EFCC Three‑Year Review: Olukoyede Announces ₦1.23trn Recoveries, 10,872 Convictions
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Monday presented a detailed account of his three‑year stewardship, highlighting major gains in enforcement, asset recovery, institutional reforms and Nigeria’s removal from the Financial Action Task Force (FATF) Grey List.
Speaking at the EFCC Headquarters in Abuja, Olukoyede said the past 34 months had been marked by “work, commitment and passionate engagement” in the fight against economic and financial crimes. He recalled that upon confirmation by the National Assembly, he adopted a three‑pronged agenda focused on strengthening the EFCC’s mandate, stimulating economic growth through anti‑graft enforcement, and reinforcing rule‑of‑law‑based operations.
49,673 Petitions, 10,872 Convictions
According to the EFCC boss, 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, representing a conviction‑to‑filing ratio of 75.1%. In the first half of 2026 alone, the EFCC recorded 1,370 convictions from 1,889 filings.
He said the data reflects a prosecutorial approach “anchored on evidence and courtroom outcomes.”
Cybercrime, Procurement Fraud on the Rise
Olukoyede disclosed that EFCC’s 2024–2026 category data recorded 46,288 offences across nine major typologies, with cybercrime and advance‑fee fraud accounting for nearly two‑thirds of all cases. He noted a 24.1% rise in recorded offences between 2024 and 2025, driven by increases in procurement fraud, bank fraud, cybercrime and economic‑governance offences.
“The fight against economic and financial crime is not only about grand corruption,” he said. “Every day, we are protecting citizens, businesses and institutions from fraud, cyber‑enabled crime and other forms of economic exploitation.”
High‑Profile Convictions
The EFCC Chairman said the Commission continued to pursue complex cases “without regard to status,” involving former governors, ministers, heads of agencies, financial‑sector operators and corporate officials. He listed recent convictions including Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku.
“No office or title places anyone beyond the reach of the law,” he said.
₦1.23trn, $684m, €9.3m Recovered
Olukoyede announced that between October 2023 and June 2026, the EFCC recovered:
– ₦1,233,612,040,411.11
– $684,478,457.32
– £373,905.78
– €9,343,803.66
He explained that 33% of the naira recoveries (₦397.26bn) were direct recoveries for the Federal Government, while 67% (₦836.34bn) were indirect recoveries for MDAs, state revenue services, companies, individuals and foreign victims.
During the period, the EFCC released ₦661.32bn and $492.37m to beneficiaries, including ₦325.35bn paid directly to individuals and corporate bodies.
Tax Recoveries Hit ₦288bn
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Olukoyede said federal and state tax recoveries amounted to ₦288.1bn, including ₦173.2bn for the Federal Government and ₦114.9bn for states. He stressed that these were recoveries of existing obligations, not new taxes.
Recovered Assets Converted to Public Use
Highlighting the social impact of recoveries, Olukoyede noted that the Federal Government allocated ₦50bn each from EFCC recoveries to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation in 2024, with additional allocations approved in 2026.
He also announced that the recovered NOK University had been converted into the Federal University of Applied Sciences, Kachia, where 1,909 students matriculated in December 2025. Another high‑value private university has also been forfeited to the Federal Government.
10,053 Assets Forfeited
Between October 2023 and July 2026, the EFCC secured forfeiture of 10,053 tangible assets, including:
– 8,198 electronic items
– 1,177 real‑estate assets
– 370 automobiles
– 251 plots of land
– Schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft
– 102 tonnes of solid minerals
Proceeds from disposal under final forfeiture orders amounted to ₦12.07bn.
Nigeria Exits FATF Grey List
Olukoyede said EFCC’s enforcement contributed significantly to Nigeria’s removal from the FATF Grey List in October 2025. He cited sustained action in money laundering, terrorist financing, virtual assets and illicit financial flows.
234 BDC Cases, 73 Convictions
The EFCC Chairman said enforcement against unlicensed bureaux de change supported Central Bank reforms, with 234 cases and 73 convictions recorded in three years. He said the crackdown has strengthened the retail FX market and improved macroeconomic stability.
Institutional Reforms and Digitalisation
Olukoyede outlined major reforms, including:
– New arrest and bail guidelines
– Review of sting operations
– Establishment of Fraud Risk Assessment and Control Department
– Creation of Cybercrime Rapid Response Centre (E‑C2R2)
– New directorates in Enugu, Ilorin, Ekiti, Anambra and Katsina
– Policies on gifts, conflict of interest and exhibit‑room security
– Digitalisation of 60% of EFCC processes
– Launch of EFCC Radio
He said these reforms have strengthened professionalism and improved citizens’ access to the Commission.
Collaboration With Global Agencies
Olukoyede highlighted partnerships with the FBI, UK National Crime Agency, Royal Canadian Mounted Police, INTERPOL and other international bodies. He also noted his re‑election as President of the Network of National Anti‑Corruption Institutions in West Africa (NACIWA).
The EFCC Chairman said the Commission’s priorities include deepening prevention, accelerating restitution, investing in investigative technology and improving professionalism.
“Our responsibility is to convert petitions into investigations, investigations into prosecutions, prosecutions into convictions, and recoveries into restitution,” he said. “We have made significant progress, but the work continues.”
Olukoyede thanked President Bola Ahmed Tinubu, the National Assembly, judiciary, civil society, media and Nigerians for supporting the EFCC’s work, pledging never to take public trust for granted.
By PRNigeria
