EFCC Recovers ₦1.23 Trillion in 34 Months Under Olukoyede
By The Analyst News Desk
The Economic and Financial Crimes Commission (EFCC) has recorded its highest-ever monetary asset recovery in both local and foreign currencies during the 34-month tenure of its Executive Chairman, Ola Olukoyede.
Olukoyede disclosed this on Monday, August 31, 2026, while presenting an account of his stewardship and the Commission’s activities since he assumed office in October 2023.
According to figures released by the EFCC, total naira recoveries during the period stood at ₦1,233,612,040,411.11, representing more than ₦1.23 trillion.
The Commission also recovered $684,478,457.32, £373,905.78 and €9,343,803.66 in foreign currencies.
Olukoyede explained that approximately ₦397.26 billion, representing 33 per cent of the total naira recovery, constituted direct recoveries for the Federal Government.
The remaining ₦836.34 billion, representing 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
He noted that the figures demonstrated that “two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government.”
10,872 Convictions Secured
On prosecution, the EFCC chairman disclosed that 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.
This represents a conviction-to-filing ratio of approximately 75.1 per cent, according to the Commission.
In the first half of 2026 alone, the EFCC secured 1,370 convictions from 1,889 cases filed in court.
Olukoyede attributed the results to what he described as diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.
Cybercrime, Fraud Dominate Financial Crime Landscape
The EFCC boss said data from petitions and case analysis indicated significant changes in the country’s financial crime landscape.
According to him, the Commission’s 2024–2026 year-to-date data recorded 46,288 offences across nine major crime typologies.
Advance-fee fraud and cybercrime accounted for nearly two-thirds of the recorded offences, while total recorded offences increased by 24.1 per cent between 2024 and 2025, with notable rises in procurement fraud, bank fraud, cybercrime and economic-governance offences.
“This tells us that the fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation,” Olukoyede said.
High-Profile Investigations
The Commission, he said, continued to pursue complex and high-profile cases irrespective of the status of suspects.
Its high-profile caseload includes former governors, ministers and other public office holders, heads of government agencies, financial-sector operators and corporate executives.
Olukoyede also disclosed that the Commission’s specialised enforcement portfolio covering money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing recorded 920 cases, resulting in 212 convictions.
He said money laundering and unlicensed bureau de change cases accounted for the largest share of the portfolio, while the EFCC was also responding to emerging risks associated with virtual assets and illicit financial flows from the extractive sector.
₦661.32bn, $492.37m Released to Beneficiaries
Olukoyede stressed that asset recovery was only meaningful when recovered resources were returned to the public interest and rightful beneficiaries.
He disclosed that during the period under review, ₦661.32 billion and $492.37 million were released to beneficiaries.
The naira releases included approximately ₦325.35 billion paid directly to individuals and corporate bodies, while ₦335.97 billion was released to various ministries, departments and agencies, the Nigerian Revenue Service and states’ Internal Revenue Services, as well as other public institutions, companies and individuals.
₦288.1bn Recovered in Tax Enforcement
The EFCC chairman said the Commission’s activities also had a significant revenue-mobilisation component.
According to him, federal and state tax recoveries amounted to approximately ₦288.1 billion, comprising about ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to states’ Internal Revenue Services.
He stressed that the recoveries represented enforcement of existing obligations rather than the introduction of new taxes.
In addition, approximately ₦257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies.
Recoveries Supporting Education, Consumer Credit
Olukoyede highlighted the broader national impact of recovered assets, particularly where proceeds of crime were converted into productive social investments.
He recalled the Federal Government’s directive in August 2024 for ₦50 billion each to be allocated from EFCC proceeds of crime to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.
He said an additional ₦50 billion each was provided to the two institutions in 2026 from EFCC recoveries.
The EFCC chairman also cited the forfeiture of the former NOK University to the Federal Government and its subsequent conversion into the Federal University of Applied Sciences, Kachia, Kaduna State.
According to him, 1,909 students were matriculated into the university in December 2025.
He further disclosed that another high-value private university had also been forfeited to the Federal Government.
“When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use,” he said.
Over 10,000 Assets Forfeited
Beyond monetary recoveries, the EFCC secured the forfeiture of 10,053 tangible assets under interim and final court orders between October 2023 and July 2026.
The assets included 8,198 electronic items, 1,177 real estate assets, 370 automobiles and 251 plots of land, in addition to schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.
The Commission also recorded the forfeiture of 102 tonnes of solid minerals.
Olukoyede said proceeds from the disposal of assets under final forfeiture orders amounted to approximately ₦12.07 billion, which was paid to the Federal Government.
Nigeria Exits FATF Grey List
The EFCC chairman said the Commission’s enforcement activities also contributed to strengthening the integrity of Nigeria’s financial system.
He cited sustained enforcement in areas including money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk sectors as part of Nigeria’s broader effort to address deficiencies in its anti-money laundering and counter-financing of terrorism framework.
Olukoyede described Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 as a national achievement, noting that EFCC casework and enforcement activities formed part of the collective effort that contributed to the development.
234 BDC Cases, 73 Convictions
In the foreign-exchange market, Olukoyede said enforcement against unlicensed bureaux de change complemented the regulatory reforms of the Central Bank of Nigeria.
He disclosed that the Commission recorded 234 BDC-related cases and 73 convictions within the period under review.
“The overarching objective is to support a more formal, transparent and compliant retail foreign-exchange market and close channels vulnerable to illicit finance, speculation and round-tripping,” he said.
According to him, the measures have contributed to improved macroeconomic stability, with long-term benefits for Nigerians.
Institutional Reforms and Digitalisation
Olukoyede said significant institutional reforms and restructuring had also been undertaken to strengthen the Commission’s effectiveness.
Among the reforms introduced during his tenure are new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the 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 to improve citizens’ access to the EFCC.
The chairman further disclosed the introduction of policies covering gifts and hospitality, conflict of interest and exhibit-room security.
The Internal Affairs Department was also renamed and restructured as the Ethics and Integrity Department, reflecting what Olukoyede described as the Commission’s commitment to internal accountability and institutional cleansing.
EFCC Moves Towards Full Digital Operations
The EFCC is also investing heavily in digitalisation, with Olukoyede revealing that approximately 60 per cent of the Commission’s processes and operations have now been digitalised.
He said the Commission was continuing to invest in innovation and digital infrastructure, including the new EFCC Academy and the EFCC 24/7 Cybercrime Rapid Response Centre (E-C2R2).
The initiatives, he said, were designed to strengthen the Commission’s response to the increasingly complex nature of cyber-enabled financial crimes.
The Commission is also developing EFCC Radio as part of its broader communication and public-engagement strategy.
A Period of Sustained Enforcement
Reflecting on his 34 months in office, Olukoyede described the period as one of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and strengthened collaboration with local and international partners.
The figures presented by the EFCC indicate that under his leadership, the Commission has placed increased emphasis not only on arrests and prosecutions but also on asset recovery, restitution, institutional reform, digitalisation and the productive deployment of recovered proceeds.
Olukoyede maintained that the ultimate objective of anti-corruption enforcement should extend beyond punishment to restoring stolen value, protecting citizens and businesses, strengthening public institutions and supporting Nigeria’s economic and financial integrity.