For 34 months, the Economic and Financial Crimes Commission has been at war. Not in the streets, but in bank accounts, email inboxes, and courtrooms. And the numbers are staggering.
EFCC Chairman Ola Olukoyede revealed yesterday that between October 2023 and July 2026, the commission secured 10,872 convictions, recovered N1.23 trillion, $684.4 million, £373,905 and €9.3 million, and forced the forfeiture of 10,053 assets ranging from mansions to oil rigs and even an aircraft.
The message from Abuja was blunt: Nigeria’s financial criminals are evolving, and the biggest bleeders are not always in government offices.
Cyber scammers and yahoo boys now run the game
According to Olukoyede, advance fee fraud and cybercrime now account for nearly two-thirds of all financial crimes recorded. Out of 46,288 offences tracked between 2024 and 2026 across nine categories, the two digital frauds dominated.
“Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation,” he said at a briefing marking three years in office. Case files surged too. The EFCC received 49,673 petitions, investigated 39,615 cases and filed 14,476 in court, with a conviction-to-filing rate of 75.1 percent. In the first half of 2026 alone, 1,370 convictions were secured.
Trillions traced, billions returned to Nigerians
The recovery drive went beyond cash seizures. About N397.26 billion went directly to the Federal Government, while N836.34 billion was returned to MDAs, state revenue services, companies and foreign victims.
In a rare twist, crime proceeds are now funding opportunity. Following federal directives, N50 billion each was channeled to NELFUND for student loans and to CREDICORP for consumer credit in 2024, with another N50 billion each approved in 2026. In total, N661.32 billion and $492.37 million have been released to beneficiaries. Federal and state tax recoveries added another N288.1 billion.
No title is a shield
Olukoyede insisted status offers no protection. Thirty-six high-profile cases are ongoing, including nine former governors, four ex-ministers, one former Attorney-General of the Federation, 12 heads of agencies, and senior corporate and banking officials. Recent convictions include Saleh Mamman, Robert Orya and Chukwunyere Nwabuoku.
President of the Court of Appeal, Justice Monica Dongban-Mensem, speaking at Cambridge, also urged foreign countries to repatriate looted assets faster, warning that “illicit wealth must not be allowed to fund further crimes.”
From cyber fraud rings to the corridors of power, the EFCC says the hunt continues.
