EFCC Secures 10,872 convictions in 34 Months, Rejigs for more success

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At 75 percent convictions rate, EFCC is finding more effective ways to deter crimes and punish offenders. Ola Olukoyede, executive chairman, Economic and Financial Crimes Commission, EFCC, laid out the scorecard of the Commission for the past 34 months before the media in Abuja and invited scrutiny on Monday, August 31, 2026.

On enforcement, the Commission said it received 49,673 petitions between October 2023 and July 2026, investigated 39,615 cases, filed 14,476 cases in court, and secured 10,872 convictions, 75.1 per cent conviction-to-filing ratio.

“The past 34 months have been a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad. In the first half of 2026 alone, we recorded 1,370 convictions from 1,889 filings. These results reflect diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.”

What the Data Say: Data from petitions and case analysis shows shifting trends in the financial crime threat landscape.

“Our 2024 to 2026 year-to-date category data recorded 46,288 offences across nine major typologies. Advance Fee Fraud and cybercrime together, represented nearly two-thirds of recorded offences,” revealed Olukoyede.

“However, between 2024 and 2025, total recorded offences rose by 24.1 per cent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.”

This indicates that “the fight against economic and financial crimes 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.”

Accountability without Status Exception: The Chairman said the Commission 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.” Some of these high-end convictions include Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku.

Olukoyede reaffirmed the Commission’s commitment to the supremacy of the law. “The principle is simple: no office or title places anyone beyond the reach of the law. We will continue to investigate professionally, prosecute on the strength of evidence and allow the courts to determine guilt or innocence.”

On Specialised Enforcement Portfolio- Money Laundering, BDCs, Virtual Assets, the Commission is showing increasing competence and professionalism.

“Our specialised enforcement portfolio further demonstrates the breadth of this work. 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. Money laundering and unlicensed bureau de change cases account for the largest share of this portfolio. We are also responding to emerging risks in virtual assets and illicit financial flows from the extractive sector.”

On Asset Recovery, Olukoyede affirmed that this has been another major pillar of the Commission’s stewardship.

“Between October 1, 2023, and June 30, 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.

“Where is the Money?” The Chairman largely pre-empted the journalists on what becomes of the recovered assets.

“Recovery is only truly meaningful when value is to the public interest and to rightful beneficiaries. During the period, ₦661.32 billion and US$492.37 million were released to beneficiaries. The naira releases included about ₦325.35 billion paid directly to individuals and corporate bodies.

“Similarly, ₦335.97 billion was released to various MDAs, Nigerian Revenue Service and states internal revenue services, alongside releases to other public institutions, companies and individuals. “Our continuing priority is to make restitution faster, more transparent and more efficient.”

He explained that recovery delivers fiscal value to federal and sub-national governments. On revenue-mobilisation aspect of their work, the Commission achieved for Federal and state tax recoveries ₦288.1 billion over the period – ₦173.2 billion in federal tax recoveries and ₦114.9 billion attributed to states’ Internal Revenue Services.

“This is fiscal value recovered through enforcement of existing obligations, not through the imposition of new taxes. In addition, approximately ₦257.2 billion in naira recoveries were recorded for federal ministries, departments and agencies, demonstrating how anti- corruption enforcement can reinforce the revenue capacity of the government,” explained be Olukoyede.

These recoveries make immediate impact as the “proceeds of crime are converted into productive social investment.” In August 2024, the Federal Government allocated ₦50 billion each to the Nigerian Education Loan Fund, (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC.

Another NELFUND and Credit Corp funding from EFCC recoveries (50Billion Naira each) was approved in 2026.

“When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use,” argued Olukoyede.

“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.

“The big picture taken together, Olukoyede says “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’s international credibility.

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

Beyond cash, the Commission also 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, aircraft and 102 tonnes of solid minerals.

Proceeds from disposal under final forfeiture orders amounted to approximately ₦12.07 billion and were paid to the Federal Government. Restoring the Integrity of Nigeria’s Financial System/ Exit from Grey List, “Our work has equally contributed to improving the integrity of Nigeria’s financial system,” explained the Chairman.

“Sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other higher-risk sectors formed part of Nigeria’s wider national effort to address deficiencies in the anti-money laundering and counter-financing of terrorism framework.

“Nigeria’s removal from the Financial Action Task Force Grey List in October 2025 was a national achievement, and the Commission’s casework and enforcement activities formed part of that collective effort.

“In the foreign-exchange market, our enforcement against unlicensed bureaux de change reinforces the regulatory reforms by the Central Bank of Nigeria. The Commission recorded 234 BDC cases and 73 convictions within the last three years. The overarching objective is to support a more formal, transparent and compliant retail foreign-exchange market and close channels vulnerable to illicit finance, speculation and round tripping.

“This has improved macroeconomic stability with long-term benefits for the average citizen”

He attributed their success to “support of our partners. Organised crime is increasing in sophistication and cut across national borders and jurisdiction, thus requiring the cooperation of international law enforcement organisations.

“At the EFCC, collaboration is central to our mandate. Domestically, we work with law enforcement agencies, regulators, the judiciary, ministries, departments and agencies, and state revenue authorities.

“Internationally, our cooperation extends to partners, including the Federal Bureau of Investigation, the United Kingdom’s National Crime Agency, the Royal Canadian Mounted Police, INTERPOL and other National & International law-enforcement Agencies.

“Our recoveries span multiple currencies and jurisdictions, and we have returned recovered assets to foreign entities and individuals.”

Reforms have also strengthened the Commission with new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre.

 “In addition, we commissioned the Enugu and Ilorin Directorates and established new Directorates in Ekiti, Anambra and Katsina States, which has improved citizens’ access to the Commission.

“We also instituted policies on gifts and hospitality, conflict of interest and exhibit-room security. We have re-named & re-structured the Internal Affairs Department to the Ethics and Integrity Department to reflect our commitment to internal cleansing.

“At the same time, we are investing heavily in Digitalisation projects. At the moment, almost 60% of our processes and operations have been digitalised. Continuing investment in innovation and digitisation, the new Academy and EFCC 24/7 Cybercrime Rapid Response Centre (E-C2R2) as a strategic response to the growing complexity of cyber enabled financial crimes and EFCC Radio.”

Looking ahead, Olukoyede said, “our priorities are clear: deepen prevention, ensure faster restitution, invest in better investigative technology and improved professionalism in our engagement with citizens.

“We will intensify the fight against corruption and economic crime with respect for due process and unrelenting focus on measurable value for the public.”