EFCC recovers N1.23tn, secures 10,872 convictions in 33 months

The Economic and Financial Crimes Commission (EFCC) says it recovered N1.233 trillion and secured 10,872 convictions during the first 33 months of Ola Olukoyede’s tenure as its chairman.

Olukoyede disclosed this on Monday while briefing journalists on the activities and achievements of the anti-graft agency since he assumed office in October 2023.

According to him, the commission received 49,673 petitions during the period, investigated 39,615 cases and filed 14,476 cases in court.

The 10,872 convictions represent a 75.1 per cent conviction rate when compared with the number of cases filed, according to figures presented by the commission.

Olukoyede said the figures reflected the commission’s efforts to strengthen the fight against economic and financial crimes and improve the recovery of proceeds of crime.

“The past 33 months have been a period of work, commitment and passionate engagement in the fight against economic and financial crimes and other acts of corruption,” he said.

“Buoyed by the three-pronged agenda set before the nation while being confirmed by the National Assembly, I have put my hands on the plough, together with my team, to deliver on the mandate of the Economic and Financial Crimes Commission.”

The EFCC said its recoveries during the period included N1.233 trillion and $684.48 million, alongside funds denominated in 16 currencies.

Of the naira recovered, N397.26 billion, representing 33 per cent, was recovered for the Federal Government, while N836.35 billion, or 67 per cent, was recovered on behalf of ministries, departments and agencies, state internal revenue services, companies and private individuals.

The commission said N661.32 billion and $492.37 million had so far been released to beneficiaries, while N71.01 billion and $18.29 million remained pending verification.

“Recovery is the point at which enforcement becomes economics,” the commission said in its briefing materials.

Olukoyede added that two-thirds of the naira recovered by the commission was recovered on behalf of government agencies, states, companies and private citizens.