EFCC recovered N1.23trn, $684.48m in 34 months — Olukoyede

The Economic and Financial Crimes Commission (EFCC) recovered N1.23 trillion and $684.48 million in proceeds of crime between October 2023 and July 2026, the agency’s chairman, Ola Olukoyede, has said.

Mr Olukoyede made this disclosure on Monday during a media briefing with journalists in Abuja.

He explained that out of recovered proceeds, N397.26 billion was recovered directly for the federal government.

The remaining N836.35 billion went to individuals, companies, government agencies and other beneficiaries.

The report covered 34-month under the leadership of Mr Olukoyede, comprising the commission’s investigations, prosecutions, convictions, asset recovery and institutional reforms since he took over as chairman.

The latest figures represent an increase in October 2025 report where the agency announced the recovering of N566 billion and $411 million in assets. 

It showed that the EFCC received 49,673 petitions during the period and investigated 39,615. Of those investigations, 14,476 ended up in court, while the commission secured 10,872 convictions.

That means the EFCC investigated nearly four out of every five petitions it received and secured convictions in about three-quarters of the cases it took to court.

The commission’s detailed recovery table put the naira figure at over N1.2 trillion (N1,233,612,040,411.11) and dollar recoveries at about $684.5 million ($684,478,457.32).

The money was recovered in 16 currencies across five continents. Other recoveries included £373,905.78, €9.34 million, CFA58.73 million and 463,660 Saudi riyals.

Billions released to beneficiaries

Of the recovered funds, N661.32 billion and $492.37 million had been released to beneficiaries through restitution and other recovery channels, the commission reported.

Another N71.01 billion and $18.29 million remained in recovery accounts or with exhibit keepers pending verification of their rightful owners.

Among the beneficiaries were the Internal Revenue Services of Edo, Kwara, Oyo and Sokoto states, which received N97.98 billion.

The EFCC stated that N114.9 billion in tax recoveries was attributed to state internal revenue services.

Federal ministries, departments and agencies received N257.2 billion and $126.4 million, while public corporate bodies received N2.49 billion. Private companies received N350.4 million and individuals N1.02 billion.

2025 recorded highest naira recovery

The EFCC recorded its highest annual naira recovery in 2025, when it recovered N521.3 billion.

According to the commission, total naira recoveries rose by 43 per cent between 2024 and 2025, while direct recoveries for the Federal Government increased by 429 per cent.

In the first six months of 2026, the commission recovered N201.9 billion, although it cautioned that the figure had not been annualised.

Dollar recoveries for the Federal Government also rose. The EFCC recovered $123.7 million in the first half of 2026, compared with $66.7 million between October 2023 and the end of 2025.

Cybercrime, advance-fee fraud dominate

Advance-fee fraud and cybercrime accounted for more than 62 per cent of the 46,288 offences recorded by the commission during the period.

Advance-fee fraud made up the largest share, with 20,726 offences, followed by cybercrime with 8,222. Money laundering ranked third with 5,620 offences.

Bank fraud accounted for 3,328 offences, while economic governance fraud recorded 3,167 and land and property fraud 2,464.

Other offences included extractive industrial fraud, procurement fraud and tax fraud.

The EFCC recorded 9,015 offences in 2023, 20,640 in 2024 and 16,633 in 2025.

Courts ordered forfeiture of 10,053 assets

The commission secured interim and final forfeiture orders covering 10,053 assets during the 34-month period.

The assets included 8,198 electronics, 1,177 real estate properties, 370 automobiles and 251 plots of land.

Forfeiture orders also covered 32 schools, factories, hotels and shops, 25 oil rigs, barges and other machinery, as well as 102 tonnes of solid minerals.

The EFCC explained that other assets included a N450 million insurance policy, N250 million in Treasury bills and 40,844,094 shares valued at N1.05 billion and $4.4 million.

Bitcoin, USDT, Ethereum and other digital assets were also forfeited.

Proceeds from the disposal of assets under final forfeiture orders amounted to N12.07 billion, which the commission said had been paid to the Federal Government.

920 specialised cases

The EFCC reported 920 specialised cases involving money laundering, bureau de change operations, illegal mining, virtual assets and terrorist financing.

Of these, 680 were still active while 212 had produced convictions.

Money laundering accounted for 612 of the cases, followed by bureau de change operations with 234. Illegal mining accounted for 52, while virtual assets and terrorist financing recorded 11 cases each.

The commission said 127 money-laundering cases and 73 bureau de change cases resulted in convictions.

There were also nine convictions from illegal-mining cases, two involving virtual assets and one in a terrorist-financing case.

36 high-profile cases

The EFCC said 36 high-profile cases involving former governors, ministers, senior government officials, banking executives, corporate officials and a National Assembly official remained before the courts.

The list of the defendants included former Kogi Governor Yahaya Bello; former Taraba Governor Darius Ishaku; former Kwara Governor Abdulfatah Ahmed; former Abia Governor Theodore Orji; former Niger Governor Muazu Babangida Aliyu; and former Anambra governors Chris Ngige and Willie Obiano.

Former Benue Governor Gabriel Suswam and former Jigawa Governor Sule Lamido were also listed.

Among the former ministers and senior officials named were Olu Agunloye, Abubakar Malami, Hadi Sirika, Bello Mohammed and Sadiya Umar Farouq.

Others included former Central Bank Governor Godwin Emefiele, former Accountant-General of the Federation Ahmed Idris, former National Security Adviser Sambo Dasuki and former Pension Reform Task Team chairman Abdulrasheed Maina.

The commission also listed former SunTrust Bank managing director Halima Buba, former Skye Bank chairman Tunde Ayeni, former NHIS chairman Usman Yusuf, former NSITF board chairman Ngozi Olejeme and former CCT chairman Danladi Umar.

Other cases involved Ali Bello, whom the EFCC identified as Chief of Staff to Kogi State Governor Usman Ododo; CBEX promoters Awerusuo Otorudo and Chukwuebuka Ehirim; former Port Harcourt Refinery managing director Ahmed Dikko; former Warri Refinery managing director Jimoh Yisawu; Miyetti Allah Kautal Hore leader Bello Bodejo; and lawyer Mike Agbedor Abu Ozekhome, SAN.

Some National Assembly officials were also on the list.

EFCC links enforcement to Nigeria’s FATF exit

The commission also linked its enforcement activities to Nigeria’s removal from the Financial Action Task Force’s list of jurisdictions under increased monitoring in October 2025.

Nigeria had been placed on the FATF grey list in February 2023 over strategic deficiencies in its anti-money laundering and counter-terrorist financing framework.

According to the EFCC, its contribution to the country’s eventual exit included money-laundering and terrorist-financing investigations and prosecutions, asset freezing and seizure, confiscation and disposal, and enforcement in high-risk sectors.

Reforms

Mr Olukoyede noted that the commission had also overhauled several aspects of its operations since taking office.

Among the changes were new guidelines on arrest and bail, a review of sting operations, the creation of a security department and an Immigration and Visa Section.

The commission introduced policies covering gifts and hospitality, exhibit-room security and conflicts of interest.

It also created the Department of Fraud, Risk and Assessment Control, the Special Task Force against Naira Abuse and Dollarisation of the Economy, EFCC Radio, a Public Complaints Desk and a Cybercrime Response Centre.

A new EFCC Academy and Cybercrime Research Centre were established, while directorates were inaugurated in Enugu and Ilorin. New directorates were also created in Ekiti, Anambra and Katsina.

Recovered funds support government programmes

The EFCC cited the use of recovered funds to support government programmes, including the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).

In August 2024, President Bola Tinubu directed that N50 billion each be allocated to NELFUND and CREDICORP from recovered proceeds.

Recently, the management of NELFUND confirmed the receipt of the amount. 

The Presidency has since linked EFCC recoveries to the two programmes, including additional funding approved for NELFUND.

Foreign cooperation

The EFCC stressed that its investigations increasingly required cooperation with authorities in other countries, particularly in cases involving assets or evidence held abroad.

It said mutual legal assistance was used to obtain evidence, trace assets, facilitate extradition and support investigations and prosecutions.

During the period under review, N105.43 million and $73,735.67 were returned to foreign entities and individuals.

Mr Olukoyede also called for stronger judicial cooperation to make asset recovery and forfeiture more effective.