EFCC recovers N1.23trn, secures 10,872 convictions in 34 months — Olukoyede
EFCC Reports Over ₦1.2 Trillion Recovered and Thousands of Convictions
LAGOS, Nigeria — The Economic and Financial Crimes Commission (EFCC) has recovered over ₦1.23 trillion and secured 10,872 convictions between October 2023 and July 2026, according to Executive Chairman Ola Olukoyede.
Olukoyede presented the commission’s stewardship report on August 31, 2026, outlining the achievements of the agency over the past 34 months during his tenure.
During this period, the EFCC achieved its highest-ever monetary asset recovery in both Nigerian naira and various foreign currencies. The report indicated that naira recoveries totaled ₦1,233,612,040,411.11, and dollar recoveries reached $684,478,457.32. Additionally, the commission recovered £373,905.78 and €9,343,803.66.
Approximately ₦397.26 billion, or 33% of the naira recovery, was directly recouped for the Federal Government, while the remaining ₦836.34 billion, representing 67%, was recovered for ministries, departments, agencies, companies, individuals, and foreign entities.
“Two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government,” Olukoyede said.
In terms of prosecution, the EFCC addressed 49,673 petitions, investigated 39,615 cases, and filed 14,476 cases in court, resulting in 10,872 convictions. This equates to a conviction-to-filing ratio of 75.1%. Notably, in the first half of 2026, the commission secured 1,370 convictions from 1,889 filings.
Olukoyede noted that the data signifies notable changes in the landscape of financial crime in Nigeria. The EFCC’s records indicated an increase of 24.1% in total recorded offenses from 2024 to 2025, with advance fee fraud and cybercrime accounting for nearly two-thirds of cases.
“This tells us that combating economic and financial crime is not solely about grand corruption. Every day, we protect citizens, businesses, and institutions from fraud and cyber-enabled offenses,” he stated.
The EFCC also handled complex cases involving former governors, ministers, and officials from various sectors. Over the reported period, it recorded 920 cases related to money laundering, unlicensed bureaux de change, illegal mining, virtual assets, and terrorist financing, leading to 212 convictions.
Olukoyede emphasized that recoveries must benefit the public. From the recovered assets, ₦661.32 billion and $492.37 million were disbursed to rightful beneficiaries, with approximately ₦325.35 billion paid directly to various individuals and corporate entities.
The EFCC chairman also highlighted the commission’s role in revenue mobilization, reporting recoveries totaling about ₦288.1 billion in federal and state tax contributions during the specified period.
Furthermore, significant reforms within the commission have enhanced operational efficiency. Olukoyede noted the introduction of new guidelines, the establishment of various departments, and digitalization efforts aiming to improve accessibility for citizens.
The EFCC has also focused on issues within the foreign exchange market, supporting Central Bank of Nigeria regulations with enforcement actions against unlicensed bureaux de change.
As part of comprehensive efforts to strengthen Nigeria’s financial system, the EFCC’s activities were instrumental in the country’s removal from the Financial Action Task Force Grey List in October 2025.
Looking ahead, the EFCC aims to continue its dual focus on enforcement and institutional improvement, emphasizing the importance of collaboration both domestically and internationally in combating economic crimes.
