By Isaac Aregbesola
The Economic and Financial Crimes Commission (EFCC) has recorded 10,872 convictions and recovered over ₦1.23 trillion in cash and assets in the last 34 months, its Chairman, Mr Ola Olukoyede, said.
Olukoyede disclosed this at a media interactive session to mark his three-year stewardship at the commission’s headquarters in Abuja on Monday.
He described the period between October 2023 and July 2026 as “period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at
home and abroad.”
The EFCC boss recalled that at his confirmation by the National Assembly, he outlined a three-pronged agenda focused on the commission’s mandate, using the anti-graft war to stimulate economic growth and adherence to the rule of law.
He said that “to the glory of God, we have kept faith with the agenda of proper focusing on the mandate of the EFCC in the overall interest of Nigerians.
He said, “asset recovery has been another major pillar of our stewardship.
“Between Oct. 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 ₦397.26 billion (33 per cent) represented direct recoveries for the Federal Government.
“Also, ₦836.34 billion (67 per cent) represented indirect recoveries made on behalf of Ministries, Departments and Agencies (MDAs), 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.”
According to him, recovery is only truly meaningful when value is returned to the public interest and to the rightful beneficiaries.
“During the period, ₦661.32 billion and 492.37 million U.S. dollars were released to beneficiaries. The naira releases included about ₦325.35 billion, paid directly to individuals and corporate bodies.
“Similarly, ₦335.97 billion was released to various MDAs, Nigerian Revenue Service and states’ internal revenue services, alongside releases to other public institutions, companies and individuals.
“Our continuing priority is to make restitution faster, more transparent and more efficient”, he said.
Olukoyede said ₦661.32 billion and 492.37 million dollars had been released to beneficiaries, including ₦325.35 billion paid directly to individuals and corporate bodies.
He added that federal and state tax recoveries amounted to approximately ₦288.1 billion, with ₦173.2 billion for the Federal Government and ₦114.9 billion for state Internal Revenue Services.
The chairman said proceeds of crime were also being converted to social investment, citing the allocation of ₦50 billion each to NELFUND and the Nigerian Consumer Credit Corporation from EFCC recoveries in 2024 and again in 2026.
He said a recovered property, NOK University, had been converted to the Federal University of Applied Sciences, Kachia in Kaduna State, where 1,909 students matriculated in December 2025.
Beyond cash, Olukoyede said, the commission secured the forfeiture of 10,053 tangible assets, including 8,198 electronic items, 1,177 real estate assets, 370 automobiles and 102 tonnes of solid minerals, with proceed from disposal at about ₦12.07 billion.
He said that the commission had also recorded significant achievement in the are of enforcement with the period under review.
“Between October 2023 and July 2026, the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.
“This gives a conviction-to-filing ratio of 75.1 per cent. In the first half of 2026 alone, we recorded 1,370 convictions from 1,889 filings.
“These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.”
On crime trends, the chairman said data from 2024 to 2026 showed 46,288 offences across nine major typologies, with advance fee fraud and cybercrime accounting for nearly two-thirds.
He said total recorded offences rose by 24.1 per cent between 2024 and 2025, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.
Olukoyede stressed that the fight was not limited to grand corruption, noting that “everyday, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation.”
He said the commission had pursued high-profile cases without regard to status, spanning
former governors, ministers, heads of agencies and financial-sector operators.
He cited recent conviction of former Minister of Power, Saleh Mamman, former Managing Director of Nexim Bank, Mr Robert Orya and former Accountant General of the Federation, Chukwunyere Nwabuoku, as such cases.
He reiterated that “no office or title places anyone beyond the reach of the law.”
On specialised enforcement, Olukoyede said the EFCC recorded 920 cases involving money laundering, unlicensed Bureau De Change (BDC), illegal mining, virtual assets and terrorist financing, with 212 convictions secured.
He said money laundering and unlicenced BDC cases accounted for the largest share, adding that the commission was also responding to emerging risks in virtual assets and illicit flows from the extractive sector.
He said EFCC’s enforcement activities contributed to Nigeria’s removal from the Financial Action Task Force Grey List in October 2025, and that 234 BDC cases with 73 convictions helped to support CBN’s foreign exchange reforms.
On institutional reforms, he listed new guidelines on arrest and bail, the creation of the Department of Fraud Risk Assessment and Control, the Cybercrime Rapid Response Centre and new directorates in Ekiti, Anambra and Katsina.
Olukoyede said about 60 per cent of EFCC processes had been digitalised and that the commission was also investing in the new EFCC Academy and EFCC Radio.
He thanked President Bola Tinubu, the National Assembly, the judiciary, civil society, the media and Nigerians for their support.
He pledged to deepen prevention, ensure faster restitution and intensify the fight against corruption with due process.(NAN)
