More than ₦1.23 trillion in naira, alongside hundreds of millions of dollars, pounds and euros, have been recovered by the Economic and Financial Crimes Commission, EFCC during the 34 months of Ola Olukoyede’s leadership.
The figures tell a story of an anti-graft agency that says it has moved beyond chasing suspects and seizing assets to pursuing the money, taking cases to court and returning recovered value to those entitled to it.
Olukoyede disclosed the figures on Monday, August 31, 2026, while giving an account of his stewardship as Executive Chairman of the EFCC.
According to him, the Commission recovered ₦1,233,612,040,411.11 during the period under review.
The recoveries also included $684.48 million, €9.34 million and £373,905.78.
But behind the headline figure is another detail that the EFCC says is significant.
Of the naira recovered, about ₦397.26 billion, representing 33 per cent, was recovered directly for the Federal Government.
The remaining ₦836.34 billion, or 67 per cent, was recovered for ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
In other words, according to Olukoyede, about two out of every three naira recovered went to beneficiaries other than the Federal Government.
From seized assets to returned value
For the EFCC, recovering money is only part of the job.
The bigger question is what happens after the money or assets have been recovered.
Olukoyede said that during the period, ₦661.32 billion and $492.37 million were released to beneficiaries.
The naira releases included about ₦325.35 billion paid directly to individuals and corporate bodies, while another ₦335.97 billion went to MDAs, the Nigerian Revenue Service, state internal revenue services and other beneficiaries.
This, the Commission argues, turns asset recovery into something more tangible: money that can return to circulation, support institutions, settle legitimate claims and restore resources allegedly lost through financial crimes.
10,053 assets forfeited
The recovery story did not end with cash.
Between October 2023 and July 2026, the Commission secured forfeiture of 10,053 tangible assets through interim and final court orders.
They included: 8,198 electronic items, 1,177 real-estate assets, 370 automobiles, 251 plots of land, schools, factories, hotels, shops, oil rigs, barges, machinery, and aircraft.
The EFCC also recorded the forfeiture of 102 tonnes of solid minerals.
Olukoyede said proceeds from the disposal of assets under final forfeiture orders amounted to approximately ₦12.07 billion, which was paid to the Federal Government.
Fighting crime beyond grand corruption
While spectacular corruption cases often attract public attention, the EFCC says the financial crime landscape is much wider.
Between 2024 and 2026 year-to-date, the Commission recorded 46,288 offences across nine major categories.
Advance fee fraud and cybercrime alone accounted for nearly two-thirds of the recorded offences.
The EFCC said the number of recorded offences increased by 24.1 per cent between 2024 and 2025, with increases recorded in areas including procurement fraud, bank fraud, cybercrime and economic-governance offences.
For ordinary Nigerians, this means the fight against financial crime is not confined to allegations involving politicians or public funds.
It also involves the online fraudster targeting individuals, financial criminals exploiting businesses and networks allegedly designed to move illicit money.
10,872 convictions
The Commission also reported a substantial prosecution record.
Between October 2023 and July 2026, the EFCC said it received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions.
The Commission put its conviction-to-filing ratio at 75.1 per cent.
In the first half of 2026 alone, it recorded 1,370 convictions from 1,889 filings.
Olukoyede said the figures reflected an approach focused on evidence and courtroom outcomes.
Tackling money Iaundering and new threats
The EFCC’s specialised enforcement operations have also expanded.
Across money laundering, unlicensed bureau de change, illegal mining, virtual assets and terrorist financing, the Commission recorded 920 cases and 212 convictions.
Money laundering and unlicensed bureau de change made up the largest share of the portfolio, while virtual assets and illicit financial flows from the extractive sector have emerged as growing areas of concern.
In the foreign-exchange market, the EFCC recorded 234 BDC cases and 73 convictions over the three-year period.
The Commission said the objective was to help close channels vulnerable to illicit finance, speculation and round-tripping while supporting a more transparent foreign-exchange market.
When crime proceeds become social investment
Perhaps the clearest example of the argument that recovered assets can serve a public purpose came from education and household credit.
Olukoyede recalled the Federal Government’s directive in August 2024 for ₦50 billion each from EFCC proceeds of crime to be allocated to the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation.
Another ₦50 billion each was approved for both institutions in 2026 from EFCC recoveries.
A forfeited private university also took on a new identity after being converted into the Federal University of Applied Sciences, Kachia, Kaduna State.
According to Olukoyede, 1,909 students matriculated at the institution in December 2025.
The EFCC chairman said this demonstrated how recovered criminal assets could move beyond punishment and be redirected into productive national use.
60% of operations now digital
Behind the enforcement figures, the Commission has also been changing the way it operates.
Olukoyede said almost 60 per cent of EFCC processes and operations have now been digitalised.
New structures introduced during the period include the Department of Fraud Risk Assessment and Control, Security Department, Immigration and Visa Section and Cybercrime Rapid Response Centre.
The Commission also established new directorates in Ekiti, Anambra and Katsina, while the Enugu and Ilorin directorates were commissioned.
It also reviewed policies covering arrest and bail, sting operations, gifts and hospitality, conflict of interest and exhibit-room security.
The Internal Affairs Department was renamed and restructured as the Ethics and Integrity Department as part of what Olukoyede described as an effort to strengthen internal accountability.
The bigger picture
For the EFCC, the 34-month record is not simply a story about money. It is a story about enforcement, prosecution, forfeiture, restitution and institutional reform.
The Commission says its work has helped strengthen government revenue, return capital to individuals and businesses, protect the financial system and improve Nigeria’s international standing.
It also pointed to Nigeria’s removal from the Financial Action Task Force grey list in October 2025 as a national achievement to which EFCC enforcement contributed.
But perhaps the most important test of the record lies beyond the figures.
A recovery matters when the money reaches its rightful beneficiary.
A forfeited property matters when it is put to productive use.
A conviction matters when it deters others from committing similar offences.
And an institutional reform matters when it makes the system more capable of detecting and preventing financial crime.
That is the story the EFCC says its ₦1.23 trillion in recoveries represents after 34 months under Olukoyede: not merely money taken from alleged criminals, but an attempt to turn enforcement into restitution, deterrence and public value.
