EFCC Chairman Olukoyede Details N1.23 Trillion Recoveries in 34 Months

Ola Olukoyede, who chairs the Economic and Financial Crimes Commission (EFCC), has announced that the anti-corruption body successfully recouped more than N1.23 trillion, alongside $684.48 million, £373,905, and €9.34 million, all derived from illicit activities. These significant recoveries were made over a period spanning from October 2023 to June 2026. Olukoyede shared these details during the presentation of his three-year stewardship report at the EFCC Headquarters in Abuja yesterday.

He attributed these impressive figures to the commission's persistent efforts in enforcement, rigorous investigations, diligent prosecution, and robust asset-recovery initiatives carried out during his tenure.

Breaking down the N1.233 trillion total, Olukoyede clarified that about N397.26 billion, or 33 percent, was directly recovered for the federal government. The larger portion, N836.34 billion (approximately 67 percent), represented indirect recoveries. These funds were secured on behalf of various beneficiaries, including federal ministries, departments and agencies (MDAs), state revenue services, private companies, individuals, and even foreign entities who were victims of crime.

The EFCC chairman emphasized that these recovery statistics highlight the agency's role extends beyond merely generating income for the federal government. He pointed out that the commission is also dedicated to recovering funds and assets for a wide range of legitimate beneficiaries across different sectors. He quoted, "Two of every three naira recovered were on behalf of beneficiaries other than the federal government."

Furthermore, Olukoyede revealed that during the specified period, the commission disbursed N661.32 billion and $492.37 million to rightful beneficiaries. The naira disbursements comprised around N325.35 billion directly paid to individuals and corporate bodies. An additional N335.97 billion was allocated to diverse recipients such as federal ministries, departments, and agencies, the Nigerian Revenue Service, state internal revenue services, other public sector entities, companies, and private citizens.

The EFCC head also highlighted the substantial contribution of the agency's enforcement operations to revenue generation for both federal and state governments. He reported that total tax recoveries for federal and state entities reached approximately N288.1 billion within the reporting timeframe. Of this amount, federal tax recoveries accounted for about N173.2 billion, with state Internal Revenue Services receiving N114.9 billion.

He underscored that these funds were realized through the enforcement of existing tax laws and obligations, not through the implementation of new taxes. Additionally, the commission secured approximately N257.2 billion in naira for various federal ministries, departments, and agencies.