..Says Nigeria’s Exit From FATF Grey List, Asset Restitution Are Key Wins of His Stewardship
Eniola Yekini
The Economic and Financial Crimes Commission, EFCC, has recorded 10,872 convictions and recovered over ₦1.23 trillion between October 2023 and June 2026.
The EFCC Chairman, Mr. Ola Olukoyede made this known on Monday during a media briefing at the EFCC Headquarters in Abuja to mark his three-year stewardship.
Giving the global outlook of the Commission’s work, the EFCC boss said the past 34 months were defined by “sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad.”
“Between October 2023 and July 2026, the Commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions. This gives a conviction-to-filing ratio of 75.1 per cent,” he stated.
He noted that in the first half of 2026 alone, the Commission recorded 1,370 convictions from 1,889 filings.
According to him, data analysis shows a shift in the crime landscape. “Advance fee fraud and cybercrime together, represented nearly two-thirds of recorded offences,” Olukoyede said, adding that 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.
“The fight against economic and financial crime 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” he said.
The Chairman reiterated the Commission’s commitment to prosecuting high-profile cases irrespective of status.
“Our high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials,” he said.
He cited recent convictions of Saleh Mamman, Robert Orya, and Chukwunyere Nwabuoku.
“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,” Olukoyede declared.
On asset recovery, Olukoyede said the Commission recovered ₦1,233,612,040,411.11, $684,478,457.32, £373,905.78, €9,343,803.66 and other currencies between October 2023 and June 2026.
He explained that ₦397.26 billion (33%) was direct recovery for the Federal Government, while ₦836.34 billion (67%) was recovered on behalf of MDAs, states, companies, individuals and foreign victims.
“Recovery is only truly meaningful when value is returned to the public interest and to rightful beneficiaries*, he said.
According to him, ₦661.32 billion and US$492.37 million were released to beneficiaries within the period. This includes ₦325.35 billion paid directly to individuals and corporate bodies, and ₦335.97 billion released to MDAs and state revenue services.
He added that tax recoveries for federal and state governments stood at ₦288.1 billion, describing it as “fiscal value recovered through enforcement of existing obligations, not through the imposition of new taxes.”
Olukoyede said recovered funds are now being used for national development. He cited the Federal Government’s directive to allocate ₦50 billion each to NELFUND and the Nigerian Consumer Credit Corporation* from EFCC recoveries in 2024, with another ₦50 billion each approved in 2026.
He also noted that the forfeited NOK University was converted to the Federal University of Applied Sciences, Kachia, Kaduna State, where 1,909 students matriculated in December 2025.
“*When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use,” he said.
The EFCC boss said the Commission secured forfeiture of 10,053 tangible assets including 8,198 electronic items, 1,177 real estate assets, 370 automobiles, 251 plots of land, schools, factories, hotels, oil rigs and aircraft*. Proceeds from disposal amounted to ₦12.07 billion.
He linked the Commission’s work to Nigeria’s removal from the Financial Action Task Force Grey List in October 2025, saying sustained enforcement in money laundering and terrorist financing formed part of the national effort.
On the foreign exchange market, he said the EFCC recorded 234 BDC cases and 73 convictions in three years to support CBN’s reforms. “The overarching objective is to support a more formal, transparent and compliant retail foreign-exchange market,” he stated.
Olukoyede said institutional reforms included new guidelines on arrest and bail, establishment of the Department of Fraud Risk Assessment and Control, Cybercrime Rapid Response Centre, E-C2R2, and new zonal directorates in Ekiti, Anambra and Katsina States.
“Almost 60% of our processes and Operations have been digitalized,” he disclosed, adding that the Commission also launched EFCC Radio to improve public engagement.
He was also re-elected President of the Network of National Anti-corruption Institutions in West Africa, NACIWA, for another three-year term.
Olukoyede said the Commission’s focus now is “to deepen prevention, ensure faster restitution, invest in better investigative technology and improved professionalism.”
“We are not merely counting arrests or announcing recoveries. Our responsibility is to convert information and intelligence into prevention, petitions into investigations, investigations into prosecutions, prosecutions into convictions, recoveries into restitution, and enforcement into measurable national value” he said.
He thanked President Bola Ahmed Tinubu*, the National Assembly, the judiciary, civil society and the media for their support.
“We will never take your trust and confidence for granted,” Olukoyede said.