EFCC recovers over N566bn, $411m, 1,502 properties in two years
Abdullateef Fowewe
The Economic and Financial Crimes Commission (EFCC) has marked a landmark two years of unprecedented achievements under the leadership of Executive Chairman Ola Olukoyede.
Olukoyede disclosed on Thursday that the Commission recovered ₦566 billion alongside other currencies and assets, reflecting significant progress in Nigeria’s fight against economic and financial crimes.
Addressing journalists on the second anniversary of his appointment, Olukoyede stated through the EFCC’s Director of Public Affairs, CE Wilson Uwujaren, that the agency has handled over 29,200 investigations, filed more than 10,500 court cases, and secured 7,503 convictions since October 2023.
Key figures unveiled include the recovery of ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, and various other foreign currencies. Alongside these financial recoveries, the EFCC reclaimed 1,502 non-monetary assets, including 402 properties in 2023, 975 in 2024, and 125 properties 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,” Olukoyede revealed.
Highlighting the Commission’s impact, Olukoyede noted a crackdown on investment and cryptocurrency fraud in Lagos, where 792 suspects, including 192 foreigners, were arrested, prosecuted, and deported in December 2024.
“This development sent a strong message that Nigeria will not allow its territory to be turned into a safe haven for cybercriminals,” he said.
Several high-profile prosecutions occurred during this period, targeting former governors, ministers, and key public officials such as Willie Obiano, Abdulfatah Ahmed, Theodore Orji, Godwin Emefiele, and others.
The EFCC also revived longstanding corruption cases linked to notable figures like Fred Ajudua, ex-PDP Chairman Haliru Bello Mohammed, and former NSA Sambo Dasuki.
Part of the recovered funds has been invested in national development initiatives, including ₦100 billion deployed to the Students Loan Scheme and Consumer Credit Scheme. Other government agencies, such as the Niger Delta Development Commission (NDDC) and Asset Management Corporation of Nigeria (AMCON), have also benefited.
Olukoyede underscored the policy of putting recovered properties to productive use, allocating some as offices for government agencies. He also highlighted the establishment of the Task Force on Naira Abuse and Dollarisation, which has made significant strides in regulating currency operations nationwide.
The EFCC Chairman concluded that these recoveries and reforms serve as “tangible evidence of the Commission’s renewed drive to trace, confiscate, and return illicit assets to the Nigerian state and victims of fraud.”
