The Economic and Financial Crimes Commission (EFCC) says it recovered more than N1.23 trillion and secured 10,872 convictions in 34 months under the leadership of its Chairman, Ola Olukoyede.

Olukoyede disclosed this on Monday in Abuja while presenting an account of his stewardship covering October 2023 to July 2026.

According to him, the commission recovered N1,233,612,040,411.11, alongside $684.48 million, £373,905.78 and €9.34 million during the period.

He described the naira recovery as the highest recorded by the EFCC, stressing that the figures reflected the commission’s intensified efforts against financial and economic crimes.

Olukoyede explained that N397.26 billion, representing 33 per cent of the total naira recovery, 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.

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

Beyond recoveries, the EFCC chairman disclosed that the commission received 49,673 petitions, investigated 39,615 cases and filed 14,476 cases in court within the 34-month period.

Of these cases, 10,872 convictions were secured, representing a 75.1 per cent conviction-to-filing ratio.

Olukoyede said the commission alone recorded 1,370 convictions from 1,889 court filings in the first half of 2026.

He attributed the prosecution record to what he described as a strategy built around diligence, resilience and evidence-based litigation.

The EFCC chairman also raised concern over the changing nature of financial crimes in Nigeria, revealing that 46,288 offences were recorded between 2024 and 2026 year-to-date across nine major crime categories.

According to him, advance fee fraud and cybercrime accounted for nearly two-thirds of the recorded offences, while total offences rose by 24.1 per cent between 2024 and 2025.

He noted significant increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.

Olukoyede said the EFCC’s responsibilities had expanded beyond prosecuting grand corruption to protecting citizens, businesses and institutions from fraud, cybercrime and other forms of economic exploitation.

He added that the commission continued to handle high-profile cases involving former governors, ministers, public officials, heads of government agencies, financial-sector operators and corporate executives.

The EFCC’s specialised enforcement operations covering money laundering, unlicensed bureaux de change, illegal mining, virtual assets and terrorist financing produced 920 cases and 212 convictions during the period.

On recovered funds, Olukoyede said N661.32 billion and $492.37 million were released to beneficiaries between October 2023 and July 2026.

He explained that N325.35 billion of the naira releases went directly to individuals and corporate bodies, while N335.97 billion was released to government institutions, state revenue services, companies and other beneficiaries.

The commission also recovered about N288.1 billion in federal and state taxes, comprising N173.2 billion in federal tax recoveries and N114.9 billion attributed to state internal revenue services.

Another N257.2 billion in naira recoveries was recorded for federal ministries, departments and agencies.

Olukoyede further disclosed that proceeds from the EFCC had supported government interventions in education and consumer credit.

He recalled that the Federal Government directed in August 2024 that N50 billion each from EFCC proceeds of crime be allocated to the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation.

A further N50 billion each was allocated to the two institutions in 2026 from EFCC recoveries, he said.

The EFCC chairman also highlighted the forfeiture of the former NOK University, which was converted into the Federal University of Applied Sciences, Kachia, Kaduna State. He said 1,909 students were matriculated at the institution in December 2025.

He added that another high-value private university had also been forfeited to the Federal Government.

On non-cash assets, Olukoyede said the EFCC secured forfeiture of 10,053 tangible assets through interim and final court orders during the review period.

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

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

According to Olukoyede, proceeds from the disposal of assets under final forfeiture orders stood at approximately N12.07 billion and had been paid to the Federal Government.

He said the EFCC’s enforcement efforts also contributed to strengthening Nigeria’s anti-money laundering and counter-financing of terrorism framework.

Olukoyede cited Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025 as a national achievement to which the commission’s enforcement activities contributed.

In the foreign exchange sector, the EFCC recorded 234 bureaux de change cases and secured 73 convictions.

He said the crackdown on unlicensed BDC operators complemented Central Bank of Nigeria reforms aimed at creating a more transparent and compliant retail foreign exchange market.

Olukoyede also listed institutional reforms introduced during his tenure, including new guidelines on arrest and bail, a review of sting operations and the creation of specialised departments.

Among the new structures are the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.

The commission also commissioned directorates in Enugu and Ilorin and established new directorates in Ekiti, Anambra and Katsina states to improve access to its services.

Other reforms included policies on gifts and hospitality, conflict of interest and exhibit-room security, while the Internal Affairs Department was renamed and restructured as the Ethics and Integrity Department.

On digital transformation, Olukoyede said nearly 60 per cent of the commission’s processes and operations had been digitalised.

He said the EFCC was further investing in technology and innovation through initiatives including the EFCC Academy, the 24-hour Cybercrime Rapid Response Centre and EFCC Radio.

Olukoyede described the 34 months of his leadership as a period of sustained enforcement, prosecution, asset recovery, restitution and institutional reform.

He assured that the commission would continue to strengthen its capacity to combat economic and financial crimes while ensuring that recovered assets and proceeds were returned to rightful beneficiaries and put to productive use.