EFCC Recovers N1.23tn, $684m, Secures 10,872 Convictions

The Economic and Financial Crimes Commission has recovered N1.23 trillion and $684 million in proceeds linked to financial crimes, while securing 10,872 convictions under the current administration, EFCC Chairman Ola Olukoyede has disclosed.

Olukoyede said the figures reflected the commission’s intensified efforts to combat corruption, fraud, money laundering and other economic and financial crimes across the country.

He disclosed the figures while highlighting the commission’s performance and ongoing reforms aimed at improving its capacity to investigate and prosecute financial offences.

According to the EFCC chairman, the recoveries represent funds and assets traced to suspected financial crimes and recovered through investigations conducted by the commission.

He said the agency had also strengthened its approach to financial crime prevention by focusing increasingly on intelligence gathering, early intervention and the tracking of suspicious transactions.

Olukoyede stressed that recovering stolen assets was only one part of the commission’s responsibility, noting that successful prosecution and conviction were also important components of the fight against corruption.

The number of convictions recorded by the commission has continued to increase as investigators and prosecutors pursue cases involving internet fraud, money laundering, public-sector corruption, investment fraud and other financial offences.

The EFCC chairman also emphasised the importance of preventing financial crimes before they occur, particularly through closer monitoring of financial transactions and cooperation with relevant institutions.

He said the commission had expanded its focus to emerging forms of financial crime, including the use of cryptocurrency and digital wallets to move suspected illicit funds.

The increasing use of digital assets has created new challenges for investigators because funds can be transferred rapidly across multiple wallets and jurisdictions.

Olukoyede said the EFCC was strengthening its technical capacity and developing new strategies to trace digital transactions and recover assets linked to criminal activities.

The commission has also continued to engage banks, financial institutions, businesses and other stakeholders to improve the reporting of suspicious transactions.

The EFCC chairman maintained that stronger cooperation among government agencies and private-sector institutions would make it more difficult for criminals to conceal or move illicit funds.

The recoveries announced by the commission come amid continued public concern over corruption and the management of public resources in Nigeria.

Olukoyede said the EFCC would continue pursuing individuals and organisations suspected of financial crimes regardless of their status or political connections.

He also called for stronger public support for the commission’s work, particularly through the provision of credible information that could assist investigations.

The latest figures underscore the scale of the EFCC’s activities and the financial impact of economic crimes in Nigeria.

Olukoyede said the commission would remain committed to recovering illicit assets, securing convictions and strengthening systems designed to prevent financial crimes.

The EFCC is expected to continue its investigations and prosecutions as it seeks to deepen Nigeria’s fight against corruption, fraud and other forms of economic and financial crime.