EFCC Recovers N1.23trn, $684.48m in Three Years, Secures 10,872 Convictions

The Economic and Financial Crimes Commission (EFCC) says it recovered N1.23 trillion and $684.48 million in various currencies between October 2023 and June 2026 as part of its efforts to combat economic and financial crimes in the country.

The Executive Chairman of the Commission, Ola Olukoyede, disclosed this on Monday in Abuja while presenting his three year stewardship report at a media briefing marking his 34 months in office.

Olukoyede 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 the figures represented a 75.1 per cent conviction to filing ratio, adding that 1,370 convictions were secured from 1,889 cases filed in the first half of 2026 alone.

According to him, the figures reflected the Commission’s focus on evidence based investigations and successful prosecution of economic and financial crimes.

The EFCC chairman said its data between 2024 and 2026 showed that 46,288 offences were recorded across nine major categories, with advance fee fraud and cybercrime accounting for nearly two thirds of the offences.

He noted that recorded offences increased by 24.1 per cent between 2024 and 2025, with significant increases in procurement fraud, bank fraud, cybercrime and economic governance related offences.

Olukoyede stressed that the Commission’s mandate extended beyond investigating grand corruption, saying its activities were also aimed at protecting citizens, businesses and institutions from fraud, cyber enabled crimes and other forms of economic exploitation.

He said the EFCC had continued to handle high profile corruption cases without regard to the status of suspects, noting that its portfolio included former governors, ministers, heads of government agencies, financial sector operators and corporate officials.

Olukoyede listed recently convicted high profile Nigerians to include Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku.

He said the Commission would continue to investigate and prosecute cases professionally and allow the courts to determine the guilt or innocence of accused persons.

On specialised enforcement, the EFCC chairman said the Commission recorded 920 cases involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, securing 212 convictions.

He said money laundering and unlicensed bureau de change cases accounted for the largest share of the specialised portfolio, while the Commission was also responding to emerging threats involving virtual assets and illicit financial flows from the extractive sector.

N1.23trn, $684.48m recovered

Giving a breakdown of the recoveries, Olukoyede said the EFCC recovered N1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66, among other currencies, between October 1, 2023 and June 30, 2026.

He said approximately N397.26 billion, representing 33 per cent of the naira recoveries, constituted direct recoveries for the Federal Government, while N836.34 billion, or 67 per cent, represented indirect recoveries made 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,” he said.

Olukoyede said N661.32 billion and $492.37 million had subsequently been released to beneficiaries during the period.

He explained that the naira releases included approximately N325.35 billion paid directly to individuals and corporate bodies, while N335.97 billion was released to government ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services and other public institutions, companies and individuals.

He said the Commission was working to make restitution faster, more transparent and efficient.

EFCC recovers N288.1bn in taxes

The EFCC boss also disclosed that federal and state tax recoveries amounted to approximately N288.1 billion during the period.

He said federal tax recoveries accounted for about N173.2 billion, while N114.9 billion was attributed to state internal revenue services.

According to him, the recoveries represented fiscal value obtained through enforcement of existing obligations rather than the imposition of new taxes.

He added that approximately N257.2 billion in naira recoveries was recorded for federal ministries, departments and agencies.

Olukoyede said the impact of asset recovery was also demonstrated by the Federal Government’s decision to allocate N50 billion each from EFCC recoveries to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation in August 2024.

He said additional N50 billion allocations each to NELFUND and the Credit Corporation were subsequently approved in 2026.

He also disclosed that a recovered property, NOK University in Kachia, Kaduna State, had been converted into the Federal University of Applied Sciences, with 1,909 students matriculating in December 2025.

According to him, the development had not only expanded access to tertiary education but also had the potential to stimulate economic activity in Southern Kaduna.

10,053 assets forfeited

The EFCC chairman said the Commission secured the forfeiture of 10,053 tangible assets under interim and final court orders between October 2023 and July 2026.

He said the assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.

He added that 102 tonnes of solid minerals were also forfeited.

According to him, proceeds from the disposal of assets under final forfeiture orders amounted to approximately N12.07 billion and were paid into the coffers of the Federal Government.

EFCC cites Nigeria’s exit from FATF grey list

Olukoyede said the Commission’s enforcement activities had contributed to strengthening the integrity of Nigeria’s financial system and the country’s broader efforts to address deficiencies in its anti money laundering and counter financing of terrorism framework.

He described Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as a national achievement, noting that EFCC investigations and enforcement activities contributed to the collective effort.

He said the Commission also recorded 234 bureaux de change cases and 73 convictions in the last three years.

According to him, enforcement against unlicensed bureaux de change was aimed at supporting a more formal, transparent and compliant retail foreign exchange market and shutting channels vulnerable to illicit finance, speculation and round tripping.

EFCC expands domestic, international collaboration

The EFCC chairman attributed some of the Commission’s achievements to stronger collaboration with domestic and international law enforcement agencies.

He said the Commission worked with law enforcement agencies, regulators, the judiciary, ministries, departments and agencies, as well as state revenue authorities.

Internationally, he said the EFCC collaborated with organisations including the United States Federal Bureau of Investigation, the United Kingdom’s National Crime Agency, the Royal Canadian Mounted Police and INTERPOL.

Olukoyede also disclosed that he was re elected president of the Network of National Anti Corruption Institutions in West Africa (NACIWA) for another three year term.

He said the organisation had become an important platform for regional dialogue on asset recovery, financial crime enforcement and institutional strengthening.

EFCC restructures operations, digitises processes

On institutional reforms, Olukoyede said the Commission had introduced new guidelines on arrest and bail, reviewed sting operations and established the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.

He said the Commission had also commissioned its Enugu and Ilorin directorates and established new directorates in Ekiti, Anambra and Katsina states to improve access to its services.

According to him, the EFCC also introduced policies on gifts and hospitality, conflict of interest and exhibit room security.

He said the Internal Affairs Department had been renamed and restructured as the Ethics and Integrity Department as part of efforts to strengthen internal accountability.

Olukoyede disclosed that almost 60 per cent of the Commission’s processes and operations had been digitised.

He said the Commission was also investing in its new Academy, the EFCC 24/7 Cybercrime Rapid Response Centre and EFCC Radio as part of efforts to respond to the changing nature of financial crimes.

The EFCC chairman said the Commission’s responsibility was not merely to count arrests or announce recoveries but to translate intelligence into prevention, petitions into investigations, investigations into prosecutions, prosecutions into convictions and recoveries into restitution.

He said the Commission’s priorities going forward would include deeper prevention, faster restitution, improved investigative technology and greater professionalism in its engagement with citizens.

“We will intensify the fight against corruption and economic crime with respect for due process and unrelenting focus on measurable value for the public,” Olukoyede said.

He thanked President Bola Ahmed Tinubu, members of the National Assembly, the judiciary, civil society organisations, the media and Nigerians for supporting the Commission’s work.