The Economic and Financial Crimes Commission (EFCC) says it recovered N1.233 trillion and hundreds of millions of dollars in proceeds of crime during the 34 months of Ola Olukoyede’s tenure as its Executive Chairman.
Olukoyede disclosed this on Monday, August 31, 2026, while briefing the media on his stewardship and the achievements of the anti-graft agency under his leadership.
According to him, the commission recorded N1,233,612,040,411.11 in recoveries during the period, representing its highest monetary recovery in naira.
The EFCC also recovered $684,478,457.32, £373,905.78 and €9,343,803.66 in foreign currencies.
Olukoyede said about N397.26 billion, representing 33 per cent of the naira recovery, was recovered directly for the Federal Government, while N836.34 billion, or 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
He said the figures meant that “two out of every three naira recovered” by the commission were recovered for beneficiaries other than the Federal Government.
On prosecution, the EFCC chairman said the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions between October 2023 and July 2026.
He said the figures represented a conviction-to-filing ratio of 75.1 per cent.
“In the first half of 2026 alone, the Commission recorded 1,370 convictions from 1,889 filings,” Olukoyede said, attributing the results to a prosecutorial approach anchored on evidence and courtroom outcomes.
The EFCC chairman also disclosed that analysis of petitions and cases showed changing patterns in financial crimes in the country.
He said 46,288 offences were recorded across nine major crime typologies between 2024 and 2026 year-to-date, with advance fee fraud and cybercrime accounting for nearly two-thirds of the offences.
According to him, total recorded offences increased by 24.1 per cent between 2024 and 2025, with significant rises in procurement fraud, bank fraud, cybercrime and economic-governance offences.
“This tells us that the fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation,” he said.
Olukoyede said the commission had also continued to prosecute high-profile cases involving former governors, ministers, public office holders, heads of government agencies, financial-sector operators and corporate officials.
He disclosed that the EFCC recorded 920 specialised enforcement cases involving money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, securing 212 convictions.
On asset recovery and restitution, Olukoyede said N661.32 billion and $492.37 million were released to beneficiaries during the period under review.
The naira disbursements included N325.35 billion paid directly to individuals and corporate bodies, while N335.97 billion was released to MDAs, the Nigerian Revenue Service, states’ internal revenue services and other public institutions, companies and individuals.
The EFCC also recovered approximately N288.1 billion in federal and state taxes, comprising N173.2 billion in federal tax recoveries and N114.9 billion attributed to state internal revenue services.
Olukoyede said about N257.2 billion in naira recoveries was also recorded for federal ministries, departments and agencies.
He noted that the impact of asset recovery was most visible when proceeds of crime were converted into productive investments, citing the Federal Government’s allocation of N50 billion each to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from EFCC proceeds of crime in 2024, with a further N50 billion each allocated to the two institutions in 2026.
He also recalled the forfeiture of the former NOK University to the Federal Government and its subsequent conversion into the Federal University of Applied Sciences, Kachia, Kaduna State.
According to him, 1,909 students were matriculated into the institution in December 2025, while another high-value private university has also been forfeited to the Federal Government.
“ When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use,” he said.
Beyond monetary recoveries, the EFCC secured forfeiture orders covering 10,053 tangible assets between October 2023 and July 2026.
The assets included 8,198 electronic items, 1,177 real estate assets, 370 automobiles and 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.
The commission also recorded the forfeiture of 102 tonnes of solid minerals.
Olukoyede said proceeds from the disposal of assets under final forfeiture orders amounted to approximately N12.07 billion and were paid to the Federal Government.
On Nigeria’s financial system, he said the EFCC’s sustained enforcement against money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other high-risk sectors contributed to the country’s efforts to strengthen its anti-money laundering and counter-financing of terrorism framework.
He described Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 as a national achievement, noting that EFCC investigations and enforcement activities contributed to the collective effort.
In the foreign exchange market, Olukoyede said enforcement against unlicensed bureaux de change supported reforms by the Central Bank of Nigeria.
He said the commission recorded 234 BDC-related cases and secured 73 convictions within the period.
He explained that the objective was to promote a more formal and transparent retail foreign exchange market while shutting channels vulnerable to illicit financial flows, speculation and round-tripping.
Olukoyede also highlighted institutional reforms introduced under his leadership, including new guidelines on arrest and bail, a review of sting operations and the establishment of the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.
He said new directorates were established in Ekiti, Anambra and Katsina states, while the Enugu and Ilorin directorates were commissioned during the period, expanding access to the commission.
The EFCC also introduced policies on gifts and hospitality, conflict of interest and exhibit-room security.
The Internal Affairs Department was renamed and restructured as the Ethics and Integrity Department as part of efforts to strengthen internal accountability.
Olukoyede said the commission had also made significant progress in digitalisation, with almost 60 per cent of its processes and operations now digitalised.
He listed the EFCC Academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio among the commission’s ongoing innovation and digitalisation initiatives.
He said the reforms and enforcement activities of the past 34 months had positioned the commission for sustained action against economic and financial crimes.
“Overall, the past 34 months have been a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad,” Olukoyede said.