EFCC Recovers ₦1.2 Trillion in Corruption Proceeds

The Economic and Financial Crimes Commission has recovered more than ₦1.2 trillion in monetary assets since Ola Olukoyede became chairman of the agency in October 2023.

The commission disclosed that its total naira recovery during the period reached ₦1,233,612,040,411.11, its highest recorded figure under the current leadership. It also recovered $684,478,457.32, £373,905.78 and €9,343,803.66 in foreign currencies.

According to the EFCC, about ₦397.26 billion, representing 33 per cent of the naira recovery, was recovered directly for the Federal Government. The remaining ₦836.34 billion, or 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue authorities, companies, individuals and foreign victims.

The commission said the figures showed that a larger portion of the money recovered was meant for beneficiaries other than the Federal Government. It also disclosed that more than 10,000 convictions were secured during the period, including 1,370 convictions recorded in the first six months of 2026.

Between October 2023 and July 2026, the EFCC received 49,673 petitions and investigated 39,615 cases. The agency filed 14,476 cases in court and secured 10,872 convictions, giving it a conviction-to-filing rate of 75.1 per cent. In the first half of 2026 alone, the commission filed 1,889 cases and obtained 1,370 convictions.

The agency also recorded 46,288 offences between 2024 and 2026 across nine major categories of financial crimes. Advance fee fraud and cybercrime accounted for almost two-thirds of the offences recorded. The EFCC said the overall number of reported offences increased by 24.1 per cent between 2024 and 2025, with procurement fraud, bank fraud, cybercrime and economic governance-related offences recording notable increases.

The commission further disclosed that it handled 920 cases involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing during the period. Of these cases, 212 resulted in convictions, while several others remain under investigation or prosecution. Money laundering and unlicensed foreign exchange operations made up the largest parts of this category.

The EFCC also released recovered funds to various beneficiaries during the period. It said ₦661.32 billion and $492.37 million had been released, with about ₦325.35 billion going directly to individuals and corporate organisations. Another ₦335.97 billion was released to ministries, departments and agencies, the Nigerian Revenue Service, state revenue agencies and other public institutions, companies and individuals.

Tax-related enforcement also contributed to the agency’s recoveries. The EFCC reported total federal and state tax recoveries of about ₦288.1 billion. Federal tax recoveries accounted for approximately ₦173.2 billion, while about ₦114.9 billion was recovered for state revenue agencies. The commission said these funds represented the recovery of existing tax obligations rather than the introduction of new taxes.

The anti-graft agency also recovered about ₦257.2 billion for federal ministries, departments and agencies during the period. Beyond cash recoveries, the commission secured court orders leading to the forfeiture of 10,053 tangible assets between October 2023 and July 2026.

The forfeited assets included 8,198 electronic devices, 1,177 real estate properties, 370 vehicles and 251 plots of land. Other assets included schools, factories, hotels, shops, oil rigs, barges, industrial equipment and aircraft. The EFCC also obtained forfeiture of 102 tonnes of solid minerals.

The commission said the disposal of assets that had received final forfeiture orders generated about ₦12.07 billion, which was subsequently paid to the Federal Government.

In the foreign exchange sector, the EFCC said its enforcement activities against unlicensed bureaux de change had supported regulatory measures introduced by the Central Bank of Nigeria. The commission recorded 234 bureau de change-related cases and secured 73 convictions over the last three years.

The agency said its efforts in the sector were aimed at reducing illegal financial activities and promoting a more transparent foreign exchange market. It also linked the enforcement work to efforts to reduce channels used for illicit financial transactions, speculation and currency round-tripping.