The Economic and Financial Crimes Commission (EFCC) recovered over N1.23 trillion, $684.48 million, £373,905 and €9.34 million in proceeds of crime between October 2023 and June 2026, according to its chairman, Ola Olukoyede. He disclosed this on Tuesday in Abuja while presenting his three-year stewardship report at the EFCC Headquarters.
Breakdown of Recoveries
Olukoyede said the recoveries were among the major outcomes of the commission's sustained enforcement, investigation, prosecution and asset-recovery efforts under his leadership. Of the N1.233 trillion recovered during the period, approximately N397.26 billion, representing 33 per cent, constituted direct recoveries for the federal government. The remaining N836.34 billion, about 67 per cent, comprised indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.
He stressed that the figures showed the EFCC's recovery efforts went beyond generating revenue for the federal government, noting that the commission had also recovered funds and assets for legitimate beneficiaries across sectors. "Two of every three naira recovered were on behalf of beneficiaries other than the federal government," he said.
Release of Funds to Beneficiaries
The EFCC chairman also disclosed that the commission had released N661.32 billion and $492.37 million to beneficiaries during the period. He further stated that the naira releases included approximately N325.35 billion paid directly to individuals and corporate organisations. Another N335.97 billion was released to various ministries, departments and agencies, the Nigerian Revenue Service, state internal revenue services, other public institutions, companies and individuals.
Olukoyede said the commission's enforcement activities had contributed significantly to revenue mobilisation by the federal and state governments. Federal and state tax recoveries amounted to approximately N288.1 billion during the period under review. About N173.2 billion was attributable to federal tax recoveries, while N114.9 billion was attributable to state Internal Revenue Services.
Impact on Fiscal Revenue
He emphasised that the funds represented fiscal value recovered through the enforcement of existing tax obligations rather than the introduction of new taxes. In addition, the commission recorded approximately N257.2 billion in naira recoveries for federal ministries, departments and agencies.
The recoveries underline the EFCC's role in asset recovery and revenue mobilisation, with substantial sums returned to both government and non-government beneficiaries. The commission's three-year report highlights its focus on enforcement and prosecution as tools for combating financial crimes in Nigeria.
