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EFCC Recovers ₦500Bn, Secures 7,000 Convictions in 2 Years – Tinubu
President Bola Tinubu has commended the Economic and Financial Crimes Commission (EFCC) under the leadership of Ola Olukoyede for its impressive record of asset recovery and convictions, describing the agency’s achievements as “a testament to strengthened accountability and renewed institutional independence.”
Ola Olukoyede, chairman, EFCC,
Speaking on Monday at the opening of the 7th EFCC-NJI Capacity Building Workshop for Justices and Judges, held at the National Judicial Institute, Abuja, President Tinubu, represented by Vice President Kashim Shettima, said the anti-graft agency had achieved “over 7,000 convictions and recovered assets worth more than ₦500 billion” within the first two years of his administration.
“As an administration, we have prioritised public accountability by strengthening anti-corruption agencies and granting them the independence to execute their statutory mandates,” he stated.
“The EFCC, for example, has recorded over 7,000 convictions in the first two years of this administration and recovered assets in excess of ₦500 billion,” he said.
The President noted that proceeds of recovered assets had been channelled back into the economy to fund key social programmes such as the Students Loan Scheme and the Consumer Credit Initiative.
He urged judges to give their utmost in the fight against corruption, saying the judiciary remains the backbone of justice and accountability.
“We have an opportunity to consolidate the efforts of the last two years to deliver an optimal anti-corruption framework that will support our peaceful growth and development. A Nigeria free of corruption is possible if we all commit to doing what is right and ensuring that those who deviate from the norm are not allowed to go scot-free,” Tinubu said.
He added that the government had allowed both the judiciary and anti-graft agencies to “exercise their constitutional and statutory powers to dispense justice and restore sanity.”
“Except the society has full confidence that those who pillage our resources will be subjected to the rule of law and brought to justice through a fair and transparent process, the sneers over our collective commitment to fighting corruption will only get louder,” the President warned.
In his address, Ola Olukoyede, chairman, EFCC, acknowledged the progress made but lamented persistent judicial bottlenecks that slow the pace of high-profile corruption cases.
“The milestones we have recorded in the past two years are almost overshadowed by public concern over the progress of high-profile cases in court,” Olukoyede said.
“Some cases filed by the Commission 15 or 20 years ago appear in limbo, moving in circles. The longer cases last in court, the more the image of the court as the temple of justice is eroded. The only victor in the circumstance is corruption.”
He criticised what he called the “weaponisation of procedure” and warned that the prioritisation of technicalities over justice undermines public confidence.
“When cases drag in court, witnesses die, memories fade, and public interest wanes. Prioritising procedural technicalities at the expense of justice undermines our collective efforts,” he stressed.
Justice Kudirat Kekere-Ekun, chief justice of Nigeria, in her remarks, said the judiciary has a “decisive and delicate” role in ensuring that corruption does not cripple national development.
“Economic and financial crimes have grown in scale, sophistication, and audacity,” she observed.
“They rob citizens of schools, hospitals, and roads, striking at the very root of good governance and social equity. Each ruling or judgment carries implications that either strengthen or weaken public faith in the rule of law.”
Also speaking, Lateef Fagbemi (SAN), attorney-general of the federation and minister of justice, called for synergy between investigators, prosecutors, and judges to ensure swift and effective justice.
“The fight against economic and financial crimes is not just a legal battle—it is a moral duty and a civic responsibility. When corruption thrives, justice withers,” he said.
The workshop, themed “Enhancing Justice in the Fight against Economic and Financial Crimes,” continues until Wednesday, October 22, 2025.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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