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Nigeria EFCC asset recovery and economic crime enforcement

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2026-09-01 01:41 UTC → 2026-09-01 09:33 UTC · added ~~removed~~

The Economic and Financial Crimes Commission (EFCC) has detailed its efforts to recover stolen Nigerian assets and combat economic crime. During a symposium in the United Kingdom, EFCC Chairman Ola Olukoyede announced a new incentive scheme for whistleblowers, offering rewards of between 2.5% and 5% of an asset’s value for credible information leading to successful recoveries. Olukoyede reported that the commission has secured the forfeiture of over $500 million in cash and assets over the last three years, citing Nigeria’s legal framework that allows for the forfeiture of suspected proceeds of crime without a prior criminal conviction. Notable recoveries include an aircraft linked to a $30 million bribe and various properties linked to former government officials. A stewardship report covering October 2023 to July 2026 detailed the recovery of ₦1.23 trillion, $684.48 million, £373,905.78, and €9.34 million. Of the recovered naira, approximately ~~₦397.26 billion~~ 33 percent was returned to the Federal Government, while ~~₦836.34 billion~~ 67 percent was recovered for various ministries, departments, agencies, and private entities. The commission secured forfeiture orders for 10,053 assets, including real estate, vehicles, and electronic items. The EFCC maintained a 75.1 percent conviction-to-filing ratio across 10,872 convictions from 14,476 filings. ~~Olukoyede noted a rise in recorded offences, with cybercrime and advance-fee fraud accounting for nearly two-thirds of the 46,288 offences recorded between 2024 and 2026.~~ To address internal corruption, the EFCC has dismissed more than 40 staff members for malpractice and renamed its Department of Internal Affairs to the Department of Ethics and Integrity. To further enhance accountability, the commission is implementing a new gift policy and a proactive fraud risk assessment ~~department~~ department, specifically the Fraud Risk Assessment and Control Department (FRAC), designed to freeze suspicious funds within 72 ~~hours, with~~ hours. The agency is also targeting cryptocurrency-related crimes by utilizing a ~~specific focus on monitoring cryptocurrency transactions.~~ national confiscation wallet for seized virtual assets.

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