terms. 

During the weekend, EFCC, in partnership with the Nigerian Immigration Service (NIS) and the Nigerian Correctional Service (NCoS), completed the deportation of 192 foreign nationals convicted for cyber-terrorism, internet fraud, and other related financial crimes in Lagos. The exercise marked the conclusion of a major cross-agency operation.

The convicted foreigners were part of the arrest and successful prosecution of 759 suspects during a large-scale sting operation conducted by the EFCC on December 10, 2024, at Oyin Jolayemi Street, Victoria Island, Lagos.

The first batch of 42 convicts (comprising Chinese and Filipino nationals) was deported on August 15, while subsequent batches followed throughout August and September. The final batch of 51 convicts, including 50 Chinese nationals and one Tunisian, departed Nigeria on October 16, 2025, bringing the total number of deported foreigners to 192.