In a significant address on Thursday, October 23, 2025, in Abuja, Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), provided a comprehensive overview of the agency’s achievements under his leadership since his appointment on October 18, 2023. Speaking through the Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren, Olukoyede outlined the Commission’s remarkable progress in combating economic and financial crimes, recovering substantial assets, and contributing to national development initiatives. The EFCC’s efforts have resulted in the recovery of over N566 billion, alongside significant sums in foreign currencies and non-monetary assets, which have been channeled into critical government programs and agencies.
Between October 2023 and September 2025, the EFCC demonstrated its commitment to tackling corruption and financial malfeasance across Nigeria. The Commission received over 19,000 petitions from the public, reflecting widespread trust in its mandate to address economic crimes. From these petitions, the EFCC conducted 29,240 investigations, showcasing its dedication to thoroughly examining allegations of wrongdoing. This rigorous investigative process led to the filing of 10,525 cases in court, a testament to the agency’s proactive approach in pursuing justice. Of these cases, the EFCC secured an impressive 7,503 convictions, underscoring its effectiveness in holding perpetrators accountable and upholding the rule of law.
A cornerstone of the EFCC’s achievements under Olukoyede’s leadership is the recovery of substantial financial and non-financial assets. The Commission recovered a staggering N566,319,820,343.40 in naira, alongside $411,566,192.32, £71,306.25, €182,877.10, and various other foreign currencies. These recoveries represent proceeds from financial and economic crimes, including fraud, money laundering, and other illicit activities. In addition to monetary assets, the EFCC recovered 1,502 non-monetary assets, including 402 properties in 2023, 975 in 2024, and 125 in 2025 so far. Among the notable recoveries are the final forfeiture of 753 units of duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, which has been repurposed as the Federal University of Applied Sciences in Kachia, Kaduna State. These assets, particularly the properties, have been strategically allocated to 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) for use as offices, aligning with the EFCC’s policy of ensuring recovered assets serve productive purposes.
Olukoyede also highlighted the EFCC’s focus on high-profile cases, which have garnered significant public attention. The Commission prosecuted several prominent figures, including former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, and Yahaya Bello. Additionally, cases were pursued against former ministers Olu Agunloye, Mamman Saleh, Hadi Sirika, and Charles Ugwu, as well as former Central Bank Governor Godwin Emefiele. These prosecutions reflect the EFCC’s commitment to tackling corruption at the highest levels of government, sending a clear message that no individual is above the law.
In a notable operation in December 2024, the EFCC arrested 792 suspects involved in investment and cryptocurrency fraud in Lagos. Among these, 192 were foreign nationals who were prosecuted and subsequently deported. Olukoyede emphasized that this operation was a strong signal to the international community that Nigeria will not tolerate its territory being used as a safe haven for cybercriminals. The crackdown on cryptocurrency fraud underscores the EFCC’s adaptability in addressing emerging forms of financial crime in the digital age.
Beyond pursuing new cases, the EFCC under Olukoyede’s leadership has revisited and revived several longstanding corruption cases, demonstrating its resolve to ensure justice is served, regardless of how much time has passed. Notable among these are cases involving Fred Ajudua, former Peoples 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. By revisiting these cases, the EFCC has shown its commitment to resolving complex and protracted investigations, further strengthening public confidence in its operations.
Olukoyede also highlighted the establishment of a Task Force on Naira Abuse and Dollarisation of the Economy, which has made significant strides in sanitizing currency operations across Nigeria. The task force has addressed issues such as the illegal use of foreign currencies in domestic transactions and the mistreatment of the naira, contributing to greater economic stability and compliance with national currency policies.
The recovered funds have been deployed to support key national initiatives, including the Students Loan Scheme and the Consumer Credit Scheme, which aim to improve access to education and financial services for Nigerians. Additionally, the funds have been channeled to critical government agencies, enhancing their capacity to deliver on their mandates. This strategic allocation of resources reflects the EFCC’s broader vision of not only recovering stolen assets but also ensuring they contribute to national development.
Olukoyede’s leadership has positioned the EFCC as a formidable force in the fight against corruption and economic crimes in Nigeria. The Commission’s achievements over the past two years demonstrate a commitment to transparency, accountability, and the responsible stewardship of recovered assets. By securing thousands of convictions, recovering billions in assets, and supporting national development programs, the EFCC has reinforced its role as a critical institution in Nigeria’s governance framework. Olukoyede’s emphasis on high-profile prosecutions, innovative task forces, and the productive use of recovered assets underscores the agency’s multifaceted approach to combating financial crime and fostering economic progress.
As Nigeria continues to grapple with the challenges of corruption and economic mismanagement, the EFCC’s work under Olukoyede’s leadership serves as a beacon of hope. The Commission’s ability to recover substantial assets, secure convictions, and support national initiatives highlights its pivotal role in building a more transparent and prosperous Nigeria. Moving forward, the EFCC’s focus on emerging threats like cryptocurrency fraud, coupled with its efforts to resolve longstanding cases, positions it to address both current and future challenges in the fight against economic and financial crimes.
