The Economic and Financial Crimes Commission (EFCC) has successfully recovered over ₦566 billion, $411 million, and 1,502 assets in the past two years under the leadership of its chairman, Ola Olukoyede.
This announcement was made by Mr Olukoyede, represented by Wilson Uwujaren, the Director of Public Affairs, during a press conference held in Abuja on Thursday, commemorating his second anniversary in office.
Mr Olukoyede, who assumed office on 18 October 2023, with Senate confirmation the following day, stated that the commission has achieved “unprecedented progress” in its efforts to combat economic and financial crimes.
Between October 2023 and September 2025, the EFCC received over 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions.
“During this period, the commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, and other foreign currencies stemming from financial and economic crimes,” he explained.
Additionally, the EFCC recovered 1,502 non-monetary assets: 402 properties in 2023, 975 in 2024, and 125 to date in 2025.
Noteworthy among these recovered assets are two significant landmarks: the final forfeiture of 753 duplex units in Lokogoma, Abuja, and the forfeiture of Nok University, which is now the Federal University of Applied Sciences in Kachia, Kaduna State.
Mr Olukoyede highlighted several prominent cases prosecuted during this time, involving former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, and Yahaya Bello.
Other high-profile cases included former ministers Olu Agunloye, Mamman Saleh, Hadi Sirika, and Charles Ugwu, as well as former Central Bank Governor Godwin Emefiele.
The EFCC also revived long-standing corruption cases concerning notable figures such as Fred Ajudua, former PDP Chairman Haliru Bello Mohammed, ex-National Security Adviser Sambo Dasuki, and former NSITF Head Ngozi Olojeme.
In December 2024, the commission apprehended 792 suspects linked to investment and cryptocurrency fraud in Lagos, including 192 foreign nationals who were subsequently prosecuted and deported.
Mr Olukoyede revealed that part of the recovered funds has been allocated to key national initiatives, such as the Student Loan Scheme and Consumer Credit Scheme, amounting to a total investment of ₦100 billion.
He noted that other agencies, including the Niger Delta Development Commission (NDDC), the Asset Management Corporation of Nigeria (AMCON), the Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA), have also benefitted from the returned funds.
Some recovered properties have been designated for governmental use as offices, aligning with the Commission’s policy of ensuring that recovered assets are utilised productively.
Mr Olukoyede underscored the establishment of a Task Force on Naira Abuse and Dollarisation of the Economy, which has contributed to the sanitisation of currency operations and alleviated speculative pressure on the naira.
He reinforced the EFCC’s comprehensive strategy to combat cybercrime through both enforcement and prevention, recalling the National Cybercrime Dialogue held in January 2024 and the National Cybercrime Summit in October 2024, where First Lady Oluremi Tinubu inaugurated the Cybercrime Response Centre.
The EFCC has also strengthened international collaborations with agencies such as the FBI, the UK’s National Crime Agency (NCA), INTERPOL, and Japan’s JICA, leading to joint investigations and the repatriation of stolen assets to victims in Spain, Canada, and the United States.
“In 2024, we had the esteemed privilege of hosting Christopher Wray, former FBI Director, and Graeme Biggar, Director General of the NCA, which attests to the global respect the EFCC commands today,” he remarked.
Regionally, under Mr Olukoyede’s leadership as president of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), a permanent secretariat has been established in Abuja.
He detailed a series of internal reforms, including the formation of the Directorate of Fraud Risk Assessment and Control (FRAC) aimed at strengthening corruption prevention.
Mr Olukoyede reaffirmed his dedication to upholding integrity and professionalism within the commission, stating, “You cannot fight corruption with corruption.”
He mandated all staff to declare their assets upon his assumption of office and noted that those who violated ethical standards faced disciplinary action; 55 officers have been dismissed for misconduct, including one currently facing prosecution for tampering with exhibits.
While disciplinary measures have been enforced against errant staff, diligent officers have been rewarded through regular promotions, the provision of CNG buses, and the payment of allowances.
The EFCC chairman reiterated that the prevention of corruption remains a fundamental principle of his administration.
“Prevention is a more cost-effective approach than enforcement, which is why we established FRAC to implement risk-based strategies for monitoring the budget performance of ministries, departments, and agencies,” he concluded.
(NAN)
