Inside EFCC’s 2024 Success: How Nigeria’s Anti-Graft Agency Nailed Cybercriminals and Seized Assets

In 2024 alone, the EFCC secured a record-breaking 4,111 convictions, following a remarkable 12,928 investigated cases, with 5,083 of these cases filed in courts. Several arrests and asset forfeitures not only made headlines but also set new benchmarks for the commission.

One of the most notable crackdowns occurred on December 10, 2024, when EFCC operatives from the Lagos Zonal Directorate dismantled a syndicate of 792 suspected cryptocurrency and romance fraudsters in Lagos. The operation, conducted at the “Big Leaf Building” on Oyin Jolayemi Street, Victoria Island, led to the arrest of 194 foreign nationals from China, Tunisia, the Philippines, Kharzartan, and Pakistan, identified as key masterminds behind the scheme. The building, which appeared to be a corporate office, turned out to be a cybercrime training hub for romance and investment scams. Authorities also seized 249 foreign phone lines, over 100 routers, more than 400 computers, and 500 active SIM cards.

In another landmark achievement, on December 2, 2024, the EFCC secured a final forfeiture order for a vast property in Abuja, comprising 753 duplex units on a sprawling 150,462.86 square meter plot.

Cash recoveries reached historic levels, with ₦364.6 billion recovered domestically and significant amounts in foreign currencies, including $214.51 million and €54.3 million. The commission also seized cryptocurrencies worth over $587,000, including Bitcoin, Ethereum, and USDT.

Additional asset recoveries included the forfeiture of all properties belonging to Nok University, Kaduna, formerly owned by a corrupt public official. Other assets comprised 378 electronics, one factory, a hotel, petroleum products, vehicles, and millions of shares valued at over ₦1 billion.

To combat naira abuse and economic dollarization, the EFCC, under Olukoyede’s directive, established a special task force. This initiative significantly reduced naira abuse, especially at social events, leading to over 50 convictions, including high-profile individuals like Idris Okuneye (a.k.a Bobrisky) and Oluwadarasimi Omoseyin.

Olukoyede’s focus on fraud prevention also led to the launch of the Inter-faith Manual to engage religious leaders in the fight against corruption. Additionally, the EFCC introduced a Fraud Risk Assessment framework for government ministries and agencies to mitigate resource leakage.

The creation of the Department of Fraud Risk Assessment and Control further strengthened the commission’s preventive measures. Moreover, to tackle immigration fraud, Olukoyede established a Visa and Immigration Fraud Unit, addressing the surge in visa-related scams.

Through these strategic innovations and robust enforcement, the EFCC, under Olukoyede’s leadership, has not only set new records but has also reinforced its commitment to fighting corruption in Nigeria.