The Economic and Financial Crimes Commission (EFCC) has recorded major enforcement and asset-recovery gains under the leadership of its Executive Chairman, Ola Olukoyede, recovering more than N1.23 trillion and $684.47 million in proceeds of crime and securing 10,872 convictions within the first 34 months of his administration.
Olukoyede disclosed the figures on Monday, August 31, 2026, while presenting his three-year stewardship report at the EFCC headquarters in Abuja.
According to the EFCC chairman, the period from October 2023 to July 2026 saw the Commission receive 49,673 petitions, investigate 39,615 cases, file 14,476 cases in court and secure 10,872 convictions, representing a 75.1 per cent conviction-to-filing ratio.
He said the Commission also recorded 1,370 convictions from 1,889 filings in the first half of 2026, attributing the performance to stronger investigations, evidence gathering and prosecutorial strategies.
Recoveries exceed N1.23 trillion
Olukoyede said that between October 1, 2023 and June 30, 2026, the EFCC recovered N1,233,612,040,411.11, alongside $684,478,457.32, £373,905.78 and €9,343,803.66, among other currencies.
He explained that the recoveries were not exclusively for the Federal Government, with approximately N397.26 billion representing direct federal recoveries, while about N836.34 billion was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
The chairman also disclosed that N661.32 billion and $492.37 million had been released to beneficiaries during the period.
10,053 assets forfeited
Beyond cash recoveries, the EFCC secured forfeiture orders covering 10,053 assets between October 2023 and July 2026.
The forfeited assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land, as well as schools, factories, hotels, shops, aircraft, oil rigs, barges and machinery.
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 N12.07 billion, which was paid into the Federal Government’s coffers.
N288.1bn recovered in taxes
The EFCC boss further revealed that its enforcement activities generated approximately N288.1 billion in federal and state tax recoveries.
Of the amount, about N173.2 billion represented federal tax recoveries, while N114.9 billion was attributed to state internal revenue services.
He stressed that the recoveries represented enforcement of existing tax obligations rather than the introduction of new taxes.
N100bn allocated to student loans and consumer credit
Olukoyede also highlighted the use of recovered proceeds to support national development.
He recalled the Federal Government’s decision to allocate N50 billion each from EFCC recoveries to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation in 2024, with additional funding of N50 billion each approved in 2026.
He said the initiative demonstrated how recovered criminal proceeds could be redirected towards education, household credit and productive economic activity.
Recovered university converted to federal institution
The EFCC chairman cited the conversion of NOK University in Kachia, Kaduna State, into the Federal University of Applied Sciences, Kachia, as another example of recovered assets being transformed into public value.
According to him, 1,909 students matriculated at the institution in December 2025, providing greater access to tertiary education while creating economic opportunities in Southern Kaduna.
He also disclosed that another private university classified as a high-value asset had recently been finally forfeited to the Federal Government.
Cybercrime and fraud remain major threats
Olukoyede said data from the Commission’s investigations showed that 46,288 offences were recorded across nine major financial-crime typologies between 2024 and 2026 year-to-date.
Advance fee fraud and cybercrime accounted for nearly two-thirds of the offences.
He noted that total recorded offences increased by 24.1 per cent between 2024 and 2025, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.
The EFCC also recorded 920 specialised financial-crime cases, resulting in 212 convictions, particularly in areas involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing.
No sacred cows, EFCC insists
Olukoyede reaffirmed the Commission’s commitment to investigating and prosecuting individuals regardless of their political position, public office or social status.
He cited the convictions of Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku as examples of the EFCC’s continued pursuit of high-profile cases.
He maintained that no office or title should place anyone above the law, stressing that cases would be investigated professionally, prosecuted based on evidence and ultimately determined by the courts.
Nigeria’s FATF exit
The EFCC chairman also linked the Commission’s sustained enforcement activities to Nigeria’s broader efforts to strengthen its anti-money laundering and counter-terrorist-financing framework.
He described Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 as a major national achievement, noting that the EFCC’s work on money laundering, asset freezing, confiscation, virtual assets and other high-risk areas formed part of the wider compliance effort.
234 BDC cases, 73 convictions
The Commission also intensified its intervention in the foreign-exchange sector, recording 234 cases involving bureaux de change and 73 convictions during the period.
Olukoyede said the enforcement was aimed at promoting a more transparent and compliant foreign-exchange market while closing channels vulnerable to illicit financial flows, speculation and round-tripping.
International cooperation strengthened
According to the EFCC chairman, the increasingly sophisticated and transnational nature of financial crimes has made international cooperation essential.
He listed collaboration with organisations including the United States Federal Bureau of Investigation (FBI), United Kingdom National Crime Agency (NCA), Royal Canadian Mounted Police (RCMP) and INTERPOL, alongside domestic regulators, law-enforcement agencies and government institutions.
He also disclosed that he had been re-elected president of the Network of National Anti-Corruption Institutions in West Africa (NACIWA) for another three-year term.
EFCC expands digital operations
Olukoyede said the Commission had also embarked on significant institutional reforms, including the establishment of specialised units and the restructuring of its internal operations.
He disclosed that approximately 60 per cent of EFCC processes and operations had been digitalised, while new facilities and directorates were established in different parts of the country.
The Commission has also invested in its Academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio.
Focus shifts to prevention and restitution
Olukoyede said the EFCC’s performance should not be judged solely by arrests and recoveries, but by how effectively investigations translate into convictions, restitution and measurable economic value.
He said the Commission would continue to prioritise prevention, faster restitution, technology-driven investigations and professionalism, while maintaining respect for due process.
The EFCC chairman expressed appreciation to the Federal Government, National Assembly, judiciary, civil society organisations, the media and Nigerians for their support, assuring that the Commission would continue to intensify the fight against economic and financial crimes.
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