EFCC Secures 10,872 Convictions, Recovers Over N1trn Since 2023

The Economic and Financial Crimes Commission (EFCC) says it secured 10,872 convictions and recovered more than N1 trillion in assets and proceeds of crime between 2023 and July 2026.

EFCC Chairman Ola Olukoyede disclosed this while giving an account of the commission’s achievements since October 2023.

He said the commission received 49,673 petitions during the period, investigated 39,615 cases and filed 41,476 cases in court.

On asset recovery, Olukoyede said more than N1 trillion had been recovered, comprising N397 billion in direct recoveries for the Federal Government and N836 billion in indirect recoveries for state and local governments, ministries, companies and individuals.

He said the Federal Government had also approved N1 billion, with 50 per cent allocated to the Credit Corp and the remaining 50 per cent 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 offences.

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.