•••Says Public Servants Engaging Internet Fraudsters, Students to Steal Funds Through Crypto Wallets
••Commission Secures 10,872 Convictions, Recovers Over N1.23 Trillion in Nearly Three Years
Fidelia Soriwei, Abuja
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, had raised the alarm about the threat of cyber crime in Nigeria.
Olukoyede who called on Nigerians to support the EFCC in its fight against cyber criminals said that cyber crimes constitutes a grave threat to the economy and the society.
The EFCC Chairman spoke at an interactive forum with the media in Abuja on Monday to mark the almost three years of his stewardship, as the commission’s Executive Chairman.
According to him “Cyber crime is deadly, abd the commission should be supported in the fight against it.”.
He disclosed a new disturbing trend now adopted by public office holders with the nefarious intent to steal public funds.
According to him, some civil servants open currency wallets and crypto accounts with which they funnel funds outside the country to buy properties.
He said such people engage the services of technology savvy internet fraudsters and other young students to help siphon public funds.
The EFCC Chairman also disclosed that the commission secured 10,872 convictions and recovered more than N1.23 trillion alongside hundreds of millions of dollars between October 2023 and July 2026, as part of its anti-corruption and financial crime enforcement efforts across Nigeria.
Olukoyede, said the commission recorded significant gains in investigations, prosecutions, asset recovery and institutional reforms aimed at strengthening Nigeria’s financial system and combating economic crimes.
According to him, the commission received 49,673 petitions within the period, investigated 39,615 cases, filed 14,476 cases before various courts and secured 10,872 convictions, representing a conviction-to-filing ratio of 75.1 per cent.
He added that in the first half of 2026 alone, the agency recorded 1,370 convictions from 1,889 court filings.
Olukoyede said data collected between 2024 and 2026 showed that advance fee fraud and cybercrime accounted for nearly two-thirds of recorded offences, while cases involving procurement fraud, bank fraud, cybercrime and economic governance offences continued to rise.
“Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation,” he said.
The EFCC chairman also highlighted the agency’s handling of high-profile corruption cases, noting that recent convictions were secured against notable Nigerians including a former Minister of Power, Mr. Saleh Mamman, a former managing director and CEO of the Nigerian Export-Import Bank Robert Orya and a former acting Accountant-General of the Federation in Nigeria, Mr Chukwunyere Nwabuoku.
“The principle is simple: no office or title places anyone beyond the reach of the law. We will continue to investigate professionally, prosecute on the strength of evidence and allow the courts to determine guilt or innocence,” he stated.
On asset recovery, Olukoyede revealed that the commission recovered N1,233,612,040,411.11, $684.48 million, £373,905.78 and €9.34 million between October 2023 and June 2026.
He explained that about one-third of the recovered Naira funds went directly to the Federal Government, while the larger portion was recovered on behalf of ministries, agencies, state revenue authorities, companies, individuals and foreign victims.
He further disclosed that N661.32 billion and $492.37 million had already been released to beneficiaries, including individuals, corporate organisations, government agencies and revenue authorities.
The anti-graft agency also reported recovering about N288.1 billion in federal and state tax revenues during the period, comprising N173.2 billion in federal tax recoveries and N114.9 billion for state internal revenue services.
Olukoyede said proceeds recovered from financial crimes were being channelled into national development initiatives.
He noted that the Federal Government approved N50 billion each for the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from recovered assets in 2024, with additional approvals granted in 2026.
He also cited the conversion of the forfeited NOK University into the Federal University of Applied Sciences, Kachia, Kaduna State, where 1,909 students were matriculated in December 2025.
Beyond cash recoveries, the commission secured the forfeiture of 10,053 assets, including 1,177 real estate properties, 370 vehicles, 251 plots of land, electronic devices, schools, hotels, factories, aircraft, barges and 102 tonnes of solid minerals.
Proceeds from disposed forfeited assets generated approximately N12.07 billion for the Federal Government.
The EFCC chairman said the commission’s enforcement activities also contributed to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025.
He added that the agency recorded 234 cases involving unlicensed bureaux de change and secured 73 convictions as part of efforts to strengthen transparency in the foreign exchange market and curb illicit financial flows.
Olukoyede attributed the commission’s achievements to stronger collaboration with local and international partners.
These, according to him include the FBI, INTERPOL, the United Kingdom’s National Crime Agency and the Royal Canadian Mounted Police, as well as reforms within the EFCC such as expanded digitalisation, new operational departments and the establishment of additional directorates across the country.
“We have made significant progress, but the work is not finished. It continues with renewed determination,” he said, adding that the commission would focus on prevention, faster restitution, advanced investigative technology and greater professionalism in its future operations.
