EFCC recovers N1.23trn, secures 10,872 convictions in 34 months — Olukoyede

The Economic and Financial Crimes Commission (EFCC) recovered more than ₦1.23 trillion and secured 10,872 convictions between October 2023 and July 2026, Executive Chairman Ola Olukoyede has said.

Olukoyede disclosed this on Monday, August 31, 2026, while presenting his stewardship report on the activities and achievements of the anti-graft agency during his 34 months in office.

According to him, the commission recorded its highest-ever monetary asset recovery in both naira and foreign currencies during the period under review.

Records presented by the EFCC showed that naira recoveries stood at ₦1,233,612,040,411.11, while dollar recoveries reached $684,478,457.32.

The commission also recovered £373,905.78 in pounds sterling and €9,343,803.66 in euros.

Olukoyede explained that about ₦397.26 billion, representing 33 per cent of the 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,” he said.

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 said the figures represented a conviction-to-filing ratio of 75.1 per cent, adding that the commission recorded 1,370 convictions from 1,889 filings in the first half of 2026 alone.

“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. This gives a conviction-to-filing ratio of 75.1 per cent. In the first half of 2026 alone, the Commission, he said, recorded 1,370 convictions from 1,889 filings. These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes,” he added.

Olukoyede said data from petitions and case analysis also showed changes in the financial crime landscape.

He said the commission’s 2024 to 2026 year-to-date data recorded 46,288 offences across nine major categories, with advance fee fraud and cybercrime accounting 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 procurement fraud, bank fraud, cybercrime and economic-governance offences recording notable increases.

“This tells us that 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,” he noted.

The EFCC chairman also said the commission continued to handle complex and high-profile cases regardless of the status of those involved.

He said the commission’s high-profile case portfolio included former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials.

Olukoyede said the EFCC’s specialised enforcement activities also covered money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing.

“Across money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, the Commission recorded 920 cases, with 212 convictions secured and a substantial active pipeline of investigations and prosecutions. Money laundering and unlicensed bureaux de change cases account for the largest share of this portfolio. We are also responding to emerging risks in virtual assets and illicit financial flows from the extractive sector,” he said.

He said recovery was only meaningful when recovered value was returned to the public interest and rightful beneficiaries.

According to him, ₦661.32 billion and US$492.37 million were released to beneficiaries during the period under review.

The naira releases included about ₦325.35 billion paid directly to individuals and corporate bodies, while ₦335.97 billion was released to various ministries, departments and agencies, the Nigerian Revenue Service and state internal revenue services, as well as other public institutions, companies and individuals.

Olukoyede also highlighted the revenue mobilisation aspect of the commission’s work.

“Federal and state tax recoveries amounted to approximately ₦288.1 billion over the period, including about ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to States’ Internal Revenue Services, being fiscal value recovered through enforcement of existing obligations, and not through the imposition of new taxes. In addition, approximately ₦257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies, demonstrating how anti-corruption enforcement can reinforce the revenue capacity of the government,” he added.

He said the impact of recoveries was particularly evident when proceeds of crime were channelled into productive social investments.

Olukoyede recalled the Federal Government’s directive in August 2024 for ₦50 billion each to be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from EFCC proceeds of crime.

He added that a further ₦50 billion each was provided to both organisations in 2026 from EFCC recoveries.

He also recalled that former NOK University, which was forfeited to the Federal Government, was converted to the Federal University of Applied Sciences, Kachia, Kaduna State.

A total of 1,909 students were matriculated into the university in December 2025, while another private university of high value has also been forfeited to the Federal Government.

“When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use,” he stated.

The EFCC chairman said anti-corruption enforcement also helped to strengthen government revenue, return working capital to institutions, companies and citizens, support financial-market integrity, protect the extractive and digital economies and improve Nigeria’s international standing.

He added that “it also produces a deterrence dividend,” adding that every successful prosecution and every asset stripped from criminal enterprise reduces the expected cost of economic crime.

Beyond cash recoveries, Olukoyede said the EFCC 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.

Other forfeited assets included schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.

The commission also recorded the forfeiture of 102 tonnes of solid minerals.

“Proceeds from disposal under final forfeiture orders amounted to approximately ₦12.07 billion and were paid to the Federal Government,” he said.

Olukoyede said the EFCC’s activities during the period also contributed to improving the integrity of Nigeria’s financial system.

He said sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk sectors formed part of Nigeria’s wider efforts to address weaknesses in the anti-money laundering and counter-financing of terrorism framework.

“Nigeria’s removal from the Financial Action Task Force Grey List in October 2025 was a national achievement, and the Commission’s casework and enforcement activities formed part of that collective effort,” he added.

On the foreign exchange market, Olukoyede said enforcement against unlicensed bureaux de change supported the regulatory reforms of the Central Bank of Nigeria.

He said the commission recorded 234 BDC cases and 73 convictions within the last three years.

“The overarching objective is to support a more formal, transparent and compliant retail foreign-exchange market and close channels vulnerable to illicit finance, speculation and round-tripping. This has improved macroeconomic stability with long-term benefits for the average citizen,” he said.

The EFCC chairman also pointed to reforms carried out within the commission, saying they had led to significant improvements in its processes and procedures.

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

The Enugu and Ilorin directorates were also commissioned during the period, while new directorates were established in Ekiti, Anambra and Katsina states to improve citizens’ access to the commission.

Olukoyede also introduced policies on gifts and hospitality, conflict of interest and exhibit-room security.

The Internal Affairs Department was renamed and restructured as the Ethics and Integrity Department to reflect the commission’s focus on internal cleansing.

The EFCC is also investing in digitalisation projects, with Olukoyede saying almost 60 per cent of the commission’s processes and operations had been digitalised.

“At the moment, almost 60 per cent of our processes and operations have been digitalised. Continued 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,” he said.

Olukoyede said the past 34 months had been marked by sustained enforcement, institutional reforms, prosecution, asset recovery, restitution and stronger collaboration within Nigeria and internationally.

EFCC recovers N1.23trn, secures 10,872 convictions in 34 months — Olukoyede