The Economic and Financial Crimes Commission (EFCC) is under intense scrutiny following reports of theft and mismanagement of exhibits by some of its operatives.

We understand that allegations of stolen cash, gold bars, and other recovered assets have triggered public backlash and internal investigations.

Reports indicate that at least 27 EFCC officers were dismissed in 2024 for various misconduct, including fraudulent activities. On January 6, 2025, the agency’s spokesperson, Dele Oyewale, confirmed an ongoing investigation into a $400,000 theft claim allegedly involving a sectional head. Two days later, 10 officers from the Lagos Zonal Command were detained over missing operational items, including gold bars worth over ₦1 billion and cash between $350,000 and $400,000.

The scandal deepened on Wednesday when another officer at the Kaduna Zonal Office, identified as Polycarp, was accused of stealing over $30,000 and other valuable exhibits.

The EFCC has yet to comment on this incident, raising concerns about its internal oversight.

A credible security source described the situation as “highly disappointing,” blaming the thefts on rising poverty and poor living conditions.

The source also criticized the agency’s failure to implement robust mechanisms for safeguarding exhibits.

“Allowing unchecked access to high-value items like cash and gold bars creates temptation. Such items should either be stored in bank vaults or secured with multi-layered access controls within EFCC premises,” the source told The PUNCH.

The source recommended that access to exhibit rooms should require the simultaneous presence of multiple credible officials, each holding a unique key. Dismissal and prosecution were proposed as punitive measures to deter such acts.

The revelations have embarrassed the EFCC and tarnished its image. A senior EFCC official admitted the misconduct had caused reputational damage, stating, “Our chairman is transparent, which is why these issues are not being hidden. However, it’s giving us a bad name.”

Security analyst Yemi Adeyemi stressed that EFCC officials must maintain the highest standards of integrity.