The Economic and Financial Crimes Commission (EFCC) says it recovered more than N1.233 trillion and secured 10,872 convictions between October 2023 and July 2026 in its sustained campaign against economic and financial crimes.
Key Highlights
- 10,872 convictions secured
- N1.233tn recovered
- $684.48m foreign currency recovered
- 10,053 assets forfeited
- EFCC handles 49,673 petitions
Chairman of the commission, Ola Olukoyede, disclosed the figures on Monday, while presenting his stewardship report at the EFCC headquarters in Jabi, Abuja.
Olukoyede, who assumed office in October 2023, said the commission also recovered $684.48 million, £373,905.78 and €9.34 million, alongside funds in other foreign currencies during the period under review.
He said the recoveries were achieved through a combination of investigations, prosecutions, asset forfeiture, institutional reforms and international cooperation.
According to him, N397.26 billion, representing 33 percent of the total naira recoveries, was recovered directly for the federal government, while N836.34 billion, or 67 percent, was recovered for other beneficiaries, including ministries, departments and agencies, state revenue authorities, companies, individuals and foreign victims.
Olukoyede explained that a significant portion of the commission’s recoveries was therefore made on behalf of beneficiaries outside the federal government.
He added that the EFCC has released N661.32 billion and $492.37 million to beneficiaries, stressing that asset recovery was only meaningful when funds and properties were returned to their rightful owners or deployed in the public interest.
The EFCC chairman said N325.35 billion was paid directly to individuals and corporate organisations, while N335.97 billion was released to government agencies, revenue authorities and other institutions.
According to him, federal and state tax recoveries accounted for about N288.1 billion, comprising N173.2 billion for the Federal Government and N114.9 billion for state internal revenue services.
He added that another N257.2 billion was recovered on behalf of federal ministries, departments and agencies, disclosing that recovered funds were also being deployed to support important national programmes.
He cited the allocation of N50 billion each from recovered proceeds to the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation in 2024, adding that another N50 billion allocation to each institution was approved in 2026.
He also pointed to the conversion of NOK University into the Federal University of Applied Sciences, Kachia, Kaduna State, following its recovery by the commission.
According to him, the institution has enrolled 1,909 students as of its matriculation exercise in December 2025.
On prosecution, Olukoyede said the EFCC received 49,673 petitions, investigated 39,615 cases and filed 14,476 cases before various courts during the review period.
The commission secured 10,872 convictions, representing a conviction-to-filing ratio of 75.1 per cent. He said the EFCC alone secured 1,370 convictions from 1,889 cases filed during the first half of 2026.
Olukoyede further disclosed that data recorded between 2024 and 2026 showed 46,288 offences across nine major financial crime categories.
Advance fee fraud and cybercrime accounted for nearly two-thirds of the offences recorded during the period.
He said financial crimes rose by 24.1 percent between 2024 and 2025, with procurement fraud, bank fraud, cybercrime and economic governance offences among areas that recorded notable increases.
The EFCC chairman maintained that the commission has continued to investigate and prosecute politically exposed persons and other high-profile suspects without regard to their status.
He listed cases involving the former Minister of Power, Saleh Mamman, former Managing Director of NEXIM Bank, Robert Orya, and Chukwunyere Nwabuoku among recent convictions recorded by the commission.
On asset forfeiture, he said 10,053 tangible assets were forfeited through interim and final court orders between October 2023 and July 2026.
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The forfeited properties included 8,198 electronic devices, 1,177 real estate assets, 370 vehicles and 251 plots of land.
Other forfeited assets included schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.
The commission also secured the forfeiture of 102 tonnes of solid minerals, while proceeds from assets disposed of under final forfeiture orders amounted to about N12.07 billion, which was paid into the coffers of the Federal Government.
Olukoyede said the commission’s enforcement efforts contributed to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025.
He added that the EFCC handled 234 cases involving bureaux de change operators, leading to 73 convictions over the last three years as part of efforts to promote transparency in Nigeria’s foreign exchange market.
