Olukoyede: EFCC Recovered over N1.23tn, $684m in 33 Months

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says the anti-graft agency recovered over N1.23 trillion and $684 million in the 33 months. 

Olukoyede spoke on Monday at the EFCC headquarters in Abuja during a briefing on the achievements of the commission under his leadership.

He was appointed by President Bola Tinubu on October 12, 2023, following the resignation of Abdulrasheed Bawa.

Olukoyede said he took on the assignment with a clear commitment to do things differently, adding that his administration has “properly” focused on the EFCC mandate, using the instrumentality of the anti-graft war to stimulate growth in the economy.

“The past 34 months have been a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad,” he said.

“Between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78, €9,343,803.66, in addition to recoveries in other currencies,” the EFCC chairman said.

He said of the naira amount, approximately N397.26 billion, amounting to 33 percent, represents direct recoveries for the federal government, while N836.34 billion (67 percent) represents indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

“Two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government,” the EFCC chairman said.

He noted that asset recovery is only meaningful when value is returned to the public interest and to rightful beneficiaries, noting that N661.32 billion and $492.37 million were released to beneficiaries.

According to him, the naira releases included about N325.35 billion paid directly to individuals and corporate bodies.

Another N335.97 billion was released to various MDAs, Nigerian Revenue Service (NRS) and state internal revenue services, alongside releases to other public institutions, companies and individuals.

Beyond cash, Olukoyede said the EFCC also secured the forfeiture of 10,053 tangible assets under interim and final court orders during the period.

“These included 8,198 electronic items, 1,177 real-estate assets, 370 automobiles, 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft. We also recorded the forfeiture of 102 tonnes of solid minerals,” he said.

“Proceeds from disposal under final forfeiture orders amounted to approximately ₦12.07 billion and were paid to the Federal Government.”

He noted that in the foreign-exchange market, the anti-graft agency recorded 234 BDC cases and 73 convictions within the last three years.

‘FINANCIAL CRIME NOT INVOLVES GRAND CORRUPTION’ 

Speaking on enforcement, Olukoyede said the agency also received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions over the period, which, according to him, gives a conviction-to-filing ratio of 75.1 percent.

“In the first half of 2026 alone, we recorded 1,370 convictions from 1,889 filings,” Olukoyede said.

“These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.”

He noted that the 2024 to 2026 year-to-date category data of the agency recorded 46,288 offences across nine major typologies, with advance fee fraud and cybercrime together representing nearly two-thirds of recorded offences.

However, between 2024 and 2025, total recorded offences rose by 24.1 percent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.

This, he said, implies that the fight against economic and financial crime is not only about grand corruption, but involves protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation.

The EFCC chairman also said more than 40 staff members have been dismissed for corruption and financial malpractice in the past three years.