The Economic and Financial Crimes Commission (EFCC) has disclosed that it secured 10,872 convictions and recovered ₦1.23 trillion during the 34 months of Ola Olukoyede’s tenure as Executive Chairman, as the commission outlined its performance in the fight against economic and financial crimes.
The EFCC also reported the recovery of $684.48 million, £373,906 and €9.34 million during the period.
Olukoyede disclosed the figures while presenting his three-year stewardship report at the EFCC headquarters in Abuja, covering the commission’s activities between October 2023 and July 2026.
According to the EFCC chairman, the commission investigated 39,615 cases, filed 14,476 cases in court and received 49,673 petitions during the period.
He said the commission achieved a 75.1 per cent conviction-to-filing ratio, while 1,370 convictions were secured from 1,889 cases filed during the first half of 2026 alone.
Olukoyede said the figures represented more than enforcement statistics, arguing that the commission’s objective was to transform intelligence and investigations into measurable economic benefits for Nigerians.
He said the EFCC’s activities during his tenure had focused on enforcement, institutional reforms, prosecution, asset recovery, restitution and stronger collaboration with domestic and international law-enforcement agencies.
46,288 Financial Crime Offences Recorded
The EFCC boss also provided an overview of the changing nature of economic and financial crimes in Nigeria.
He said the commission recorded 46,288 offences between 2024 and 2026 year-to-date, covering nine major categories of financial crimes.
According to Olukoyede, advance fee fraud and cybercrime accounted for almost two-thirds of the recorded offences, while the total number of offences increased by 24.1 per cent between 2024 and 2025.
He said procurement fraud, bank fraud, cybercrime and economic-governance offences also recorded notable increases.
Olukoyede said the figures showed that the fight against corruption extended beyond high-profile public-sector cases, noting that the EFCC was also dealing with fraud affecting individuals, businesses and institutions.
The commission, he added, continued to prosecute high-profile cases involving former governors, ministers, public office holders, heads of government agencies, financial-sector operators and corporate executives.
Among the convictions cited were those involving Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku.
Olukoyede maintained that no position or title should place anyone beyond the reach of the law, stressing that investigations would be conducted professionally while courts would determine guilt or innocence based on evidence.
EFCC Recovers ₦1.23tn
On asset recovery, the EFCC said it recovered ₦1.233 trillion between October 1, 2023 and June 30, 2026.
Of the naira recovered, ₦397.26 billion, representing 33 per cent, was recovered directly for the Federal Government.
The remaining ₦836.34 billion, or 67 per cent, was recovered for ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
Olukoyede stressed that recovering money and assets was only meaningful if the proceeds were ultimately returned to their rightful beneficiaries.
The EFCC consequently released ₦661.32 billion and $492.37 million to beneficiaries during the period.
The releases included ₦325.35 billion paid directly to individuals and corporate organisations, while ₦335.97 billion went to MDAs, the Nigerian Revenue Service, state internal revenue services and other public institutions.
The commission also recovered about ₦288.1 billion in federal and state taxes, comprising ₦173.2 billion for the Federal Government and ₦114.9 billion for state internal revenue services.
Another ₦257.2 billion was recovered for federal ministries, departments and agencies.
Recovered Funds Support Education and Credit Schemes
Olukoyede highlighted the wider economic impact of asset recovery, saying recovered proceeds were being channelled towards productive national programmes.
He recalled that in August 2024, the Federal Government directed that ₦50 billion each from EFCC recoveries be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.
A further ₦50 billion each for the two institutions was approved in 2026.
The EFCC chairman also cited the conversion of recovered NOK University into the Federal University of Applied Sciences, Kachia, Kaduna State.
According to him, the institution matriculated 1,909 students in December 2025.
Olukoyede argued that effective anti-corruption enforcement could create fiscal space for government, strengthen revenue collection, return working capital to institutions and businesses, support citizens and improve confidence in Nigeria’s financial system.
10,053 Assets Forfeited
Beyond cash recoveries, the EFCC secured the forfeiture of 10,053 tangible assets through interim and final court orders between October 2023 and July 2026.
The forfeited assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land.
Other assets included schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.
The commission also secured the forfeiture of 102 tonnes of solid minerals.
Olukoyede said the disposal of assets under final forfeiture orders generated approximately ₦12.07 billion, which was paid into the Federal Government’s coffers.
Nigeria Exits FATF Grey List
The EFCC chairman also listed Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 among the major national achievements to which the commission contributed.
He said the EFCC’s enforcement activities in areas such as money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk financial activities contributed to efforts to strengthen Nigeria’s anti-money laundering and counter-financing of terrorism framework.
The commission also intensified its operations against unlicensed bureaux de change.
According to Olukoyede, the EFCC recorded 234 BDC cases and 73 convictions during the period.
He said the objective was to promote a more formal and transparent foreign-exchange market while shutting down channels vulnerable to illicit financial activities, speculation and round-tripping.
EFCC Expands Digital Operations
Olukoyede said the commission had also introduced several institutional reforms to improve its operations.
These included new guidelines on arrest and bail, a review of sting operations and the creation of the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.
The commission also commissioned new directorates in Enugu and Ilorin, while additional directorates were established in Ekiti, Anambra and Katsina states.
The EFCC chairman said almost 60 per cent of the commission’s processes and operations had been digitalised.
He added that investments had been made in technology, the EFCC Academy, the 24-hour Cybercrime Rapid Response Centre and EFCC Radio.
Cybercrime and Other Emerging Threats
Despite the reported achievements, Olukoyede acknowledged that the fight against economic and financial crimes remained challenging as criminals increasingly adopt sophisticated methods.
He identified cybercrime, financial fraud, virtual assets and illicit financial flows as major emerging threats.
According to him, organised financial crime is becoming increasingly cross-border, making cooperation between Nigerian authorities and international law-enforcement agencies more important.
The EFCC currently works with organisations including the FBI, UK National Crime Agency, Royal Canadian Mounted Police and INTERPOL.
Olukoyede, who was re-elected president of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), said stronger regional cooperation would be crucial to recovering stolen assets and combating financial crimes across borders.
EFCC Sets Priorities for Next Phase
Looking ahead, Olukoyede said the commission would focus on deeper prevention, faster restitution, improved investigative technology and greater professionalism in its dealings with citizens.
He acknowledged that despite the progress recorded, much more work remained to be done in tackling corruption and financial crimes.
The EFCC chairman pledged that the commission would continue to intensify enforcement while respecting due process and maintaining its focus on delivering measurable value to the Nigerian public.
