EFCC recovered N1.23trn, secured 10,872 convictions in 34 months, says Olukoyede

By Chris Steven

The Economic and Financial Crimes Commission (EFCC) says it recovered N1.23 trillion in 34 months under the leadership of Ola Olukoyede.

Olukoyede spoke on Monday, August 31, while giving an account of his stewardship as chairman of the anti-graft agency.

According to him, the commission recovered N1.233 trillion, $684.48 million, £373,905.78 and €9.34 million between October 2023 and July 2026.

He said about N397.26 billion, representing 33 percent of the naira recovery, was recovered directly for the federal government, while N836.34 billion, or 67 percent, was recovered on behalf of ministries, departments and agencies (MDAs), state revenue services, companies, individuals and foreign victims.

“This breakdown shows that 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 during the period under review.

He said the figures represented a conviction-to-filing ratio of 75.1 percent.

Olukoyede added that the commission secured 1,370 convictions from 1,889 cases filed in the first half of 2026.

He said the commission recorded 46,288 offences across nine major financial crime categories between 2024 and 2026, with advance fee fraud and cybercrime accounting for nearly two-thirds of the offences.

The EFCC chairman said total recorded offences increased by 24.1 percent between 2024 and 2025, with notable rises in procurement fraud, bank fraud, cybercrime and economic-governance offences.

He said the commission also handled 920 specialised enforcement cases involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, securing 212 convictions.

Olukoyede said N661.32 billion and $492.37 million in recovered funds were released to beneficiaries during the period.

He added that federal and state tax recoveries amounted to about ₦288.1 billion, comprising N173.2 billion in federal tax recoveries and ₦114.9 billion attributed to state internal revenue services.

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

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

He said 102 tonnes of solid minerals were also forfeited, while proceeds from the disposal of assets under final forfeiture orders amounted to about ₦12.07 billion and were paid to the federal government.

Olukoyede said the commission’s recoveries had also supported government programmes, including the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.

He recalled that the federal government directed the allocation of N50 billion each to NELFUND and the consumer credit corporation from EFCC recoveries in 2024, with another N50 billion each approved for the two institutions in 2026.

He also cited the conversion of a forfeited private university, formerly NOK University, into the Federal University of Applied Sciences, Kachia, Kaduna state.

On institutional reforms, Olukoyede said the commission had introduced new guidelines on arrest and bail, reviewed its 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 expanded its presence with new directorates in Ekiti, Anambra and Katsina states, while the Enugu and Ilorin directorates were commissioned during the period.

Olukoyede said about 60 percent of the commission’s processes and operations had been digitalised, alongside investments in its academy, cybercrime response centre and other digital infrastructure.

He described the past 34 months as a period of sustained enforcement, prosecution, asset recovery, restitution, institutional reform and stronger collaboration with local and international partners.