The Economic and Financial Crimes Commission (EFCC) recovered more than N1.23 trillion and secured 10,872 convictions between October 2023 and July 2026, its Executive Chairman, Ola Olukoyede, has said.
Olukoyede disclosed this on Monday while presenting a stewardship report on the activities and achievements of the anti-graft agency during his 34 months in office.
He said the commission recorded its highest-ever monetary asset recovery in both naira and foreign currencies during the period under review.
Figures presented by the EFCC showed that the commission recovered N1,233,612,040,411.11 and $684,478,457.32.
Olukoyede explained that about N397.26 billion, representing 33 per cent of the naira recovery, was recovered directly for the Federal Government.
The remaining N836.34 billion, or 67 per cent, was recovered on behalf of ministries, departments and agencies, 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,” he said.
The EFCC chairman said the figures showed that the work of the commission went beyond recovering money for the Federal Government, as a large part of its recoveries was returned to other public institutions, businesses and individuals who suffered financial losses.
On prosecution, Olukoyede said the commission received 49,673 petitions during the period, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.
He said the figures represented a conviction-to-filing ratio of 75.1 per cent.
In the first half of 2026 alone, he said, the EFCC secured 1,370 convictions from 1,889 cases filed in court.
“These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes,” he said.
The figures come amid growing concern over economic and financial crimes in Nigeria, particularly internet fraud, advance fee fraud, corruption, money laundering and financial crimes involving public funds.
Olukoyede said the pattern of financial crime was also changing, with cybercrime becoming a major part of the challenge faced by the country.
According to him, EFCC data for 2024 to 2026 year-to-date recorded 46,288 offences across nine major categories.
Advance fee fraud and cybercrime accounted for nearly two-thirds of the offences recorded.
He said the total number of recorded offences increased by 24.1 per cent between 2024 and 2025, with procurement fraud, bank fraud, cybercrime and economic-governance offences recording notable increases.
“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,” he said.
The EFCC chairman said the agency continued to investigate and prosecute high-profile cases involving former governors, ministers, public office holders, heads of government agencies, financial-sector operators and corporate executives.
He said the commission did not limit its enforcement activities to conventional corruption cases but had also expanded its focus to money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing.
Olukoyede said the EFCC recorded 920 cases in these specialised areas, resulting in 212 convictions, while several other investigations and prosecutions remained active.
“Money laundering and unlicensed bureaux de change cases account for the largest share of this portfolio. We are also responding to emerging risks in virtual assets and illicit financial flows from the extractive sector,” he said.
He stressed that asset recovery would only be meaningful if recovered funds and property were eventually returned to the public interest and rightful beneficiaries.
According to him, N661.32 billion and $492.37 million were released to beneficiaries during the period under review.
The naira releases included about N325.35 billion paid directly to individuals and corporate bodies.
Another N335.97 billion was released to ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services and other public institutions, companies and individuals.
The EFCC also recovered substantial amounts through tax enforcement.
Olukoyede said federal and state tax recoveries amounted to about N288.1 billion during the period.
This included N173.2 billion in federal tax recoveries and N114.9 billion attributed to states’ internal revenue services.
He stressed that the money represented the recovery of existing tax obligations and was not the result of imposing new taxes.
In addition, about N257.2 billion was recovered for federal ministries, departments and agencies.
Olukoyede said such recoveries helped strengthen government revenue and showed how anti-corruption enforcement could support the country’s finances.
He also highlighted the use of recovered proceeds in education and consumer credit.
He recalled the Federal Government’s directive in August 2024 for N50 billion each from EFCC recoveries to be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.
A further N50 billion each was provided to the two organisations in 2026 from EFCC recoveries, he said.
The EFCC also forfeited the former NOK University to the Federal Government. The institution was later converted into the Federal University of Applied Sciences, Kachia, Kaduna State.
A total of 1,909 students were matriculated into the university in December 2025.
Olukoyede said another high-value private university had also been forfeited to the Federal Government.
He said the use of recovered criminal assets for education and household credit showed that anti-corruption enforcement could go beyond punishment to support national development.
Beyond cash, the EFCC secured the forfeiture of 10,053 tangible assets through interim and final court orders between October 2023 and July 2026.
The assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land.
Other forfeited properties included 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 about N12.07 billion and were paid to the Federal Government.
He said the commission’s activities had also contributed to efforts to strengthen Nigeria’s financial system and its international standing.
The EFCC’s work in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk areas formed part of Nigeria’s efforts to strengthen its anti-money laundering and counter-terrorism financing system.
Olukoyede noted that Nigeria was removed from the Financial Action Task Force Grey List in October 2025, describing the development as a national achievement to which the commission’s enforcement work contributed.
The EFCC also continued its enforcement against unlicensed bureaux de change as part of efforts to support reforms in the foreign exchange market.
According to Olukoyede, the commission recorded 234 BDC cases and secured 73 convictions within the last three years.
He said the objective was to support a more formal and transparent foreign exchange market and shut channels that could be used for illicit finance, speculation and round-tripping.
The EFCC chairman also listed several internal reforms introduced during his tenure.
These include 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 opened or strengthened offices in different parts of the country, including the Enugu and Ilorin directorates, while new directorates were established in Ekiti, Anambra and Katsina states.
Olukoyede said the reforms were designed to improve access to the commission and make its operations more effective.
He also introduced policies on gifts and hospitality, conflict of interest and exhibit-room security.
The Internal Affairs Department was renamed and restructured as the Ethics and Integrity Department as part of efforts to improve internal discipline and integrity within the commission.
Digitalisation has also become a major part of the EFCC’s reform programme.
Olukoyede said almost 60 per cent of the commission’s processes and operations had been digitalised.
He said the commission was investing in innovation, its new Academy, the EFCC 24/7 Cybercrime Rapid Response Centre and EFCC Radio.
According to him, the digital reforms were necessary because financial crimes, especially cyber-enabled crimes, were becoming more complex.
Olukoyede said the 34 months had been marked by sustained enforcement, prosecution, asset recovery, restitution, institutional reforms and stronger cooperation with Nigerian and international partners.
He said the commission would continue to adapt its operations to emerging forms of financial crime while strengthening its ability to recover stolen assets and bring offenders before the courts.