Market News

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the anti-graft agency recovered N1.23tn, $684.48m, £373,905.78 and €9.34m between October 1, 2023, and June 30, 2026.

Olukoyede made the disclosure on Monday in Abuja while addressing media executives and journalists, identifying asset recovery as one of the major pillars of the commission’s stewardship.

He said the recoveries comprised proceeds and assets traced to financial crimes, noting that a significant portion of the naira recovered was made on behalf of government ministries.

“Between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of N1,233,612,040,411.11, $684,478,457.32, £373,905.78 and €9,343,803.66, in addition to recoveries in other currencies,” Olukoyede stated.

According to him, N397.26bn, representing approximately 33 per cent of the total naira recovery, was recovered directly for the Federal Government.

He explained that the remaining N836.34bn, representing 67 per cent, constituted indirect recoveries made on behalf of various ministries.

“Of the naira amount, approximately N397.26bn, representing 33 per cent, represented direct recoveries for the Federal Government, while N836.34bn, representing 67 per cent, represented indirect recoveries made on behalf of ministries,” the EFCC chairman said.

Olukoyede said the figures underscored the commission’s continued efforts to recover proceeds linked to economic and financial crimes and protect public resources.

He added that asset recovery remained a key component of the EFCC’s mandate and its broader efforts to combat economic and financial crimes.

The EFCC chairman said the commission would continue to strengthen its recovery efforts as part of measures aimed at safeguarding resources and supporting accountability in the management of public funds.