*Secures 10,872 convictions as 419, cybercrime form two-thirds of major offences Alex Enumah in Abuja The Economic and Financial Crimes Commission (EFCC) has disclosed that over a trillion naira and
*Secures 10,872 convictions as 419, cybercrime form two-thirds of major offences
Alex Enumah in Abuja
The Economic and Financial Crimes Commission (EFCC) has disclosed that over a trillion naira and millions of dollars including other foreign currencies have been recovered for the federal and state governments as well as other beneficiaries in the last three years.
Chairman of the EFCC, Mr Ola Olukoyede, made the disclosure on Monday, during a media briefing on his three years stewardship of the Commission.
Mr Olukoyede attributed the feat to commitment and passionate engagement of his team in the fight against economic and financial crimes and other acts of corruption.
“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 optimizing foreign direct investments”, he said.
Describing asset recovery as a major pillar of his stewardship, the chairman disclosed that, “between October 1, 2023 and June 30, 2026, the Commission recorded recoveries of ₦1, 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 ₦397.26billion ( 33%) represented direct recoveries for the Federal Government, while ₦836.34billion(67%) 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.
The EFCC boss however explained that within the period ₦661.32 billion and US$492.37 million were released to beneficiaries, adding that naira releases included about ₦325.35 billion paid directly to individuals and corporate bodies, with another ₦335.97 billion to various MDA’s, Nigerian Revenue Service and States Internal Revenue Services, alongside releases to other public institutions, companies and individuals.
“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 ₦50 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 (50Billion Naira each) was subsequently approved in 2026”, the chairman stated.
Olukoyede disclosed further that beyond cash, 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, 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and Aircraft.
“We 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.
Meanwhile, in the area of enforcement, Olukoyede claimed that 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”.
Stating that the EFCC in the first half of 2026 recorded 1,370 convictions from 1,889 filings, the chairman noted that data from petitions and case analysis revealed a 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”.
Olukoyede, while stating that the Commission may have made significant progress in the last three years, acknowledged that the work is not finished but, continues with renewed determination.
“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”, he added.
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