EFCC Records Historic 4,111 Convictions, Largest Asset Recovery In 22 Years

The Economic and Financial Crimes Commission (EFCC) has secured a record-breaking 4,111 convictions in 2024, the highest in any year since its establishment in 2002.

The EFCC also recovered over N364 billion alongside millions in foreign currencies, luxury duplexes and apartments, vehicles, cryptocurrencies and other valuable assets from various convicts, institutions and their collaborators.

In its detailed report for 2024, which was seen by LEADERSHIP, the anti-graft agency identified advance fee fraud (commonly known as ‘419’ in local parlance), money laundering, and cybercrime as the most common offences in 2024.

In the report, the EFCC revealed that it recovered N364,597,370,151.35, $214,513,439.55, £54,318.64, €31,265, and smaller amounts in various currencies including CFA7,821,375, UAE DIRHAM 170, RIYALS 5,115, W73,000, 105 Yen, GH¢225 and RAND 50.

Other recovered assets in 2024 included the forfeiture to the Federal Government of over 750 duplexes and other apartments in late 2024, the largest recovery by the Commission since its inception.

A summary of the assets included 173 vehicles, cash sums of N9,477,977,318.78, and $2,605,858.30. Others included cryptocurrencies of 13.37BTC worth about $572,992.86.

The monetary recoveries also included 5.97886094 ETHEREUM worth $13,353.06. 298.4770071 GREEN SATOSHI token worth $6 1,002.547631. USDT ($1,0022.22), sum of N2,699,233. USDT in form TETHER COIN (USDT TRC-20).

Others were 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tons of unidentified solid minerals.

The anti-graft agency further revealed in the report that, it received 15,724 petitions from Nigerians reporting suspected financial crimes.

Out of these, the agency investigated 12,928 cases across its zonal commands and filed 5,083 cases in various courts nationwide, showcasing its determination to bring offenders to justice.

The EFCC’s zonal commands reported varying levels of success with Lagos, Nigeria’s commercial hub, leading with 685 convictions, reflecting the city’s fast-paced economy and high incidence of financial crimes.

Enugu State in the South-East followed with 516 convictions, while Ibadan in the

South-West recorded 501.

Other notable figures included Benin, 412; the EFCC headquarters in Abuja, 290; Kaduna, 273; Ilorin, 230; Uyo, 220; Port Harcourt,185; Makurdi, 161; Kano, 236; Gombe, 217; Sokoto,140, and Maiduguri, 64.

The convictions often involved jail terms, fines, or asset seizures, sending a strong message to fraudsters and corrupt officials alike.

The Commission also stated in the report that some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people.

It cited the example of the N50bn granted by the federal government to the Nigerian Education Loan Fund (NELFUND), a programme launched in 2024 to provide interest-free loans to students in tertiary institutions.

The EFCC reported that other recovered funds were being invested in development projects—such as improved roads, hospitals, and power supply—to elevate standards and support Nigeria’s long-term growth.

The EFCC attributed its success to the dedication of its officers, strong leadership, and collaboration with local and international partners, such as the FBI and Interpol, who assist in tracing assets hidden overseas.

However, the Commission admitted in the report that the journey is still challenging because of the challenges of slow court processes, weak laws, and a cash-based economy.

The report concluded that the agency will continue to train its staff, partner with international allies like the FBI, and push for faster courts to keep the momentum going.