WorldStage– The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede has disclosed that under his leadership, the Commission has made unprecedented progress in the fight against economic and financial crimes in the last two years by recovering over N566 billion alongside other currencies and assets.
He made this disclosure in Abuja on Thursday, while addressing journalists at the corporate headquarters of the Commission as part of activities marking his second anniversary in office.
Olukoyede, who was appointed on October 18, 2023, and confirmed by the Senate the following day, said the period has witnessed significant reforms and record-breaking achievements across all operational fronts of the Commission.
The EFCC’s boss who spoke through the Director of Public Affairs of the Commission, Commander of the EFCC, CE Wilson Uwujaren said between October 2023 and September 2025, the Commission received over 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions.
He disclosed that within the same period, the Commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, and other foreign currencies from proceeds of financial and economic crimes.
Olukoyede also announced the recovery of 1,502 non-monetary assets, comprising 402 properties in 2023, 975 in 2024, and 125 so far in 2025.
“Among these recovered assets are two notable landmarks: the final forfeiture of 753 units of duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, now the Federal University of Applied Sciences, Kachia, Kaduna State,” he said.
The EFCC Chairman described the recoveries as tangible evidence of the Commission’s renewed drive to trace, confiscate, and return illicit assets to the Nigerian state and victims of fraud.
He listed several high-profile cases prosecuted within the period, including those involving former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, and Yahaya Bello. Others are former ministers Olu Agunloye, Mamman Saleh, Hadi Sirika, Charles Ugwu, and former Central Bank Governor, Godwin Emefiele.
He further disclosed that the Commission in December 2024 arrested 792 suspects involved in investment and cryptocurrency fraud in Lagos, among whom were 192 foreigners who were prosecuted and deported.
“This development sent a strong message that Nigeria will not allow its territory to be turned into a safe haven for cybercriminals,” Olukoyede stated.
He added that the Commission also revisited and revived several longstanding corruption cases, including those involving Fred Ajudua, former People Democratic Party, PDP Chairman Haliru Bello Mohammed, former National Security Adviser, NSA Sambo Dasuki, and former Nigerian Social Insurance Trust Fund, NSITF boss Ngozi Olojeme.
The EFCC Chairman explained that part of the funds recovered by the Commission was deployed to key national initiatives, including the Students Loan Scheme and Consumer Credit Scheme, with a total of ₦100 billion invested.
He noted that other government agencies such as the Niger Delta Development Commission (NDDC), Asset Management Corporation of Nigeria (AMCON), Federal Inland Revenue Service (FIRS), and National Health Insurance Authority (NHIA) have also benefited from returned funds.
“Some of the properties recovered have been allocated to government agencies for use as offices, in line with the Commission’s policy of ensuring that recovered assets are put to productive use,” he said.
Olukoyede highlighted the establishment of a Task Force on Naira Abuse and Dollarisation of the Economy, which has made notable impact in sanitizing currency operations across the country.
“The campaign against naira abuse, racketeering, and speculative currency trading has helped reduce pressure on the naira and complemented the Central Bank’s efforts in stabilizing the economy,” he said.
The EFCC Chairman noted that his administration placed renewed emphasis on tackling cybercrime through both enforcement and prevention.
He recalled that the Commission convened a National Cybercrime Dialogue in January 2024, which brought together traditional rulers, religious leaders, academics, and youth representatives to discuss alternatives to cybercrime.
This was followed by the National Cybercrime Summit in October 2024, where Nigeria’s First Lady, Senator Oluremi Tinubu, unveiled the Cybercrime Response Centre.
Olukoyede also spoke on the Commission’s strengthened partnerships with foreign law enforcement agencies, including the Korean Police, Royal Canadian Mounted Police, Spanish Police, and German Police.
He added that cooperation with the FBI, the UK’s National Crime Agency (NCA), INTERPOL, and Japan’s JICA has been deepened, resulting in several joint investigations and the repatriation of stolen assets to victims in Spain, Canada, and the United States.
“In 2024, we had the honour of hosting the immediate past Director of the FBI, Christopher Wray, and the Director General of the NCA, Graeme Biggar — a testament to the global respect the EFCC commands today,” he said.
At the regional level, Olukoyede’s leadership as President of the Network of National Anti-Corruption Institutions in West Africa (NACIWA) led to the establishment of a permanent secretariat in Abuja. He was recently re-elected for a second term, the first in the history of the regional body.
According to Olukoyede, the EFCC has witnessed significant internal reforms in the last two years, including the establishment of the Directorate of Fraud Risk Assessment and Control (FRAC) to strengthen corruption prevention.
The Department of Internal Affairs was also renamed the Department of Ethics and Integrity to reflect the renewed focus on professionalism and accountability.
Three new Zonal Directorates have been created in Ekiti, Anambra, and Katsina States, bringing the Zonal Directorates to 17. The new EFCC Academy in Giri is also under development, with a Cybercrime Research Centre as one of its flagship facilities.
Other specialized units created include the Digital Transformation and Innovation Unit, International Assets Tracing and Recovery Unit, and Visa Fraud Section.
Olukoyede reaffirmed his commitment to integrity and professionalism within the Commission, saying, “You cannot fight corruption with corruption.”
He noted that all staff were directed to declare their assets upon his assumption of office. Those who breached ethical standards were sanctioned in line with due process — 55 officers have been dismissed over misconduct, including one currently facing prosecution for tampering with exhibits.
He added that while errant staff have been disciplined, hardworking officers have been rewarded through regular promotions, provision of CNG buses, and payment of allowances.
The EFCC Chairman reiterated that corruption prevention remains a cornerstone of his administration.
“Prevention is a more cost-effective approach than enforcement. That is why we established FRAC to deploy risk-based strategies in monitoring the budget performance of Ministries, Departments, and Agencies,” he said.
In 2024, the FRAC Department ensured the successful delivery of more than 80 percent of the Presidential CNG Buses.
The Commission also launched EFCC Radio 97.3FM, Nigeria’s first anti-corruption radio station, as a continuous platform for public sensitization and awareness.
Olukoyede disclosed that the Commission is currently undergoing a rebranding process to realign its core values with its renewed vision of integrity and professionalism.
“We are rebranding the EFCC for greater impact. A new logo and slogan will soon be unveiled as part of our effort to reposition the Commission for more effective service delivery,” he said.
