- Safiu Kehinde
The Economic and Financial Crimes Commission, EFCC, Chairman, Ola Olukoyede, has disclosed recovering over N1.2 trillion and $684.4 billion of fraud proceeds in the last three years.
Olukoyede also disclosed recovery of additional £373,905.78, and €9.3 million in the course of the commission’s operations since his appointment.
The EFCC Chairman made this known during a media briefing and assessment of the commission’s activities under his admininstration.
Oluyede in his address noted that the past 34 months have been a period of work, commitment and passionate engagement in the fight against economic and financial crimes and other acts of corruption.
‘I took on this assignment with a clear commitment to do things differently. At my confirmation before the National Assembly, I outlined a three pronged agenda as the anchor of my stewardship.
‘To the glory of God, we have kept faith with the agenda of proper focusing on the mandate of the EFCC in the overall interests of Nigerians, using the instrumentality of the anti-graft war to stimulate growth in the economy, adherence to the rule of law, commitment to transactional credits, building the image of Nigeria and optimizing foreign direct investments.
‘The past 34 months have been a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad.
‘Today, I want to place before Nigerians the measurable outcomes of that work, what those outcomes mean for our economy and financial system, and the direction in which the Commission is moving.’ He said.
The EFCC boss thereafter proceeded to the figures of asset recoveries made by the commission.
‘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.
‘Of the naira amount, approximately ₦397.26billion (33%) represented direct recoveries for the Federal Government, while ₦836.34billion(67%) represented 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.’ He said.
Olukoyede further highlighted how the fund was spent.
According to him, sum of N661.32 billion and US$492.37 million were released to beneficiaries.
The naira releases included about N325.35 billion paid directly to individuals and corporate bodies.
Similarly, N335.97 billion was released to various MDA’s, Nigerian Revenue Service and States internal revenue services, alongside releases to other public institutions, companies and individuals.
The EFCC Chairman also noted that there is also a significant revenue-mobilisation dimension with federal and state tax recoveries amounting to approximately N288.1 billion over the period, including about N173.2 billion in federal tax recoveries and N114.9 billion attributed to States’ Internal Revenue Services.
This, according to him, is fiscal value recovered through enforcement of existing obligations, not through the imposition of new taxes.
In addition, approximately N257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies, demonstrating how anticorruption enforcement can reinforce the revenue capacity of the government.
Prior to the stattics on the recovered assets, Olukoyede disclosed that between October 2023 and July 2026, the Commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.
This gives a conviction-to-filing ratio of 75.1 per cent. In the first half of 2026 alone, we recorded 1,370 convictions from 1,889 filings.
Notable among the convictions secured involved high-profile cases such as that of the former Minister of Power, Saleh Mamman.
‘We have, at the same time, continued to pursue complex and high-profile matters without regard to status. Our high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials. (Please find details in the document that would be distributed)
‘Recently, the Commission secured convictions of some high-profile Nigerians including Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku.’ Olukoyede said.
On specialised enforcement portfolio which money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, The EFCC boss said the Commission recorded 920 cases, with 212 convictions secured and a substantial active pipeline of investigations and prosecutions.
According to him, Mmoney laundering and unlicensed bureau de change cases account for the largest share of this portfolio.
Olukoyede also noted that some of the proceeds were converted into productive social investment such as the allocation to NELFUND and Credit Corp.
‘In August 2024, the Federal Government directed that ₦50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC.
‘Further NELFUND and Credit Corp funding from EFCC recoveries (50Billion Naira each) was subsequently approved in 2026.
‘When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.
‘A recovered property, NOK University was converted to a Federal University of Applied Sciences, Kachia, Kaduna State. A total of 1,909 students matriculated into the university in December 2025.
‘These are students who ordinarily would not have been afforded the opportunity of tertiary education.
‘We can also imagine the impact of the institution on the local economy of Southern Kaduna. In addition, another Private university of High-Value has just been finally forfeited to the Federal Government.’ He said.
Beyond cash, the commission, Olukoyede said, secured the forfeiture of 10,053 tangible assets under interim and final court orders between October 2023 and July 2026.
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.