EFCC Recovers N566bn, $411m, 1,502 Assets in Two Years — Olukoyede

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of over N566 billion, $411 million, and 1,502 assets in the past two years under the leadership of its Chairman, Ola Olukoyede.

Olukoyede, who was represented by the Commission’s Director of Public Affairs, Wilson Uwujaren, disclosed this on Thursday in Abuja during a press briefing marking his second anniversary in office.

Appointed on October 18, 2023, and confirmed by the Senate a day later, Olukoyede described the EFCC’s achievements as “unprecedented progress” in the fight against corruption and economic crimes.

According to him, between October 2023 and September 2025, the Commission received over 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases, and secured 7,503 convictions across various courts.

“The Commission in the same period recovered N566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, and other foreign currencies from proceeds of financial and economic crimes,” Olukoyede revealed.

He added that 1,502 non-cash assets were recovered during the same period, including 402 properties in 2023, 975 in 2024, and 125 so far in 2025. Notable recoveries include the final forfeiture of 753 duplex units in Lokogoma, Abuja, and Nok University in Kaduna State, now renamed the Federal University of Applied Sciences, Kachia.

High-Profile Prosecutions and Cybercrime Crackdown

The EFCC chairman listed several high-profile prosecutions within the review period, including those of former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, and Yahaya Bello.
Others facing prosecution include former ministers Olu Agunloye, Mamman Saleh, Hadi Sirika, Charles Ugwu, and ex-CBN Governor Godwin Emefiele.

He also noted the revival of long-pending cases involving Fred Ajudua, Haliru Bello Mohammed, Sambo Dasuki, and Ngozi Olojeme.

Olukoyede highlighted a major clampdown on cryptocurrency and investment fraud in December 2024, during which 792 suspects, including 192 foreign nationals, were arrested in Lagos. The foreigners were later prosecuted and deported, a move he said “sent a strong message that Nigeria will not be a safe haven for cybercriminals.”

Reinvestment of Recovered Funds

Part of the recovered funds, Olukoyede revealed, had been reinvested in key government programmes, including the Students Loan Scheme and Consumer Credit Scheme, with N100 billion allocated to both.
Other beneficiaries include the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and the National Health Insurance Authority (NHIA).

He added that some confiscated properties were handed over to government institutions for official use, in line with EFCC’s policy of putting recovered assets to productive use.

Institutional Reforms and Anti-Corruption Drive

Olukoyede also discussed the creation of a Task Force on Naira Abuse and Dollarisation of the Economy, credited with helping stabilize currency operations and curb speculative trading.

He emphasized the EFCC’s dual strategy of enforcement and prevention, citing initiatives such as the National Cybercrime Dialogue (January 2024) and the National Cybercrime Summit (October 2024), where First Lady Senator Oluremi Tinubu inaugurated the Cybercrime Response Centre.

On international collaboration, he noted partnerships with the FBI, UK’s National Crime Agency (NCA), INTERPOL, and Japan’s JICA, leading to joint operations and repatriation of stolen assets to victims in Spain, Canada, and the United States.

“In 2024, we had the honour of hosting Christopher Wray, former FBI Director, and Graeme Biggar, Director-General of the NCA — a testament to the global respect the EFCC commands today,” he said.

As President of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), Olukoyede announced the establishment of a permanent secretariat for the body in Abuja.

He also introduced several internal reforms, including the creation of the Directorate of Fraud Risk Assessment and Control (FRAC) to enhance preventive oversight in public sector operations.

“You cannot fight corruption with corruption,” Olukoyede declared, revealing that upon assuming office, all EFCC staff were directed to declare their assets.
He added that 55 officers had been dismissed for misconduct, with one currently facing prosecution for tampering with case exhibits, while diligent officers were rewarded through promotions, CNG buses, and improved allowances.

‘Prevention More Cost-Effective Than Enforcement’

Olukoyede concluded by reaffirming his zero-tolerance policy and stressing the importance of prevention in combating corruption.

“Prevention is a more cost-effective approach than enforcement. That is why we established FRAC to apply risk-based strategies in monitoring the budget performance of Ministries, Departments, and Agencies,” he said.