The Economic and Financial Crimes Commission (EFCC) recovered more than ₦1.23 trillion, $684 million, £373,905 and €9.34 million between October 2023 and July 2026, the commission’s Chairman, Ola Olukoyede, has said.
Olukoyede disclosed the figures on Monday while giving an account of the commission’s activities since he assumed office in October 2023.
According to him, the EFCC recovered ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66 during the 34 months.
🔍 Explore More
- NRTC English Knowledge Base – Learn, improve, and sharpen your English skills.
- Top Stories From Around the World – Stay informed with the latest global news and insights.
- Specially Curated Listicles – Discover interesting lists, guides, and deep dives selected for our readers.
- Stay Updated: Join our mailing list and never miss the latest articles and updates from NRTC.
He said the commission returned about ₦836.34 billion, representing 67 per cent of the naira recoveries, to state revenue agencies, government institutions, private companies, individuals and foreign victims of fraud, while the Federal Government received ₦397.26 billion, or 33 per cent.
“Two out of every three naira recovered were on behalf of beneficiaries other than the federal government,” Olukoyede said.
READ MORE: EFCC declares ‘Sujimoto’, Olasijibomi Ogundele wanted
He stressed that the commission’s enforcement efforts focused not only on punishment but also on restoring funds to their rightful beneficiaries.
The EFCC has so far released ₦661.32 billion and $492.37 million to verified victims and institutions.
The disbursements include ₦325.35 billion paid directly to private individuals and corporate entities, while ₦335.97 billion went to Ministries, Departments and Agencies (MDAs) and state internal revenue bodies.
The commission also recovered ₦288.1 billion in tax liabilities through compliance enforcement. Of the amount, ₦173.2 billion represented federal tax liabilities, while ₦114.9 billion belonged to states. Olukoyede said recovered funds had also supported national development initiatives.
He said the Federal Government directed the commission to contribute ₦100 billion from recovered proceeds to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation through the 2024 and 2026 allocations.
He added that some forfeited properties had been converted to public assets. One example, he said, was the former NOK University, which the government converted into the Federal University of Applied Sciences in Kachia, Kaduna State.
The university admitted its first batch of 1,909 students in December 2025.Convictions Olukoyede said the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions between October 2023 and July 2026.
The figures put the commission’s conviction-to-filing rate at about 75 per cent. In the first half of 2026 alone, the EFCC secured 1,370 convictions from 1,889 court filings.
The commission’s analysis of 46,288 recorded offences between 2024 and 2026 showed that advance fee fraud and cybercrime accounted for nearly two-thirds of the cases.
Olukoyede said reported offences increased by 24.1 per cent between 2024 and 2025, with bank fraud, procurement violations, cybercrime and economic governance-related offences contributing to the rise.
The EFCC also handled 920 specialised cases involving high-profile individuals and entities, including former governors, ministers, banking executives and virtual asset operators.
The cases, which focused largely on money laundering and unauthorised foreign exchange operations, resulted in 212 convictions.
Beyond monetary recoveries, the commission obtained final or interim court forfeiture orders covering 10,053 physical assets.
The assets included 8,198 electronic devices, 1,177 buildings, 251 plots of land and 370 vehicles, as well as industrial complexes, hotels, oil rigs, barges, aircraft and 102 tonnes of solid minerals.
The auction of assets whose forfeiture had become final generated ₦12.07 billion, which the commission remitted to the Federal Government.
Olukoyede also highlighted the EFCC’s enforcement against illegal Bureau de Change operators, saying the commission handled 234 cases, which resulted in 73 convictions and contributed to efforts by the Central Bank of Nigeria to stabilise the foreign exchange market.
He also linked the commission’s enforcement work to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025.
Olukoyede said the commission had also introduced several internal reforms to improve its operations and accessibility.
READ MORE: Bobrisky: Days after release from EFCC custody, renowned transvestite debuts ‘angelic’ photos
The EFCC has digitised nearly 60 per cent of its workflows, established a 24-hour Cybercrime Rapid Response Centre (E-C2R2), launched EFCC Radio and opened new directorates in Ekiti, Anambra and Katsina states.
He said the reforms were designed to improve the commission’s response to emerging forms of financial crime, strengthen investigations and make its services more accessible to Nigerians.
