The Economic and Financial Crimes Commission (EFCC) recovered more than ₦1.23 trillion and secured 10,872 convictions between October 2023 and July 2026, the commission’s Chairman, Ola Olukoyede, has disclosed.
Olukoyede made the disclosure on Monday, August 31, 2026, while presenting a report on the activities and achievements of the anti-graft agency during his 34 months in office.
According to figures presented by the EFCC chairman, the commission recovered ₦1,233,612,040,411.11, alongside $684,478,457.32, £373,905.78 and €9,343,803.66 during the period.
Olukoyede said the figures represented the highest monetary asset recovery recorded by the commission in both naira and foreign currencies.
He explained that about ₦397.26 billion, representing 33 per cent of the total naira recovery, was recovered directly for the Federal Government.
The remaining ₦836.34 billion, representing 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
“Two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government,” Olukoyede said.
On prosecution, the EFCC chairman said the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions between October 2023 and July 2026.
He said this amounted to a 75.1 per cent conviction-to-filing ratio.
In the first half of 2026 alone, Olukoyede said the commission secured 1,370 convictions from 1,889 cases filed.
He attributed the results to what he described as an evidence-driven approach to investigation and prosecution.
The EFCC chairman also disclosed that the commission had recorded 46,288 financial crime offences across nine major categories between 2024 and 2026 year-to-date.
According to him, advance fee fraud and cybercrime accounted for almost two-thirds of the offences recorded.
He added that total recorded offences increased by 24.1 per cent between 2024 and 2025, with procurement fraud, bank fraud, cybercrime and economic governance offences recording notable increases.
Olukoyede said the commission continued to investigate and prosecute cases involving former governors, ministers, agency heads, financial-sector operators, corporate officials and other high-profile individuals.
The EFCC also handled cases involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing.
According to Olukoyede, the commission recorded 920 cases across those specialised areas, securing 212 convictions.
On the utilisation of recovered assets, he stressed that recovery was meaningful only when the proceeds were returned to the government, victims or other legitimate beneficiaries.
The EFCC chairman said ₦661.32 billion and $492.37 million were released to beneficiaries during the period under review.
The naira disbursements included approximately ₦325.35 billion paid directly to individuals and corporate bodies, while another ₦335.97 billion went to ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services and other beneficiaries.
Olukoyede also disclosed that federal and state tax recoveries amounted to approximately ₦288.1 billion during the period.
This comprised about ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to state internal revenue services.
He said the commission also recovered approximately ₦257.2 billion for federal ministries, departments and agencies.
The EFCC chairman highlighted the use of recovered proceeds to support government programmes, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation.
He recalled that the Federal Government directed the allocation of ₦50 billion each from EFCC recoveries to NELFUND and the Nigerian Consumer Credit Corporation in August 2024.
A further ₦50 billion each was provided to the two institutions in 2026 from recovered proceeds.
Olukoyede also cited the forfeiture of the former NOK University, which was subsequently converted into the Federal University of Applied Sciences, Kachia, Kaduna State.
He said 1,909 students were matriculated into the institution in December 2025.
Beyond financial recoveries, the EFCC secured the forfeiture of 10,053 tangible assets through interim and final court orders between October 2023 and July 2026.
The assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land.
Other forfeited properties included schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.
The commission also recorded the forfeiture of 102 tonnes of solid minerals.
Olukoyede said proceeds from the disposal of assets under final forfeiture orders amounted to approximately ₦12.07 billion, which was paid to the Federal Government.
He further linked the EFCC’s enforcement activities to Nigeria’s removal from the Financial Action Task Force Grey List in October 2025, saying the commission’s work formed part of the country’s wider anti-money laundering and counter-terrorist financing reforms.
The chairman said the commission had also intensified enforcement against unlicensed bureaux de change as part of efforts to support reforms in the foreign exchange market.
He disclosed that the EFCC recorded 234 BDC cases and 73 convictions during the three-year period.
Olukoyede also highlighted internal reforms introduced during his tenure, including new guidelines on arrest and bail, revised procedures for sting operations and the establishment of specialised units focused on fraud risk, security, immigration and cybercrime.
He said the commission had established the Cybercrime Rapid Response Centre to respond to the growing sophistication of cyber-enabled financial crimes.
The EFCC also commissioned directorates in Enugu and Ilorin, while new directorates were established in Ekiti, Anambra and Katsina to improve access to the commission.
Olukoyede said the agency had introduced policies covering gifts and hospitality, conflict of interest and exhibit-room security.
The Internal Affairs Department was also renamed and restructured as the Ethics and Integrity Department as part of efforts to strengthen internal accountability.
On digital transformation, the EFCC chairman said approximately 60 per cent of the commission’s processes and operations had been digitalised.
He said the commission would continue investing in technology, its Academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio.
Olukoyede said the 34-month period had been defined by sustained enforcement, prosecution, asset recovery, restitution, institutional reforms and increased collaboration with domestic and international partners.
How did this story make you feel?
Join the conversation
Share a thoughtful response. Submissions may be reviewed before appearing.
