POLITICAL Economy

EFCC Recovers N1.3trn Illicit Funds, Secures 72 BDC Convictions

by admin on | 2026-09-01 11:32:17

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EFCC Recovers N1.3trn Illicit Funds, Secures 72 BDC Convictions

By Muhammad Imam Bala

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of over N1.3 trillion worth of illicit funds in the past three and a half years, while a total of 234 cases involving Bureau de Change (BDC) operators are under investigation, with 72 convictions secured.

Chairman of the Commission, Ola Olukoyede, disclosed this at a media briefing in Abuja while recounting the achievements of the anti-graft agency in the last three years and above.

Olukoyede said the recoveries span multiple currencies and jurisdictions, including recovered assets from foreign entities and individuals.

The EFCC boss explained that the commission had equally contributed to sustaining enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other higher-risk sectors.

“The move has equally contributed to improving the integrity of Nigeria’s financial system, sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation,” Olukoyede said.

Others, he said, are virtual assets and other higher-risk sectors, which formed part of Nigeria’s wider national effort to address deficiencies in the anti-money laundering and counter-financing of terrorism framework.

According to him, asset recovery has been another major pillar of the commission’s stewardship.

“The fight against economic and financial crime is not only about grand corruption. Every day, we are protecting citizens, businesses and institutions from fraud, cyber-enabled crime and other forms of economic exploitation,” he said.

Olukoyede stated that the commission had also continued to pursue complex and high-profile matters without regard to status.

”Our high-profile case portfolio spans former governors, ministers and other public office holders, heads of agencies, financial-sector operators and corporate officials,” he said.

Olukoyede further stated that the milestones recorded by the commission over the past three years might not have been possible without the support of partners.

“Organised crime is increasing in sophistication and cuts across national borders and jurisdictions, thus requiring the cooperation of international law enforcement organisations,” he said.

Olukoyede said that collaboration was central to the commission’s mandate, adding that domestically “we work with law-enforcement agencies, regulators, the judiciary, ministries, departments and agencies, state revenue authorities.

He said, internationally, the commission’s cooperation extends to partners including the Federal Bureau “of Investigation, the United Kingdom’s National Crime Agency, the Royal Canadian Mounted Police, INTERPOL and other National & International law-enforcement Agencies.

As part of house cleaning, the commission, in the period under review, dismissed 40 of its staff over corruption cases, while five of them are currently under prosecution.

Olukoyede added that taken together, these outcomes tell a larger story that anti-corruption enforcement can restore fiscal space, strengthen federal and sub-national revenue, return working capital to institutions, companies and citizens, support financial-market integrity, protect the extractive and digital economies and strengthen Nigeria’s international credibility.