Huge EFCC Victory: Agency Recovers ₦1.23tn, Secures 10,872 Convictions In Fresh Crackdown

The Economic and Financial Crimes Commission (EFCC) says it recovered more than ₦1.23 trillion and $684.47 million in proceeds of crime during the first 34 months of Ola Olukoyede’s tenure as chairman.

Olukoyede disclosed the figures on Monday, August 31, 2026, while presenting his three-year performance report at the EFCC headquarters in Abuja.

According to the EFCC chairman, the period was marked by increased investigations, prosecutions, asset recoveries, restitution and internal reforms as the commission intensified efforts to combat economic and financial crimes across Nigeria.

10,872 Convictions Secured

Between October 2023 and July 2026, the EFCC said it received 49,673 petitions and investigated 39,615 cases.

The commission filed 14,476 cases before the courts and secured 10,872 convictions, representing a 75.1 per cent conviction-to-filing rate.

In the first half of 2026 alone, the agency secured 1,370 convictions from 1,889 cases filed in court.

The EFCC also reported a significant number of cases involving cybercrime and advance-fee fraud.

Data covering 2024 to 2026 year-to-date showed 46,288 offences across nine major categories. Cybercrime and advance-fee fraud accounted for almost two-thirds of the recorded offences.

The number of reported offences rose by 24.1 per cent between 2024 and 2025, with increases recorded in areas including procurement fraud, bank fraud, cybercrime and economic-governance-related offences.

High-Profile Cases

The commission said it continued to investigate and prosecute cases involving former governors, ministers, public officials, heads of government agencies, financial-sector operators and corporate executives.

Some of the high-profile cases highlighted in the report involved former Minister of Power Saleh Mamman, former NEXIM Bank Managing Director Robert Orya, and former Executive Secretary of the National Health Insurance Scheme, Chukwunyere Nwabuoku.

Beyond conventional financial-crime cases, the EFCC recorded 920 specialised cases involving money laundering, unlicensed bureau de change operations, illegal mining, virtual assets and terrorist financing.

These cases resulted in 212 convictions, while several others remained under investigation or prosecution.

EFCC Recovers Over ₦1.23tn

On asset recovery, the commission said it recovered ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66 between October 1, 2023, and June 30, 2026, excluding recoveries made in other currencies.

Of the naira recovered, approximately ₦397.26 billion was recovered directly for the Federal Government, while about ₦836.34 billion was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

The EFCC further disclosed that ₦661.32 billion and $492.37 million in recovered proceeds had been released to beneficiaries during the period.

About ₦325.35 billion of the naira disbursement went directly to individuals and corporate organisations, while approximately ₦335.97 billion was released to government agencies, revenue authorities, public institutions, companies and other beneficiaries.

₦288bn Tax Recoveries Recorded

The commission also reported approximately ₦288.1 billion in tax recoveries for federal and state governments.

Federal tax recoveries accounted for about ₦173.2 billion, while state internal revenue services recorded approximately ₦114.9 billion.

The EFCC clarified that the recoveries were generated through the enforcement of existing tax obligations rather than the introduction of new taxes.

Another ₦257.2 billion in naira recoveries was recorded for federal ministries, departments and agencies.

Recovered Funds Used for Government Programmes

The commission said recovered proceeds had also been channelled into government programmes.

The Federal Government previously approved ₦50 billion from EFCC recoveries for the Nigerian Education Loan Fund and another ₦50 billion for the Nigerian Consumer Credit Corporation.

A further ₦50 billion allocation each to the two programmes was approved in 2026.

The EFCC also highlighted the conversion of a recovered private university in Kachia, Kaduna State, into the Federal University of Applied Sciences, Kachia.

The institution recorded the matriculation of 1,909 students in December 2025.

According to the commission, the development demonstrated how recovered assets could be transformed into institutions that serve the public interest.

Over 10,000 Assets Forfeited

The EFCC said it secured forfeiture orders covering 10,053 assets between October 2023 and July 2026.

The assets included 8,198 electronic items, 1,177 real estate properties, 370 vehicles and 251 plots of land.

Other forfeited properties included schools, factories, hotels, shops, aircraft, oil rigs, barges and machinery.

The commission also reported the forfeiture of 102 tonnes of solid minerals.

The disposal of assets that had received final forfeiture orders generated approximately ₦12.07 billion, which was paid into the Federal Government’s coffers.

Nigeria’s Financial Crime Control

Olukoyede linked the commission’s enforcement activities to Nigeria’s broader efforts to strengthen its financial crime control framework.

He said the country’s work around money laundering, terrorist financing, asset freezing, confiscation and virtual assets contributed to Nigeria’s eventual removal from the Financial Action Task Force Grey List in October 2025.

During the period under review, the EFCC recorded 234 bureau de change cases and secured 73 convictions.

The commission said its enforcement against unlicensed operators was designed to reduce channels that could facilitate illicit financial activities while supporting greater transparency in the foreign exchange market.

International Collaboration

International cooperation also featured prominently in the EFCC’s operations.

The commission worked with law-enforcement agencies and regulators in Nigeria and abroad, including the United States Federal Bureau of Investigation, United Kingdom National Crime Agency, Royal Canadian Mounted Police and INTERPOL.

According to the EFCC, some recovery operations involved multiple countries, with funds and assets returned to foreign governments, organisations and individuals where applicable.

At the West African level, Olukoyede was re-elected president of the Network of National Anti-Corruption Institutions in West Africa for another three-year term.

Internal Reforms

The EFCC also implemented several internal reforms during Olukoyede’s tenure.

The commission introduced new guidelines covering arrest and bail, reviewed its sting operations and established specialised units focused on areas including fraud risk assessment, security, immigration and visa matters, and cybercrime response.

It commissioned directorates in Enugu and Ilorin and established new directorates in Ekiti, Anambra and Katsina states to improve access to its services.

The agency also introduced policies covering gifts and hospitality, conflicts of interest and the security of exhibits.

The Internal Affairs Department was restructured and renamed the Ethics and Integrity Department as part of efforts to strengthen ethical standards within the commission.

EFCC Accelerates Digital Transformation

Digital transformation has also become a major part of the EFCC’s reform programme.

The commission said approximately 60 per cent of its processes and operations have been digitalised.

It is also investing in its academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio as part of efforts to strengthen its capacity to tackle emerging and increasingly sophisticated forms of financial crime.