Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has made a startling clarification about the N1.23 trillion it recovered between October 2023 and July 2026: the money will not be found in the coffers of the Federal Government. Wilson Uwujaren, the commission's Director of Publicity, made this known on Tuesday, September 1, 2026, during an interview on Arise Television's Prime Time. His clarification came days after EFCC Chairman Ola Olukoyede presented a stewardship report detailing the agency's achievements over the 34-month period, which included 10,872 convictions and the recovery of N1.233 trillion, $684.48 million, £373,905.78, and €9.34 million.
Uwujaren explained that the N1.23 trillion recovery is split into two distinct categories: direct and indirect recoveries. Direct recoveries, which amounted to approximately N397.26 billion or 33 per cent of the total, were made for the Federal Government and are available for projects. These funds can be found in government accounts. However, the remaining N836.34 billion, representing 67 per cent of the total, falls under indirect recoveries. These were made on behalf of ministries, departments and agencies (MDAs), state revenue services, companies, individuals, and even foreign victims of crime. This money was paid directly back to the rightful beneficiaries and is not sitting in any Federal Government account.
Olukoyede had previously stated that recovery is only meaningful when value is returned to the public interest and to the rightful beneficiaries. During the period under review, N661.32 billion and $492.37 million were released to beneficiaries. This included N325.35 billion paid directly to individuals and corporate bodies, and N335.97 billion released to various MDAs, the Nigerian Revenue Service, and states' internal revenue services. Federal and state tax recoveries amounted to approximately N288.1 billion.
Beyond cash, the EFCC secured the forfeiture of 10,053 tangible assets, including 8,198 electronic items, 1,177 real estate assets, 370 automobiles, and 102 tonnes of solid minerals. Proceeds from the disposal of these assets amounted to about N12.07 billion. Some recovered assets have been converted to productive social investment. For instance, a recovered private university, NOK University, was converted to the Federal University of Applied Sciences, Kachia, in Kaduna State, where 1,909 students matriculated in December 2025.
The EFCC also confirmed that proceeds of crime have been channelled into social investment programmes. In August 2024, the Federal Government directed that N50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from EFCC recoveries. A further N50 billion each was approved for both schemes in 2026. These allocations were made from the direct recoveries portion of the looted funds.
Uwujaren's clarification is a critical distinction for Nigerians who have long questioned where recovered loot ends up. The EFCC's message is clear: while the commission is recovering billions, much of it is being returned to the victims of crime, not disappearing into a government black hole. The challenge now lies in ensuring that both the direct and indirect recoveries continue to serve the public interest and that the fight against corruption yields tangible benefits for the Nigerian people.
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