Author: Gist Correspondent

The Economic and Financial Crimes Commission (EFCC) says it has recovered more than ₦1.23 trillion and secured 10,872 convictions in the 34 months since Ola Olukoyede assumed office as Executive Chairman.

Speaking at a media briefing on Monday, Olukoyede described the period as one of sustained enforcement, institutional reforms and improved asset recovery.

According to the EFCC chairman, the commission recovered ₦1.233 trillion, $684.48 million, €9.34 million and £373,905 between October 2023 and July 2026, setting new recovery records in both local and foreign currencies.

He disclosed that about ₦397.26 billion of the naira recovered went directly to the Federal Government, while ₦836.34 billion was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

On prosecution, Olukoyede said the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 charges in court and recorded 10,872 convictions, representing a conviction rate of 75.1 per cent. He added that the EFCC secured 1,370 convictions from 1,889 cases filed in the first half of 2026 alone.

The EFCC boss said cybercrime and advance fee fraud accounted for nearly two-thirds of the 46,288 offences recorded between 2024 and 2026, with increases also recorded in procurement fraud, bank fraud and economic governance-related crimes.

He noted that the commission continued to investigate and prosecute high-profile cases involving former governors, ministers, heads of government agencies, financial sector operators and corporate executives.

Olukoyede further revealed that ₦661.32 billion and $492.37 million were released to beneficiaries during the period, while tax recoveries for the Federal Government and states stood at about ₦288.1 billion.

He said proceeds of recovered assets had also supported national development, citing the Federal Government's allocation of ₦50 billion each to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation in 2024 and another ₦50 billion each in 2026.

According to him, the former NOK University, forfeited to the Federal Government, has been converted into the Federal University of Applied Sciences, Kachia, Kaduna State, while another private university has also been forfeited.

Beyond cash recoveries, the commission secured the forfeiture of 10,053 assets, including real estate, vehicles, electronic devices, plots of land, factories, hotels, aircraft, oil rigs, barges and 102 tonnes of solid minerals. Proceeds from the disposal of forfeited assets generated about ₦12.07 billion for the Federal Government.

Olukoyede also credited the commission's anti-money laundering efforts with contributing to Nigeria's removal from the Financial Action Task Force (FATF) Grey List in October 2025 and highlighted reforms, including the creation of new departments, expanded digitalisation and the establishment of additional EFCC directorates across the country.