• Secured 10,872 convictions, as cybercrime, advance-fee fraud account for nearly two-thirds of major offences • Released N661.32bn, $492.37m to beneficiaries Iyobosa Uwugiaren and Alex Enumah in Abuja Economic and
***• Secured 10,872 convictions, as cybercrime, advance-fee fraud account for nearly two-thirds of major offences ***
• Released N661.32bn, $492.37m to beneficiaries
Iyobosa Uwugiaren and Alex Enumah in Abuja
Economic and Financial Crimes Commission (EFCC) has disclosed that it recovered N1.233 trillion, $684.48 million, £373,905.78, €9.34 million, and money in other foreign currencies for the federal and state governments, companies, individuals, and other beneficiaries between October 2023 and June 2026.
Chairman of EFCC, Mr. Ola Olukoyede, made the disclosure yesterday during a media briefing on his three-year stewardship of the commission.
Olukoyede attributed the feat to the commitment and passionate engagement of his team in the fight against economic and financial crimes and other acts of corruption.
He stated, “At my confirmation before the National Assembly, I outlined a three-pronged agenda as the anchor of my stewardship. To the glory of God, we have kept faith with the agenda of proper focusing on the mandate of the EFCC in the overall interests of Nigerians, using the instrumentality of the anti-graft war to stimulate growth in the economy, adherence to the rule of law, commitment to transactional credits, building the image of Nigeria, and optimising foreign direct investments.”
Describing asset recovery as a major pillar of his stewardship, the chairman disclosed, “Between October 1, 2023 and June 30, 2026, the commission recorded recoveries of N1,233,612,040,411.11; $684,478,457.32; £373,905.78; €9,343,803.66 in addition to recoveries in other currencies.
“Of the naira amount, approximately N397.26 billion, or 33 per cent, represented 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 (MDAs), 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.”
The EFCC boss explained that within the period, N661.32 billion and US$492.37 million were released to beneficiaries.
He said the naira releases included about N325.35 billion paid directly to individuals and corporate bodies, and another N335.97 billion released to various MDAs, Nigerian Revenue Service, and states’ internal revenue services, alongside releases to other public institutions, companies, and individuals.
According to him, federal and state tax recoveries amounted to about N288.1 billion, comprising N173.2 billion in federal tax recoveries and N114.9 billion attributed to states’ internal revenue services.
An additional N257.2 billion recovery was recorded for federal MDAs, he added.
Olukoyede said the figures demonstrated that asset recovery was not merely about confiscating proceeds of crime, but returning value to the public and legitimate beneficiaries.
“Recovery is only truly meaningful when value is returned to the public interest and to rightful beneficiaries,” Olukoyede said.
He also highlighted the use of recovered assets for national development, stating that N50 billion each had been allocated from recovered proceeds to Nigerian Education Loan Fund (NELFUND) and Nigerian Consumer Credit Corporation.
He stated, “The national impact of recovery is, perhaps, clearest when proceeds of crime are converted into productive social investment.
“In August 2024, the federal government directed that N50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC. Further NELFUND and Credit Corp funding from EFCC recoveries (N50 billion each) was subsequently approved in 2026.”
The chairman also disclosed that NOK University, a recovered property, had been converted into Federal University of Applied Sciences, Kachia, Kaduna State, with a total of 1,909 students matriculating at the institution in December 2025.
Beyond monetary recoveries, Olukoyede disclosed that the commission secured the forfeiture of 10,053 tangible assets under interim and final court orders between October 2023 and July 2026.
The forfeited assets, according to him, 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, “We also recorded the forfeiture of 102 tonnes of solid minerals. Proceeds from disposal under final forfeiture orders amounted to approximately N12.07 billion and were paid to the federal government.”
In the area of enforcement, Olukoyede said the commission, within the same period, “received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court, and secured 10,872 convictions”.
He said the figures represented a conviction-to-filing ratio of 75.1 per cent, and added that EFCC secured 1,370 convictions from 1,889 filings in the first half of 2026 alone.
Olukoyede said the commission’s data showed that economic and financial crimes were evolving, with advance-fee fraud and cybercrime accounting for nearly two-thirds of 46,288 offences recorded across nine major typologies between 2024 and 2026.
He stated, ‘’Data from petitions and case analysis provides an indication of the shifting trends in the financial crime threat landscape. Our 2024 to 2026 year-to-date category data recorded 46,288 offences across nine major typologies.
‘’Advance fee fraud and cybercrime together represented nearly two-thirds of recorded offences. However, between 2024 and 2025, total recorded offences rose by 24.1 per cent, with notable increases in procurement fraud, bank fraud, cybercrime, and economic-governance offences.
‘’This tells us something important: the fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime, and other forms of economic exploitation.”
The EFCC chairman also disclosed that the commission had continued to prosecute high-profile cases involving former governors, ministers, public office holders, agency heads, financial-sector operators, and corporate officials.
He cited recent convictions involving Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku, stressing that no individual or office holder would be exempt from accountability.
“Our principle is simple: no office or title places anyone beyond the reach of the law.”
On specialised enforcement, Olukoyede said EFCC recorded 920 cases covering money laundering, unlicensed bureaux de change, illegal mining, virtual assets, and terrorist financing, and secured 212 convictions.
He added that the commission recorded 234 bureaux de change cases and 73 convictions within the period, supporting efforts to promote a more formal and transparent foreign-exchange market.
Olukoyede said EFCC enforcement also contributed to Nigeria’s removal from the Financial Action Task Force grey list in October 2025, describing the development as a national achievement.
The chairman attributed the commission’s achievements to collaboration with domestic and international law-enforcement and regulatory agencies, including US Federal Bureau of Investigation (FBI), UK National Crime Agency, Royal Canadian Mounted Police, and International Criminal Police Organisation (INTERPOL).
He said sustained cooperation would remain essential as economic and financial crimes became increasingly sophisticated and cross-border.
Olukoyede added that the commission was investing heavily in digitalisation projects.
He stated, “At the moment, almost 60 per cent of our processes and operations have been digitalised.”
He said EFCC was, “Continuing investment in innovation and digitisation, the new Academy, and EFCC 24/7 Cybercrime Rapid Response Centre (E-C2R2) as a strategic response to the growing complexity of cyber-enabled financial crimes, and EFCC Radio.”
Olukoyede, while acknowledging that the commission had made significant progress in the last three years, said the work was not finished but continued with renewed determination.
He said, “As we look ahead, our priorities are clear: deepen prevention, ensure faster restitution, invest in better investigative technology, and improved professionalism in our 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.”
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