{"id":3774,"date":"2026-08-31T21:41:38","date_gmt":"2026-08-31T21:41:38","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=3774"},"modified":"2026-08-31T22:11:48","modified_gmt":"2026-08-31T22:11:48","slug":"corruption-efcc-makes-recoveries-in-various-currencies-secures-10872-convictions-in-3-years-chairman","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=3774","title":{"rendered":"EFCC makes recoveries in various currencies, secures 10,872 convictions in 3 years –Executive Chairman"},"content":{"rendered":"

*Ola Olukoyede, Executive Chairman, Economic and Financial Crimes Commission, reveals the anti-graft agency has focused on enforcement, stating between October 2023 and July 2026, the Commission recovered monies in different currencies, and received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions across Nigeria <\/em><\/strong><\/p>\n

Isola Moses | ConsumerConnect<\/p>\n

The Economic and Financial Crimes Commission has reeled off key statistics about the Commission\u2019s anti-corruption enforcement efforts in Nigeria over the past three years.<\/p>\n

ConsumerConnect<\/em> reports Mr. Ola Olukoyede, Executive Chairman of EFCC, stated this while speaking on his three-year stewardship as the Head of the anti-graft agency, at a media briefing Monday, August 31, 2026, in Abuja, FCT.<\/p>\n

Olukoyede said the past 34 months had been a period of work, commitment and passionate engagement in the fight against economic and financial crimes and other acts of corruption in the West African country.<\/p>\n

He stated: “I took on this assignment with a clear commitment to doing things differently.<\/p>\n

“At my confirmation before the National Assembly, I outlined a three-pronged agenda as the anchor of my stewardship.”<\/p>\n

According to him, the Commission, under his leadership, has kept faith with the agenda of proper focusing on the mandate of the EFCC in the overall interests of Nigerians.<\/p>\n

He said the Commission had used 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 optimising foreign direct investments.<\/p>\n

Olukoyede also said the past 34 months had been a period of “sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad.”<\/p>\n

 The Executive Chairman of EFCC disclosed that in terms of enforcement, between October 2023 and July 2026, the anti-graft Commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.<\/p>\n

This gives a conviction-to-filing ratio of 75.1 percent. In the first half (H1) of 2026 alone, we recorded 1,370 convictions from 1,889 filings.<\/p>\n

Olukoyede stressed that the results reflect diligence, resilience, and a prosecutorial approach anchored on evidence and courtroom outcomes.<\/p>\n

Shedding light on data from petitions and case analysis, he noted these provide an indication of the shifting trends in the financial crime threat landscape in the Nigerian economy.<\/p>\n

He said the EFCC data indicated that from 2024 to 2026 year-to-date category data recorded 46,288 offences across nine major typologies.<\/p>\n

Advance fee fraud and cybercrime together, represented nearly two-thirds of recorded offences, the EFCC Chief said. <\/p>\n

He, however, disclosed that between 2024 and 2025, total recorded offences rose by 24.1 percent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.<\/p>\n

The fight against economic and financial crime, he maintained, is not only about grand corruption.<\/p>\n

Olukoyede stated: “Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation.”<\/p>\n

The Commission emphasises accountability without status exception, stated he.<\/p>\n

The Executive Chairman affirmed the EFCC has continued to pursue complex and high-profile matters without regard to status in the country.<\/p>\n

“Our high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials.<\/p>\n

“Recently, the Commission secured convictions of some high-profile Nigerians, including Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku,” noted he.<\/p>\n

EFCC reiterates commitment to constitutional mandate <\/strong><\/p>\n

Reiterating the Commission’s commitment to investigating and prosecuting cases of financial crimes in the country’s economy, Olukoyede said “no office or title places anyone beyond the reach of the law.<\/p>\n

“We will continue to investigate professionally, prosecute on the strength of evidence, and allow the courts to determine guilt or innocence.”<\/p>\n

On money laundering, BDCs, virtual assets, others <\/strong><\/p>\n

The Executive Chairman of the Commission said the specialised enforcement portfolio further demonstrates the breadth of this work.<\/p>\n

He noted that across money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, the Commission recorded 920 cases, with 212 convictions secured and a substantial active pipeline of investigations and prosecutions.<\/p>\n

He said money laundering and unlicensed bureau de change cases accounted for the largest share of this portfolio.<\/p>\n

Olukoyede stated: “We are also responding to emerging risks in virtual assets and illicit financial flows from the extractive sector.”  <\/p>\n

The Executive Chairman said Asset recovery had been another major pillar of the Commission’s stewardship.   <\/p>\n

He revealed that between 1 October, 2023, and 30 June, 2026, the Commission recovered \u20a61, 233,612,040,411.11, $684.478,457.32, \u00a3373,905.78, \u20ac9,343,803.66 in addition to recoveries in other currencies.<\/p>\n

According to him, of the Naira amount, approximately \u20a6397.26billion (33%) represented direct recoveries for the Federal Government, while \u20a6836.34billion (67%) represented indirect recoveries made on behalf of Ministries, Departments and Agencies, state revenue services, companies, individuals and foreign victims.<\/p>\n

Two out of every three naira recovered, were on behalf of beneficiaries other than the Federal Government, he said.<\/p>\n

Where is the recovered money? <\/strong><\/p>\n

The Commission noted that recovery is only truly meaningful when value is returned to the public interest and to rightful beneficiaries.<\/p>\n

Olukoyede disclosed that during the period under consideration, \u20a6661.32 billion and US$492.37 million were released to beneficiaries.<\/p>\n

The Naira, he stated, releases included about \u20a6325.35 billion paid directly to individuals and corporate bodies.<\/p>\n

Similarly, the Commission released \u20a6335.97 billion to various government MDAs, Nigerian Revenue Service (NRS), and States internal revenue services, alongside releases to other public institutions, companies and individuals. <\/p>\n

The Executive Chairman said: “Our continuing priority is to make restitution faster, more transparent and more efficient.”<\/p>\n

How recovery delivers fiscal value to governments<\/strong><\/p>\n

Besides mere recoveries of monies and assets, Olukoyede observed that there is also a significant revenue-mobilisation dimension to the Commission’s work.<\/p>\n

He revealed that Federal and state tax recoveries amounted to approximately \u20a6288.1 billion over the period, including about \u20a6173.2 billion in federal tax recoveries and \u20a6114.9 billion attributed to States\u2019 Internal Revenue Services.<\/p>\n

This is fiscal value recovered through enforcement of existing obligations, not through the imposition of new taxes.<\/p>\n

In addition, approximately \u20a6257.2 billion recoveries were recorded for Federal Ministries, Departments and Agencies, demonstrating how anti-corruption enforcement can reinforce the revenue capacity of the government, he stated.<\/p>\n

N100bn allocated to NELFUND and Nigerian Consumer Credit<\/strong><\/p>\n

The EFCC Chief said the national impact of the Commission’s recovery was perhaps, clearest when proceeds of crime were converted into productive social investment in the economy.<\/p>\n

He noted that in August 2024, the Federal Government directed that \u20a650 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, he stated.<\/p>\n

Olukoyede averred that when “recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.”<\/p>\n

A recovered property, NOK University, wasn\u2019t also converted to a Federal University of Applied Sciences, Kachia, in Kaduna State.    <\/p>\n

Interestingly, a total of 1,909 students matriculated into the University, December 2025.<\/p>\n

He stated: “These are students who ordinarily would not have been afforded the opportunity of tertiary education.<\/p>\n

“We can also imagine the impact of the institution on the local economy of Southern Kaduna.<\/p>\n

“In addition, another Private university of High-Value has just been finally forfeited to the Federal Government.<\/p>\n

Olukoyede declared: “These outcomes tell a larger story. Anti-corruption enforcement can restore fiscal space, strengthen federal and sub-national revenue, return working capital to institutions, companies and citizens, support financial-market integrity, protect the extractive and digital economies and strengthen Nigeria\u2019s international credibility.<\/p>\n

“It also produces a deterrence dividend: every successful prosecution and every asset stripped from criminal enterprise reduces the expected cost of economic crime.”<\/p>\n

The Communion, therefore, thanked the enforcement organisations, partners, agencies, and organisations for their cooperation.<\/p>\n

He added: “At the EFCC, collaboration is central to our mandate.<\/p>\n

“Domestically, we work with law-enforcement agencies, regulators, the judiciary, ministries, departments and agencies, and state    revenue authorities.<\/p>\n

Internationally, our cooperation extends to partners including the Federal Bureau of Investigation, the United Kingdom\u2019s National Crime Agency, the Royal Canadian Mounted Police, INTERPOL, and other National & International law-enforcement Agencies.<\/p>\n

“Our recoveries span multiple currencies and jurisdictions, and we have returned recovered assets to foreign entities and individuals.<\/p>\n

Olukoyede also appreciated all stakeholders, especially President Bola Ahmed Tinubu, GCFR, and members of the National Assembly, the Judiciary, the civil society, the media, and the Nigerian public, for supporting the work of the Commission.<\/p>\n

“We will never take your trust and confidence for granted,” the Executive Chairman of EFCC noted<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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