31/08/2026
EFCC Achieves Milestone ₦1.23 Trillion Recovery Under Olukoyede’s Stewardship
Between October 2023 and July 2026,
The Economic and Financial Crimes Commission (EFCC) set a record recovery performance under Executive Chairman Ola Olukoyede. Monetary recoveries over the 34-month period reached ₦1,233,612,040,411.11, alongside foreign currency recoveries of $684,478,457.32, £373,905.78, and €9,343,803.66.
The breakdown of naira recoveries indicates that approximately ₦397.26 billion (33 percent) went directly to the Federal Government, while ₦836.34 billion (67 percent) was recovered on behalf of state governments, corporate entities, private citizens, and foreign victims.
To date, the agency has released ₦661.32 billion and $492.37 million to target beneficiaries.
This includes ₦325.35 billion disbursed to individuals and corporate bodies, and ₦335.97 billion routed to various federal ministries, departments, agencies, and state revenue services. Recovered funds were also directed toward social development programs, including consecutive ₦50 billion allocations to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation in 2024 and 2026. Forfeited institutions, such as the former NOK University, were repurposed into public assets like the Federal University of Applied Sciences, Kachia.
Prosecutorial metrics over the period showed 49,673 petitions received, 39,615 cases investigated, 14,476 court filings, and 10,872 convictions secured, yielding a 75.1 percent conviction-to-filing ratio. Cybercrime and advance fee fraud accounted for nearly two-thirds of the 46,288 offences categorized between 2024 and 2026. Specialized enforcement yielded 212 convictions across 920 cases covering money laundering, illegal mining, virtual assets, and unlicensed bureaux de change (BDC), the latter of which saw 73 convictions out of 234 cases.
The agency also secured the forfeiture of 10,053 tangible assets, including 8,198 electronic devices, 1,177 real estate properties, 370 vehicles, 251 land plots, and 102 tonnes of solid minerals, generating ₦12.07 billion for the Federal Government through asset disposals.
Institutional updates introduced over the 34 months include updated arrest and bail guidelines, the establishment of the Cybercrime Rapid Response Centre, the creation of the Department of Fraud Risk Assessment and Control, internal integrity policies, and the expansion of operational directorates into Ekiti, Anambra, and Katsina states. Digitalization of internal EFCC operations has reached approximately 60 percent.
