EFCC records 10,872 convictions, recovers N1.23tn under Olukoyede

The Economic and Financial Crimes Commission (EFCC) has recorded 10,872 convictions and recovered over N1.23 trillion along with millions of dollars, pounds sterling and euros in its massive corruption eradication drive under the leadership of its Executive Chairman, Ola Olukoyede.

The commission said the achievement was recorded over 34 months, during which it also investigated 39,615 cases, submitted 14,476 cases to court and received 49,673 petitions between October 2023 to July 2026.

Olukoyede presented the figures in his three-year report at the EFCC headquarters in Abuja, where he said the commission maintained an aggressive approach to investigations, prosecutions, asset recovery and institutional reforms.

According to him, the EFCC achieved a conviction to filing ratio of 75.1 percent, including 1,370 convictions obtained from 1,889 cases filed during the first half of 2026.

The EFCC chairman however warned that despite recorded progress, Nigeria’s fight against economic and financial crimes was far from over.

He said the emergence of increasingly sophisticated cybercrime, financial fraud, virtual assets and illicit financial flows has created new challenges for law enforcement agencies.

Reflecting on his tenure, Olukoede described the commission’s activities as a period of “sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad.”

He said the EFCC was focused on ensuring that intelligence gathering and law enforcement yielded practical benefits for the Nigerian people.

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“Our responsibility is to turn information and intelligence into prevention, petitions into investigations, investigations into prosecutions, prosecutions into punishments, recovery into restitution, and law enforcement into measurable national values,” he said.

Olukoyede also provided insight into the changing patterns of financial crime in Nigeria, revealing that EFCC data recorded 46,288 offenses across nine major crime typologies between 2024 and 2026.

According to him, cash advance fraud and cybercrime accounted for almost two-thirds of recorded offenses, while the total number of cases increased by 24.1 percent between 2024 and 2025.

He said procurement fraud, bank fraud, cybercrime and economic governance violations also recorded significant increases.

“This tells us something important,” Olukoede said.

“The fight against economic and financial crime is not just about massive corruption. Every day, we protect citizens, businesses and institutions from fraud, cybercrime and other forms of economic exploitation.”

The commission, he added, continues to investigate cases involving politically connected persons, former governors, ministers, heads of government agencies, financial sector operators and corporate executives.

Olukoyede cited the convictions of Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku as examples of the commission’s ongoing accountability efforts.

He stated, “No title or position places anyone beyond the reach of the law. We will continue to investigate professionally, prosecute based on the strength of the evidence, and allow the courts to determine guilt or innocence.”

The main highlight of the EFCC report was the recovery of N1.233 trillion between October 1, 2023 and June 30, 2026.

Olukoyede said N397.26 billion, representing 33 percent of the naira proceeds, was raised directly for the Federal Government.

The remaining N836.34 billion, representing 67 percent, was obtained on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

The Commission also reported recoveries of $684.48 million, £373,906 and €9.34 million over the wider reporting period.

Olukoyede stressed that asset recovery can only have real meaning when the recovered funds and properties are returned to their rightful owners or used for legitimate public purposes.

During the review period, the EFCC disbursed N661.32 billion and $492.37 million to beneficiaries.

Of the naira amount, N325.35 billion was paid directly to individuals and corporate organizations, while N335.97 billion was channeled to MDAs, the Nigerian Revenue Service, state internal revenue services and other public institutions.

The commission also recovered about N288.1 billion in federal and state taxes, consisting of N173.2 billion for the Federal Government and N114.9 billion for the state internal revenue service.

Another N257.2 billion was recovered for federal ministries, departments and agencies.

Olukoyede said the impact of anti-corruption enforcement not only includes arrests and convictions, but also shows that recovered assets are increasingly being channeled into productive national programs.

He recalled that the Federal Government approved N50 billion each from the EFCC recovery for the Nigerian Education Loan Fund, NELFUND and the Nigerian Consumer Credit Corporation in August 2024.

According to him, another N50 billion allocation has been approved for each of the two institutions in 2026.

The EFCC Chairman also pointed to the conversion of the recovered NOK University into the Federal University of Applied Sciences, Kachia, Kaduna State.

He said the institution accepted 1,909 students in December 2025.

“Anti-corruption enforcement can restore fiscal space, strengthen federal and local revenues, return working capital to institutions, companies and citizens, support the integrity of financial markets, protect the extractive and digital economy, and strengthen Nigeria’s international credibility,” he said.

In addition to the cash recovery, the commission said it obtained temporary and final forfeiture orders for 10,053 tangible assets between October 2023 and July 2026.

These assets include 8,198 electronic goods, 1,177 real estate properties, 370 vehicles and 251 plots of land.

Other assets handed over to the government include schools, factories, hotels, shops, oil platforms, barges, machinery, and airplanes.

The EFCC also secured the seizure of 102 tonnes of solid minerals.

Olukoyede said the release of assets under the final confiscation order generated about N12.07 billion, which was paid into the Federal Government coffers.

The EFCC Chairman also cited Nigeria’s removal from the Financial Action Task Force’s Gray List by October 2025 as one of the major achievements of the country’s broader anti-money laundering campaign.

He said the commission contributes to national efforts through law enforcement activities related to money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk areas.

The EFCC also intensified operations against illegal bureau de change, registering 234 BDC-related cases and securing 73 convictions over a three-year period.

According to Olukoede, the campaign aims to strengthen transparency in the foreign exchange market and block channels that could facilitate illicit financial flows, speculation and back-and-forth.

On internal reforms, Olukoyede said the commission introduced new guidelines governing arrest and bail and reviewed its approach to sting operations.

The EFCC also established a Fraud Risk Assessment and Control Department, a Security Department, an Immigration and Visa Section, and a Cybercrime Rapid Response Center.

The commission expanded its physical presence across the country with the establishment of directorates in Enugu and Ilorin and the creation of new directorates in Ekiti, Anambra and Katsina states.

Olukoyede said almost 60 percent of EFCC processes and operations have now been digitized.

He added that the commission invested in technology, EFCC Academy, 24-hour Cybercrime Rapid Response Center and EFCC Radio.

Despite the achievements outlined in the report, the EFCC chairman acknowledged that organized economic crime was becoming increasingly sophisticated and international in nature.

He said stronger cooperation between Nigerian law enforcement agencies and foreign agencies was critical.

The commission currently works with agencies including the FBI, the UK’s National Crime Agency, the Royal Canadian Mounted Police and INTERPOL, among others.

Olukoyede, who was re-elected as President of the Network of National Anti-Corruption Institutions in West Africa, said regional cooperation was becoming increasingly important in fighting financial crime and in tracking and recovering illicit assets.

Going forward, he said the commission would focus on strengthening preventive measures, speeding up restitution, implementing more advanced investigative technology and increasing professionalism in dealing with members of the public.

“We have made significant progress, but the work is not finished. It continues with renewed determination,” he said.

Olukoyede promised that the EFCC would maintain and intensify its campaign against corruption and economic crimes while upholding due process and ensuring that its operations continue to provide “measurable value to the public.”