EFCC Recovers N1.23trn in 34 Months Under Olukoyede

 

By Abdullahi Musa 

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

Olukoyede disclosed this on Monday, August 31, 2026, while presenting his stewardship report to journalists, highlighting the commission’s activities in asset recovery, prosecution, institutional reforms and the fight against economic and financial crimes.

According to him, the commission recovered N1,233,612,040,411.11 during the period under review.

The EFCC chairman also disclosed foreign-currency recoveries of $684.48 million, £373,905.78 and €9.34 million.

Of the naira recovery, Olukoyede said approximately N397.26 billion, representing 33 per cent, was recovered directly for the Federal Government, while N836.34 billion, representing 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

He explained that the figures demonstrated that a significant portion of the commission’s recovery activities benefited entities and individuals beyond the Federal Government.

10,872 Convictions Secured

On prosecution, Olukoyede said the EFCC 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 put the commission’s conviction-to-filing ratio at 75.1 per cent.

In the first half of 2026 alone, he said, the commission secured 1,370 convictions from 1,889 cases filed in court.

Olukoyede attributed the development to what he described as a prosecutorial approach focused on evidence and courtroom outcomes.

He said the commission’s analysis of petitions and cases also showed changing patterns in financial crimes, with 46,288 offences recorded across nine major categories between 2024 and 2026 year-to-date.

According to him, advance-fee fraud and cybercrime accounted for nearly two-thirds of the recorded offences.

He added that total recorded offences increased by 24.1 per cent between 2024 and 2025, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.

N661bn, $492m Released to Beneficiaries

The EFCC chairman stressed that asset recovery would only be meaningful when recovered funds and assets were returned to their rightful beneficiaries or deployed in the public interest.

He disclosed that N661.32 billion and $492.37 million had been released to beneficiaries during the period.

According to him, about N325.35 billion was paid directly to individuals and corporate bodies, while N335.97 billion was released to MDAs, the Nigerian Revenue Service, states’ internal revenue services and other public institutions and beneficiaries.

Olukoyede also disclosed that federal and state tax recoveries amounted to approximately N288.1 billion, comprising N173.2 billion in federal tax recoveries and N114.9 billion attributed to state Internal Revenue Services.

He said about N257.2 billion in naira recoveries was also recorded for federal ministries, departments and agencies.

10,053 Assets Forfeited

Beyond cash recoveries, Olukoyede said the commission 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 assets, 370 automobiles and 251 plots of land, alongside schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.

He added that the commission also recorded the forfeiture of 102 tonnes of solid minerals.

According to him, proceeds from the disposal of assets under final forfeiture orders amounted to approximately N12.07 billion, which was paid to the Federal Government.

EFCC Links Recoveries to Education, Consumer Credit

Olukoyede said proceeds of crime had also been deployed towards productive national purposes.

He recalled the Federal Government’s directive in August 2024 for N50 billion each from recovered proceeds to be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.

He said another N50 billion each was provided for both institutions in 2026 from EFCC recoveries.

The EFCC chairman 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 university in December 2025.

Olukoyede said the conversion demonstrated how recovered criminal assets could be transformed into productive investments that benefit Nigerians.

Nigeria Exits FATF Grey List

The EFCC boss also linked the commission’s enforcement activities to Nigeria’s broader efforts to strengthen its anti-money laundering and counter-terrorism financing framework.

He noted that Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 represented a significant national achievement.

According to him, EFCC investigations and enforcement activities contributed to the country’s efforts to address deficiencies in its financial-crime control framework.

On the foreign-exchange market, Olukoyede said the commission recorded 234 cases involving bureaux de change and secured 73 convictions during the period.

He said enforcement against unlicensed BDC operators was aimed at supporting efforts by the Central Bank of Nigeria to create a more transparent and compliant foreign-exchange market.

EFCC Expands Operations, Digitalises Processes

Olukoyede further highlighted institutional reforms undertaken since his assumption of office.

Among the reforms, he listed new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section, and the Cybercrime Rapid Response Centre.

He said new directorates had also been established in Ekiti, Anambra and Katsina states, while the Enugu and Ilorin directorates were commissioned during the period.

The commission, he added, had introduced policies covering gifts and hospitality, conflict of interest and exhibit-room security.

Olukoyede said the Internal Affairs Department was also renamed and restructured as the Ethics and Integrity Department as part of efforts to strengthen internal accountability.

He disclosed that almost 60 per cent of the commission’s processes and operations had been digitalised, with further investments being made in technology and innovation.

The EFCC chairman said the commission’s new Academy, 24/7 Cybercrime Rapid Response Centre and EFCC Radio were part of efforts to modernise its operations and respond to emerging forms of financial crime.

Olukoyede described the past 34 months as a period of sustained enforcement, prosecution, asset recovery, restitution and institutional reforms, saying the commission would continue to strengthen collaboration with local and international partners in combating economic and financial crimes.