The Economic and Financial Crimes Commission has recovered ₦1.23 trillion in 34 months under the leadership of its Executive Chairman, Ola Olukoyede.

This represents the highest monetary recovery recorded by the commission in both local and foreign currencies.

Olukoyede disclosed this while presenting an account of his stewardship since assuming office.

According to the figures, the EFCC recovered N1,233,612,040,411.11 during the period, it also recovered $684,478,457.32, £373,905.78 and €9,343,803.66.

Of the naira recovery, about N397.26 billion, representing 33 per cent, was recovered directly for the Federal Government, while N836.34 billion, or 67 per cent, was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

Olukoyede said the figures showed that “two out of every three naira recovered” were for beneficiaries other than the Federal Government.

On prosecution, the EFCC chairman said the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions between October 2023 and July 2026.

He said the figures represented a conviction-to-filing ratio of 75.1 per cent, adding that in the first half of 2026 alone, the commission secured 1,370 convictions from 1,889 cases filed.

Olukoyede said the commission’s data showed that advance fee fraud and cybercrime accounted for nearly two-thirds of the 46,288 offences recorded across nine major categories between 2024 and 2026 year-to-date.

He added that recorded offences increased by 24.1 per cent between 2024 and 2025, with significant increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.

The EFCC boss said the commission’s specialised enforcement portfolio covered money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing, with 920 cases recorded and 212 convictions secured.

He also disclosed that N661.32 billion and $492.37 million recovered during the period had been released to beneficiaries.

The naira releases included N325.35 billion paid directly to individuals and corporate bodies and N335.97 billion released to MDAs, the Nigerian Revenue Service, state revenue services and other beneficiaries.

On revenue recovery, Olukoyede said federal and state tax recoveries amounted to about N288.1 billion, comprising N173.2 billion in federal tax recoveries and N114.9 billion recovered for state Internal Revenue Services.

He said another N257.2 billion in naira recoveries was recorded for federal ministries, departments and agencies, stressing that the recoveries strengthened government revenue without imposing new taxes.

The EFCC chairman also highlighted the use of recovered assets for national development, recalling the Federal Government’s directive to allocate N50 billion each from EFCC proceeds to the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation in 2024, with a further N50 billion each allocated to both institutions in 2026.

He disclosed that the former NOK University, which was forfeited to the Federal Government, had been converted into the Federal University of Applied Sciences, Kachia, Kaduna State, where 1,909 students were matriculated in December 2025.

Beyond monetary recoveries, Olukoyede said the commission secured the forfeiture of 10,053 tangible assets through interim and final court orders between October 2023 and July 2026.

The assets included 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 251 plots of land, as well as schools, factories, hotels, shops, oil rigs, barges, machinery and aircraft.

The commission also secured the forfeiture of 102 tonnes of solid minerals.

He said proceeds from the disposal of assets under final forfeiture orders amounted to about N12.07 billion and were paid to the Federal Government.

On institutional reforms, Olukoyede listed new arrest and bail guidelines, a review of sting operations, and the establishment of the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.

He said new directorates had also been established in Ekiti, Anambra and Katsina, while the Enugu and Ilorin directorates were commissioned during the period.

Olukoyede further disclosed that nearly 60 per cent of the commission’s processes and operations had been digitalised, with investments in its academy, the 24/7 Cybercrime Rapid Response Centre and EFCC Radio.

He said the commission’s enforcement activities also contributed to Nigeria’s removal from the Financial Action Task Force grey list in October 2025, while 234 unlicensed bureau de change cases resulted in 73 convictions.

Olukoyede described the past 34 months as a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration with domestic and international partners.