EFCC Recovered N1.23trn, $684.4m, £373.9m, €9.34m In 34 Months – Olukoyede

The Economic and Financial Crimes Commission (EFCC) has recovered over N1.23 trillion, $684.48 million, £373,905 and €9.34 million in proceeds of crime between October 2023 and June 2026, its chairman, Mr Ola Olukoyede, has revealed.

Olukoyede made the disclosure yesterday in Abuja when he presented his three-year stewardship report at the EFCC Headquarters.

He outlined the commission’s achievements in the fight against economic and financial crimes.

According to him, the recoveries were among the major outcomes of the commission’s sustained enforcement, investigation, prosecution and asset-recovery efforts under his leadership.

Olukoyede said of the N1.233 trillion recovered during the period, approximately N397.26 billion, representing 33 per cent, constituted direct recoveries for the federal government.

The remaining N836.34 billion, representing about 67 per cent, comprised indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

Olukoyede stressed that the figures showed the EFCC’s recovery efforts went beyond generating revenue for the federal government, noting that the commission had also recovered funds and assets for legitimate beneficiaries across sectors.

“Two of every three naira recovered were on behalf of beneficiaries other than the federal government,” he said.

The EFCC chairman also disclosed that the commission had released N661.32 billion and $492.37 million to beneficiaries during the period.

He explained that the naira releases included approximately N325.35 billion paid directly to individuals and corporate organisations.

Another N335.97 billion was released to various ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services, other public institutions, companies and individuals.

Olukoyede said the commission was determined to make restitution faster, more transparent and more efficient, stressing that recovery was only meaningful when the proceeds were returned to the public interest and rightful beneficiaries.

The EFCC boss further disclosed that its enforcement activities had contributed significantly to revenue mobilisation by the Federal and state governments.

He said federal and state tax recoveries amounted to approximately N288.1 billion during the period under review.

According to him, about N173.2 billion was attributable to federal tax recoveries, while N114.9 billion was attributable to state Internal Revenue Services.

He emphasised that the funds represented fiscal value recovered through the enforcement of existing tax obligations rather than the introduction of new taxes.

In addition, the commission recorded approximately N257.2 billion in naira recoveries for federal ministries, departments and agencies.

Olukoyede also said some of the recovered proceeds had also been channelled into productive national development.

He recalled that in August 2024, the Federal Government directed that N50 billion be allocated from EFCC recoveries to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation.

He added that further funding of N50 billion each for NELFUND and the Credit Corporation from EFCC recoveries was subsequently approved in 2026.

The EFCC chairman said the use of recovered criminal proceeds to finance education and household credit demonstrated that anti-corruption enforcement could go beyond punishment to restoration and productive national investment.

He also disclosed that a recovered property, NOK University, had been converted into the Federal University of Applied Sciences, Kachia, Kaduna State, with 1,909 students matriculating in December 2025.