Nigeria EFCC anti-corruption and asset recovery efforts

Nigeria’s Economic and Financial Crimes Commission (EFCC) has reported extensive asset recoveries and ongoing enforcement actions aimed at stimulating economic growth and combating financial crime.

Between October 2023 and July 2026, the EFCC reported that asset recoveries exceeded N1 trillion. During this period, the agency investigated 39,615 cases, filed 14,476 court cases, and secured 10,872 convictions. Under Chairman Ola Olukoyede, the commission has prioritized returning funds to the public interest, with significant sums including $684.48 million, £373,905, and €9.34 million also recovered.

Recent enforcement actions include the recovery of N140 million for B4 Sail Limited, a Lagos-based lending company, following an investigation into Jacob Oyebola Esan. The investigation revealed that shares pledged as collateral through Calyx Securities Limited were sold without the lender's knowledge during an attempt to secure a N500 million loan.

In response to emerging threats, Chairman Olukoyede issued warnings to Point of Sale (POS) operators via the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN). The commission cautioned agents against facilitating the movement of illicit funds for money launderers and kidnappers, emphasizing the necessity of accurate transaction records and verifiable addresses.

While the Civil Society Legislative Advocacy Centre (CISLAC) noted institutional and legislative advances in governance, Executive Director Auwal Ibrahim Musa-Rafsanjani cautioned that implementation remains a challenge. He noted that enforcement is often weakened by political interference and called for greater transparency regarding the management of recovered assets.