Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has recovered a staggering N1.23 trillion, $684.48 million, £373,905.78, and €9.34 million between October 1, 2023, and June 30, 2026, the agency’s Chairman, Ola Olukoyede, announced on Monday, August 31, 2026. Olukoyede, who made the disclosure while addressing media executives and journalists in Abuja, described asset recovery as one of the major pillars of the commission’s stewardship, adding that the recoveries represented proceeds and assets traced to financial crimes.
The EFCC chairman said the commission received 49,673 petitions during the period, investigated 39,615 cases, and filed 41,476 cases in court. He also revealed that the EFCC secured 10,872 convictions and forfeited 10,053 assets, including properties and 102 tonnes of solid minerals. Olukoyede noted that the Federal Government had approved N1 billion from the recoveries, with 50 per cent allocated to the Credit Corp and the remaining 50 per cent to the Nigerian Education Loan Fund (NELFUND).
Of the N1.23 trillion naira recovery, Olukoyede said N397.26 billion, representing about 33 per cent, was recovered directly for the Federal Government. The remaining N836.34 billion, representing 67 per cent, constituted indirect recoveries made on behalf of various ministries. “Between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of N1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66, in addition to recoveries in other currencies,” he stated.
Olukoyede also disclosed that 2,374 cases had been filed against Bureau de Change operators, resulting in 71 convictions. He stressed that asset recovery remains a key component of the commission’s efforts to combat economic and financial crimes and safeguard public resources. The EFCC chairman said the commission has continued to strengthen its investigative and recovery mechanisms while pursuing individuals suspected of involvement in financial crimes.
The disclosure comes amid renewed scrutiny of Nigeria’s efforts to tackle corruption and recover assets allegedly acquired through illicit means. Olukoyede also addressed concerns over the arrest of family members and associates of suspected criminals, stating that 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. He further disclosed that more than 40 EFCC personnel had been dismissed for misconduct in the past three years.
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