EFCC Recovers ₦1.23tn, Secures 10,872 Convictions

The Economic and Financial Crimes Commission (EFCC) has recovered more than ₦1.23 trillion and $684.47 million in proceeds of crime during the first 34 months of Ola Olukoyede’s tenure as chairman.

Naija News reports that Olukoyede disclosed the figures on Monday, August 31, 2026, while presenting his three-year performance report at the EFCC headquarters in Abuja.

The EFCC chairman said the period had seen increased investigations, prosecutions, asset recovery, restitution and internal reforms as the commission continued its efforts to tackle financial and economic crimes in Nigeria.

Between October 2023 and July 2026, the EFCC received 49,673 petitions and investigated 39,615 cases.

It filed 14,476 cases in court and secured 10,872 convictions, representing a 75.1 per cent conviction-to-filing rate.

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

The EFCC also reported a rise in cases involving cybercrime and advance fee fraud.

Data covering 2024 to 2026 year-to-date showed 46,288 offences across nine major crime categories, with cybercrime and advance fee fraud accounting for almost two-thirds of the recorded cases.

The number of recorded offences increased by 24.1 per cent between 2024 and 2025, with more cases recorded in areas such as procurement fraud, bank fraud, cybercrime and economic governance-related offences.

The commission has also continued to handle cases involving former governors, ministers, public officials, heads of government agencies, financial-sector operators and corporate executives.

Among the high-profile cases cited by the EFCC were those involving former Minister of Power, Saleh Mamman, former NEXIM Bank Managing Director, Robert Orya, and former Executive Secretary of the National Health Insurance Scheme, Chukwunyere Nwabuoku.

Beyond regular financial crime cases, the EFCC recorded 920 specialised cases involving money laundering, unlicensed bureau de change operations, illegal mining, virtual assets and terrorist financing.

The cases resulted in 212 convictions, while several others remain under investigation or prosecution.

On asset recovery, the commission reported that it recovered ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66 between October 1, 2023 and June 30, 2026, apart from recoveries made in other currencies.

Of the naira recovered, about ₦397.26 billion was recovered directly for the Federal Government, while approximately ₦836.34 billion was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

The commission also disclosed that ₦661.32 billion and $492.37 million from recovered proceeds had been released to beneficiaries during the period.

About ₦325.35 billion of the naira disbursement went directly to individuals and corporate organisations, while another ₦335.97 billion was released to government agencies, revenue authorities, public institutions, companies and other beneficiaries.

The EFCC further recorded about ₦288.1 billion in tax recoveries for federal and state governments. Federal tax recoveries accounted for approximately ₦173.2 billion, while state internal revenue services recorded about ₦114.9 billion.

The commission said these recoveries came from enforcing existing tax obligations rather than introducing new taxes.

Another ₦257.2 billion in naira recoveries was recorded for federal ministries, departments and agencies.

Recovered proceeds have also been directed towards government programmes.

The Federal Government had earlier approved the allocation of ₦50 billion from EFCC recoveries to the Nigerian Education Loan Fund and another ₦50 billion to the Nigerian Consumer Credit Corporation.

A further ₦50 billion allocation each to the two programmes was approved in 2026.

The commission also reported the conversion of a recovered private university in Kachia, Kaduna State, into the Federal University of Applied Sciences, Kachia.

The institution recorded the matriculation of 1,909 students in December 2025.

The EFCC said the development showed how recovered assets could be converted into useful public institutions.

The commission secured forfeiture orders covering 10,053 assets between October 2023 and July 2026.

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

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

The disposal of assets that had received final forfeiture orders generated about ₦12.07 billion, which was paid into the Federal Government’s coffers.

Olukoyede also linked the commission’s enforcement work to Nigeria’s efforts to improve its financial crime control system.

He said activities involving money laundering, terrorist financing, asset freezing, confiscation and virtual assets formed part of the wider national effort that contributed to Nigeria’s removal from the Financial Action Task Force Grey List in October 2025.

The EFCC recorded 234 cases involving bureaux de change and secured 73 convictions during the period.

Its enforcement against unlicensed operators was aimed at reducing channels that could be used for illegal financial activities and supporting a more transparent foreign exchange market.

International cooperation also played a role in the commission’s work.

The EFCC collaborated with law-enforcement agencies and regulators in Nigeria and other countries, including the United States Federal Bureau of Investigation, United Kingdom National Crime Agency, Royal Canadian Mounted Police and INTERPOL.

The commission said some recovery operations involved multiple countries, with recovered funds and assets returned to foreign governments, organisations and individuals where required.

At the West African level, Olukoyede was re-elected president of the Network of National Anti-Corruption Institutions in West Africa for another three-year term.

The EFCC also carried out several internal reforms during the period.

It introduced new guidelines on arrest and bail, reviewed its sting operations and created specialised units focused on areas such as fraud risk assessment, security, immigration and visa matters and cybercrime response.

The commission commissioned its directorates in Enugu and Ilorin and established new directorates in Ekiti, Anambra and Katsina states to improve access to its services.

It also introduced policies covering gifts and hospitality, conflicts of interest and the security of exhibits.

The Internal Affairs Department was restructured and renamed the Ethics and Integrity Department as part of efforts to strengthen ethical standards within the commission.

Digital transformation has also become part of the EFCC’s reform programme, with the commission reporting that about 60 per cent of its processes and operations have been digitalised.

The commission is also investing in its academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio as part of efforts to improve its ability to respond to modern forms of financial crime.