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EFCC Recovers N1.23trn, Secures 10,872 Convictions in 34 Months

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By David Torough, Abuja

The Economic and Financial Crimes Commission (EFCC) recovered more than ₦1.23 trillion in cash and assets and secured 10,872 convictions between October 2023 and July 2026, its Chairman, Ola Olukoyede, has disclosed.

Olukoyede, who made the disclosure yesterday in Abuja at a media interactive session marking his three-year stewardship of the commission, said the figures reflected a period of sustained enforcement, prosecution, asset recovery, institutional reform and stronger collaboration with local and international partners.

According to him, the commission received 49,673 petitions, investigated 39,615 cases, filed 14,476 cases in court and secured 10,872 convictions during the period, representing a 75.

1 per cent conviction-to-filing ratio.

He said the commission recovered ₦1.233 trillion, $684.48 million, £373,905.78 and €9.34 million, in addition to recoveries in other currencies, between October 1, 2023 and June 30, 2026.

Of the naira recoveries, Olukoyede said approximately ₦397.26 billion represented direct recoveries for the Federal Government, while ₦836.34 billion was recovered on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims.

He said ₦661.32 billion and $492.37 million had subsequently been released to beneficiaries, including ₦325.35 billion paid directly to individuals and corporate bodies and ₦335.97 billion released to government agencies, revenue services and other beneficiaries.

The EFCC boss said the commission had also secured the forfeiture of 10,053 tangible assets, comprising 8,198 electronic items, 1,177 real estate properties, 370 automobiles and 102 tonnes of solid minerals. Proceeds from disposed assets, he added, amounted to about ₦12.07 billion.

Beyond enforcement, Olukoyede said the commission was increasingly focused on preventing financial crimes before stolen funds could be dissipated.

He disclosed that the newly established Fraud Risk Assessment and Control Department (FRAC) was monitoring suspicious transactions and enabling the commission to move within 72 hours to freeze funds suspected to be illicit.

According to him, the shift has become necessary as criminals increasingly move stolen public funds into cryptocurrency wallets within hours, making traditional asset recovery more difficult.

He said the EFCC now had the capacity to trace registered virtual-asset wallets, while a national confiscation wallet had been established, with presidential approval, to hold seized cryptocurrencies.

The chairman also disclosed that the commission was using civil asset forfeiture provisions to recover suspected proceeds of crime without waiting for lengthy criminal trials, arguing that the approach could prevent assets from being dissipated while cases remained in court.

Olukoyede said the EFCC had established a dedicated Process and Proceeds Management directorate to oversee forfeited assets and had begun disposing of depreciating assets, with proceeds kept in escrow pending final court decisions.

The commission’s reform agenda, however, has also extended to its own personnel.

Olukoyede revealed that more than 40 EFCC staff had been dismissed over corruption and financial malpractice during his tenure, while about five others are currently facing prosecution.

He said the commission’s former Internal Affairs Department had been renamed the Department of Ethics and Integrity, alongside the introduction of a gift policy requiring personnel to declare gifts above specified values and account for their sources of income and standard of living.

“You can’t be fighting corruption when your hands are soiled with corrupt practices,” the chairman said, stressing that EFCC officials must be held to the same standards of accountability imposed on members of the public.

On the broader crime situation, Olukoyede said the commission recorded 46,288 offences across nine major crime typologies between 2024 and 2026, with advance-fee fraud and cybercrime accounting for nearly two-thirds.

He said recorded offences increased by 24.1 per cent between 2024 and 2025, with notable rises in procurement fraud, bank fraud, cybercrime and economic-governance offences.

The EFCC also recorded 920 specialised cases involving money laundering, unlicensed Bureau de Change operations, illegal mining, virtual assets and terrorist financing, securing 212 convictions.

Olukoyede said the commission’s enforcement efforts contributed to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in October 2025, while 234 BDC cases resulting in 73 convictions supported foreign-exchange reforms.

He cited the convictions of former Minister of Power, Saleh Mamman; former Managing Director of Nexim Bank, Robert Orya; and former Accountant-General of the Federation, Chukwunyere Nwabuoku, as evidence that the anti-graft campaign was being pursued regardless of status.

“No office or title places anyone beyond the reach of the law,” he said.

The chairman also highlighted institutional reforms, including the creation of new directorates in Ekiti, Anambra and Katsina, the digitalisation of about 60 per cent of EFCC processes, and investments in the EFCC Academy and EFCC Radio.

He said proceeds of crime were increasingly being channelled towards social and economic development, citing the allocation of ₦50 billion each to NELFUND and the Nigerian Consumer Credit Corporation from EFCC recoveries in 2024 and again in 2026.

He also disclosed that recovered property formerly known as NOK University had been converted into the Federal University of Applied Sciences, Kachia, Kaduna State, where 1,909 students matriculated in December 2025.

Olukoyede maintained that law enforcement alone could not win the war against financial crime, stressing the need for policy and institutional reforms that would close loopholes and prevent public resources from being stolen in the first place.

He called on the media and civil society organisations to strengthen their watchdog roles and pledged to deepen prevention, accelerate restitution and intensify the fight against corruption while upholding due process.

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2026 International Democracy Day: Group Tasks NASS on Special Seat Bill

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By Laide Akinboade, Abuja

League of Women Voters
of Nigeria (NILOWV) on Tuesday, tasks the National Assembly on the quick passage of Special Seat bill for women and people with disability.

The President of NILOWV, Hon.

Irene Awunah-Ikyegh, stated this while briefing the media in commemoration of 2026 International day of Democracy, in Abuja.

She lamented that no nation can claim to leave a lasting democratic legacy without it’s commitment to inclusive democracy that include women and people with disabilities.

She there begged NASS not to waste the opportunity but to make history, the opportunity to tell the daughters of
Nigeria that Parliament sees them, the opportunity to tell young women that their political aspirations
are legitimate, the opportunity to strengthen our democracy.

She said, “The Special Seats Bill presents an opportunity to leave a lasting democratic legacy. The question is not
whether Nigerian women are asking for too much. The question is whether Nigeria can continue to
claim that it is committed to inclusive democracy while women remain so dramatically
underrepresented.

“You have the opportunity to make history, the opportunity to tell the daughters of
Nigeria that Parliament sees them, the opportunity to tell young women that their political aspirations
are legitimate, the opportunity to strengthen our democracy. Please, do not waste this opportunity”.

She noted that, “This day is not merely a day for speeches, ceremonies and declarations. It is a day for reflection. It is a day to ask difficult questions. It is a day to examine whether the democracy we practise truly reflects the aspirations of the people. It is a day to ask whether every citizen has a meaningful opportunity to participate. It is a day to ask whether our institutions are working. It is a day to ask whether our political
parties are truly democratic. And, most importantly for us at NILOWV, it is a day to ask whether Nigerian women who constitute approximately half of our population are being given a fair and meaningful opportunity to participate in political leadership and decision-making”.

She lamented, “The final list of National Assembly candidates provides us with a sobering picture. There are 4,408
candidates contesting for seats in the Senate and House of Representatives. Of this number: 3,965 are
men while only 443 are women. Women therefore constitute approximately 10 percent of the candidates, while men constitute approximately 90 percent. This means that, for roughly every one
woman appearing on the National Assembly ballot, there are about nine men.

“These figures are more than statistics they represent the continuing imbalance in access to political power. They tell us that although Nigerian women are participating in the political process, the pathway from participation to actual political power remains extremely difficult and this is where we must
distinguish between participation and representation.

“Women may constitute a large proportion of voters Women may attend political meetings. Women may
mobilise communities. Women may campaign tirelessly. Women may provide food, logistics and
grassroots structures during elections.

“Women may even constitute the majority of volunteers in some
political activities but when it comes to the point at which tickets are allocated, resources are distributed and candidates are selected for elective office, the numbers suddenly collapse.

“That is the problem Women are often visible in political mobilisation but invisible in political power that
is not equality that is not inclusion and that is not the democracy Nigeria should be proud of” .

She decries, “We must humanise these figures. Behind the 443 women on the ballot are hundreds of Nigerian women
who have decided that they are ready to serve but behind the thousands of women who are not on the
ballot are also stories. There is the woman who wanted to contest but could not afford the nomination
and expression-of-interest fees. There is the woman who had the qualifications but lacked the political
godfather.

“There is the woman whose party told her to wait. There is the woman who was encouraged to contest but later discovered that the ticket had already
been informally allocated. There is the woman who was told that she could serve better as a campaign
mobiliser than as a candidate. There is the woman who was warned that politics is too dangerous for
her.

“There is the woman who was threatened. There is the woman who was sexually harassed. There is
the woman who was subjected to online abuse.There is the woman who was told that she was too ambitious. There is the woman whose competence
was questioned simply because she is a woman and there are women who have watched all these
experiences and quietly concluded:
“Perhaps politics is not for people like me.”

She therefore concluded by urging every Nigerian not to give up on democracy, ‘Instead, demand a better democracy.
Democracy belongs to citizens. If we withdraw, others will’.

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Abia Targets UNESCO Recognition of Heritage Sites

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The Abia Government has elevated selected cultural and natural sites to state heritage and monuments as part of efforts to position them for recognition as UNESCO World Heritage Sites.

Commissioner for Information, Okey Kanu, said this while briefing newsmen on the outcome of the State Executive Council meeting on Monday in Umuahia.

Kanu said the State Executive Council had approved the declaration of selected heritage and natural sites as state heritage and monuments to strengthen their preservation and promotion.

He said the approved sites included the National War Museum, Ojukwu Bunker and Government College, all in Umuahia, as state monuments.

He also listed the Ibom Waterfall in Arochukwu and Ulochukwu Caves at Alayi Bende as state natural monuments.

According to him, the elevation of the sites would enhance their tourism potential and position them for possible recognition as UNESCO heritage sites.

Kanu also announced the designation of Aba as a Creative and Innovative City, saying the move was part of efforts to promote the state’s cultural, creative and tourism potential.

He further said that the retrofitting of the Ojukwu Bunker and National War Museum had reached about 80 per cent completion and was expected to be completed before the end of 2026.

The commissioner said that the projects, when completed, would enhance the preservation and historical value of the sites, improve visitor experience and increase their tourism potential.

Kanu said the Ministry of Arts, Culture and Creative Economy had commenced the development of the Ibom Waterfall Tourism Corridor in Arochukwu.

He said that initial development works, including the grading of access roads to the waterfall, had commenced, adding that the project was expected to be completed before the end of 2026.

According to him, the project is expected to unlock additional tourism and economic opportunities in the state.

He said that the ministry had also commenced the erection of monuments at strategic locations across the state to preserve Abia’s heritage and honour its heroes and heroines.

Kanu said one of the monuments would honour the heroines of the 1929 Aba Women’s Uprising, celebrating their courage, resilience, resistance and leadership.

The commissioner said that the initiatives reflected the state government’s broader efforts to preserve its historical and cultural assets while using them to drive tourism and economic development.

On tax rates in the state, Kanu said the rates being circulated were not new, adding that most dated back to 2020 and were introduced by the previous administration.

He said that the Abia Board of Internal Revenue could not increase tax rates without enabling laws and that no such increase had been introduced by the board.

Kanu also dismissed reports that an akara seller was paying N50, 000 in tax, describing the claim as false.

“Akara sellers don’t pay tax or levies, they pay daily tolls, and none can pay as high as N50, 000,” he said.

On gratuity payments, Kanu said that the state government had paid the batch covering 2001 to 2010, while preparations covering 2011 to 2025 were being processed.

He dismissed claims that the government was compelled by the opposition to commence gratuity payments, describing the narrative as misleading.

He explained that the government had incorporated gratuity provisions into its 2026 to 2030 Medium-Term Expenditure Framework to ensure that future arrears did not accumulate.

“This does not translate to the payments being terminated in 2031.

“So, as soon as the internal processes are done with, these payments will continue at pace and in batches,” Kanu said.(NAN)

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TCN Announces Annual Maintenance at Ajaokuta Transmission Substation

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The Transmission Company of Nigeria (TCN) has announced an annual preventive maintenance of its 330/132 Kilo Volt (kV) at Ajaokuta Transmission Substation.

It said that the maintenance was scheduled to take place on Tuesday from 9am to 4pm.

The management of the company announced this on its X handle in Abuja on Tuesday.

According to TCN, the exercise will enable its crew to carry out preventive maintenance on the 162 MegaVolt Ampree (MVA), 330/132kV power transformer, associated switchgear and ancillary equipment in the substation.

It said that the Abuja Electricity Distribution Company (AEDC) would be unable to off-take electricity to its customers in Ekirin, Omuo, Ibillo, Akoko, Ogala, Ikare, Magongo, Okene Town, Ayere, Kabba and environs during the period.

”Similarly, Benin Electricity Distribution Company (BEDC) will be unable to off-take electricity to its customers in Okpella Town, BUA Cement Company, West African Fertiliser Company, Dibeks Milling Company, and Edestein Company.

”Other areas to be affected include the Freedom Group Company, Ososo, Uluoke, Iyora, Apana, Okpekpe, Arigidi, Ikare Town, Lampese, Igara, Oka and environs,” it said.

The company said that power supply would be restored to the affected areas upon completion of the exercise.

It also apologised for the inconvenience the planned maintenance would cause affected electricity customers, and appreciated their understanding and cooperation.(NAN)

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