The Economic and Financial Crimes Commission (EFCC) has recovered N1.23tn, $684.48m, £373,905.78, €9.34m and secured 10,872 convictions between October 1, 2023, and June 30, 2026, EFCC Chairman Ola Olukoyede has said.
Olukoyede disclosed this on Monday while addressing media executives and journalists in Abuja, giving an account of the commission’s achievements since October 2023 and describing asset recovery as one of the major pillars of the commission’s stewardship.
He said the recoveries represented proceeds and assets traced to financial crimes, with a significant portion of the naira recoveries made on behalf of government ministries.
“Between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of N1,233,612,040,411.11, $684,478,457.32, £373,905.78, and €9,343,803.66, in addition to recoveries in other currencies,” Olukoyede stated.
According to him, N397.26bn, representing about 33 percent of the total naira recovery, was recovered directly for the Federal Government.
He added that the remaining N836.34bn, representing 67 percent, constituted indirect recoveries made on behalf of various ministries.
“Of the naira amount, approximately N397.26bn, representing 33 percent, represented direct recoveries for the Federal Government, while N836.34bn, representing 67 percent, represented indirect recoveries made on behalf of ministries,” the EFCC chairman said.
Olukoyede said asset recovery remained a key component of the commission’s efforts to combat economic and financial crimes and safeguard public resources.
He said the commission also received 49,673 petitions during the period, investigated 39,615 cases, and filed 41,476 cases in court.
He said the Federal Government had also approved N1 billion, with 50 percent allocated to the Credit Corp and the remaining 50 percent to the Nigerian Education Loan Fund (NELFUND).
According to him, promoting a credit-based financial system would help reduce financial crimes, while the EFCC is designing a fraud-risk platform for NELFUND to monitor the use of funds disbursed to beneficiaries.
Olukoyede added that the commission had secured the forfeiture of 10,053 assets and recovered 102 tonnes of solid minerals.
He disclosed that 2,374 cases had been filed against Bureau de Change operators, resulting in 71 convictions.
The EFCC chairman also addressed concerns over the arrest of family members and associates of suspected criminals, saying the Administration of Criminal Justice Act does not permit the arrest of individuals who have no links to alleged offenses.
He said the commission was ensuring that its arrest operations complied with the law and warned that officers found violating the provisions would face appropriate disciplinary action.
Olukoyede further disclosed that more than 40 EFCC personnel had been dismissed for misconduct in the past three years.
Packaged by Lanre Olabisi
