EFCC records N1.23 trillion recoveries, 10,872 convictions in 34 months

The Economic and Financial Crimes Commission (EFCC) recorded N1.23 trillion in recoveries and secured 10,872 convictions in the first 34 months of Ola Olukoyede’s tenure as chairman.

The figures cover the period from October 1, 2023 to July 31, 2026, during which the commission received 49,673 petitions, investigated 39,615 cases and filed 14,476 cases in court.

The EFCC disclosed the figures in a video posted on its X account on Thursday, September 24, highlighting the commission’s enforcement, prosecution and asset recovery activities under Olukoyede.

The commission also reported dollar-denominated recoveries of $684.48 million during the period, alongside recoveries in other foreign currencies.

EFCC records N1.23 trillion recoveries

The EFCC said the figures represent the scale of its financial crime enforcement activities during Olukoyede’s first 34 months in office, with recoveries and convictions forming key measures of its work.

The commission said the enforcement process began with thousands of petitions and resulted in tens of thousands of investigations, court filings and convictions.

• “N1.23 trillion in recoveries in just 34 months. This is the legacy of EFCC Chairman Olukoyede between October 1, 2023 and July 31, 2026.”

However, the commission’s detailed stewardship figures show that the recovery figure was N1.233 trillion, while dollar recoveries stood at $684.48 million.

• “The EFCC received 49,673 petitions, the entry point for action. From these, 39,615 cases were investigated, 14,476 cases were filed in court, and those investigations led to 10,872 convictions.”

The commission said the cases covered financial crimes including advance fee fraud, cybercrime, money laundering, bank fraud and economic governance-related offences.

Olukoyede’s EFCC leadership began in 2023

On October 12, 2023, President Bola Ahmed Tinubu appointed Olukoyede as the Executive Chairman of the EFCC for a renewable four-year term in the first instance, subject to confirmation by the Senate. The Senate confirmed his appointment on October 18, 2023.

Before becoming EFCC chairman, Olukoyede had more than two decades of experience as a lawyer, regulatory compliance consultant and specialist in fraud management and corporate intelligence.

• He previously served as Chief of Staff to the EFCC Executive Chairman between 2016 and 2018.
• He served as Secretary to the Commission from 2018 to 2023.
• The Presidency cited this experience in appointing him to lead the commission.

Olukoyede had also worked as a lawyer associated with the law firm of former Vice President Yemi Osinbajo before his appointment as EFCC chairman.

He is a Certified Fraud Examiner and has experience in the investigation and civil litigation of fraud and financial crimes.

EFCC pursues major financial crime cases

Some of the commission’s high-profile cases during Olukoyede’s tenure have involved former senior government officials and the recovery or forfeiture of assets linked to alleged proceeds of financial crimes.

• In May 2026, a Federal High Court in Abuja sentenced former Minister of Power, Saleh Mamman, to about 70 years in prison following his conviction on a 12-count amended money laundering case instituted by the EFCC involving about N33 billion. The sentences were ordered to run consecutively.
• In July, the Supreme Court restored the final forfeiture of seven properties linked to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government.
• The properties include assets in Lekki and Ikoyi in Lagos and an industrial complex under construction in Agbor, Delta State.
• The apex court also affirmed the forfeiture of $2.045 million and share certificates linked to Emefiele after overturning an earlier Court of Appeal decision that had nullified the forfeiture and ordered a retrial.

The EFCC’s August 2026 stewardship briefing identified 36 high-profile cases still before the courts, involving figures including former Kogi Governor Yahaya Bello, former Taraba Governor Darius Ishaku, former Kwara Governor Abdulfatah Ahmed, former Abia Governor Theodore Orji, former Niger Governor Muazu Babangida Aliyu, and former Anambra governors Chris Ngige and Willie Obiano.

Beyond concluded cases, the EFCC said its high-profile portfolio includes ongoing investigations and prosecutions involving former governors, ministers, senior government officials, banking executives and corporate officials.

The commission has also continued investigations across specialised areas including money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, reflecting the changing nature of financial crimes in Nigeria.