EFCC recovers diverted 70 year-old retiree's benefit

EFCC recovers diverted 70 year-old retiree's benefit

By Johnson Arua

The Economic and Financial Crimes Commission (EFCC) has recovered and returned the sum of N42.5 million to a 70-year-old widow and retiree, Mrs. Margaret Taye Odofin, who was defrauded by her banker through a fake investment scheme initiated in 2020.

It was gathered that the funds were recovered from one Mrs. Yusuf, Mrs. Odofin’s account and investment officer with a new generation bank, who allegedly diverted the victim’s retirement savings under the guise of an investment plan.

The recovered money was presented to Mrs. Odofin in Kaduna by the Acting Director of the EFCC’s Kaduna Zonal Command, Bawa Kaltungo, on behalf of the Commission’s Executive Chairman, Mr. Ola Olukoyede.

Speaking during the handover, Kaltungo said the recovery demonstrated the EFCC’s renewed commitment to delivering justice to victims of financial crimes.

“We appreciate you for trusting the Commission,” he stated. “This recovery reflects our professionalism and capacity to address cases within our mandate.”

How the fraud was perpetrated

The EFCC explained that Mrs. Odofin petitioned the Commission in December 2024 after discovering that her banker had diverted her retirement savings. According to her, Yusuf had lured her into a fraudulent investment scheme promising quarterly returns of N1.7 million.

It was later uncovered that a total of N47 million had been siphoned from her account and transferred to multiple destinations without authorization. Investigations revealed that the suspect fled to the United Kingdom after the fraud was exposed. However, EFCC operatives were able to recover part of the stolen funds.

Overcome with emotion while receiving the recovered funds, Mrs. Odofin praised the EFCC for restoring her hope in the system.

“I cannot believe this is happening. When we reported the case in the UK, we were told the offence was committed in Nigeria and that only the EFCC could help,” she said. “Today, God has used the Commission to wipe away my tears. I waited for years to recover my hard-earned money. I will campaign for the EFCC anywhere because they have proven that justice still works in Nigeria.”

Kaltungo reaffirmed that under Olukoyede’s leadership, the EFCC remains committed to pursuing financial criminals and ensuring victims receive justice, regardless of how long it takes.