LAST Monday, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, gave an account of his 34-month stewardship of the anti-graft agency.
Olukayode was appointed as Chairman on October 12, 2023, and confirmed by the Senate on October 18, 2023.
Addressing a gathering of senior journalists, Olukayode recalled his pledge upon assumption of office to keep alive the mandate of the EFCC-‘using the instrumentality of the anti-graft war to stimulate growth in the economy, adherence to the rule of law, commitment to transactional credits, building the image of Nigeria and optimizing foreign direct investments.’
Paradigm shift:
Giving a breakdown of his feats in the agency, Olukayode declared with pride that 10,872 convictions were secured out of 14,476 cases filed in court.
Sunday Tribune findings revealed that those convicted included the former Minister of Power, Saleh Mamman; former Managing Director of Nigerian Export-Import Bank (NEXIM), Robert Orya; and former Acting Accountant-General of the Federation, Chukwunyere Nwabuoku.
The former Minister of Power was convicted last May by the Federal High Court, Abuja, on 12-count charges bordering on money laundering to the tune of N33.8 billion.
Orya, a former Managing Director, Nigerian Export-Import Bank, NEXIM, was last February sentenced to 490 years imprisonment for bank fraud by Justice F. Mesiri of the FCT High Court, on a 49-count charge bordering on obtaining money by false pretences, forgery and advance fee fraud to the tune of N2.4 billion.
Nwabuoku, a former Accountant-General of the Federation, bagged 72 years’ imprisonment for money laundering charges.
It is instructive to note that before Olukayode assumed office, the trajectory of investigation and arraignment of high-profile suspects by the agency was unsavoury, bereft of due diligence.
To the consternation of Nigerians, individuals who had been ‘convicted’ through media trial often secured their freedom in the courtrooms as judges dismissed such arraignments for lack of diligence and fidelity to evidence on the part of prosecutors.
Olukayode premised the success in the prosecution and conviction of high-profile individuals on ‘diligence, resilience and a prosecutorial approach anchored on evidence and courtroom outcomes.’
‘The principle is simple: no office or title places anyone beyond the reach of the law. ‘We will continue to investigate professionally, prosecute on the strength of evidence and allow the courts to determine guilt or innocence.’
Startling revelations:
The anti-corruption czar, by his account, also offered what he called shifting trends in the financial crime threat landscape: Advance fee fraud and cybercrime together represented nearly two-thirds of recorded offences in the last two years.
He said: ‘Data from petitions and case analysis provides an indication of the shifting trends in the financial crime threat landscape. Our 2024 to 2026 year-to-date category data recorded 46,288 offences across nine major typologies. Advance fee fraud and cybercrime together represented nearly two-thirds of recorded offences. ‘However, between 2024 and 2025, total recorded offences rose by 24.1 per cent, with notable increases in procurement fraud, bank fraud, cybercrime and economic-governance offences.
‘This tells us something important: 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.’
In the year under review, under his stewardship, aside from breakthroughs in the convictions of those cynical Nigerians have tagged ‘sacred cows’ and ‘untouchables,’ the Commission also recovered huge funds from the convicted.
According to Olukayode, ‘between 1 October 2023 and 30 June 2026, the Commission recorded recoveries of ?1,233,612,040,411.11, $684.478,457.32, £373,905.78, pound 9,343,803.66, in addition to recoveries in other currencies.
‘Of the naira amount, approximately ?397.26 billion (33%) represented direct recoveries for the Federal Government, while ?836.34 billion (67%) represented indirect recoveries made on behalf of ministries, departments and agencies, state revenue services, companies, individuals and foreign victims. Two out of every three naira recovered were on behalf of beneficiaries other than the Federal Government.’
Giving a further breakdown on recovery, he disclosed that the Commission returned such funds recovered to the rightful beneficiaries.
He said: ‘During the period, ?661.32 billion and US$492.37 million were released to beneficiaries. The naira releases included about ?325.35 billion paid directly to individuals and corporate bodies.
‘Similarly, ?335.97 billion was released to various MDAs, Nigerian Revenue Service and States’ internal revenue services, alongside releases to other public institutions, companies and individuals.
Our continuing priority is to make restitution faster, more transparent and more efficient.’
Diverted funds and optics:
Amidst concern over the diversion of proceeds of crime to agencies such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation, the EFCC Chairman cited sections 69, 70 and 73 of the Proceeds of Crime Act to defend the growing trend.
Investigation revealed that the diversion to NELFUND was also in deference to a presidential directive.
The Minister of Education, Dr Tunji Alausa, had, while briefing State House correspondents at the end of the Federal Executive Council meeting held last month, disclosed that ‘the President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding.’
‘It was also approved by FEC – that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.’
The EFCC Chairman further described the funneling of such funds to designated federal agencies as productive social investment.
‘The national impact of recovery is perhaps clearest when proceeds of crime are converted into productive social investment. In August 2024, the Federal Government directed that ?50 billion each be allocated to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation from proceeds of crime recovered by the EFCC. Further NELFUND and Credit Corp funding from EFCC recoveries (50 billion Naira each) was subsequently approved in 2026. When recovered criminal value helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.
‘A recovered property, NOK University, was converted to a Federal University of Applied Sciences, Kachia, Kaduna State. A total of 1,909 students matriculated into the university in December 2025. These are students who ordinarily would not have been afforded the opportunity of tertiary education. We can also imagine the impact of the institution on the local economy of Southern Kaduna. In addition, another Private University of High-Value has just been finally forfeited to the Federal Government.
‘Taken together, these outcomes tell a larger story. 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.
‘It also produces a deterrence dividend: every successful prosecution and every asset stripped from criminal enterprise reduces the expected cost of economic crime.’
Describing his 34-month stewardship as a period of sustained enforcement, institutional reform, prosecution, asset recovery, restitution and stronger collaboration at home and abroad, Olukayode said it was his Commission’s efforts that ensured that Nigeria was removed last year from the Financial Action Task Force Grey List.
‘Our work has equally contributed to improving the integrity of Nigeria’s financial system. Sustained enforcement in money laundering, terrorist financing, asset freezing and confiscation, virtual assets and other higher-risk sectors formed part of Nigeria’s wider national effort to address deficiencies in the anti-money laundering and counter-financing of terrorism framework.
‘Nigeria’s removal from the Financial Action Task Force Grey List in October 2025 was a national achievement, and the Commission’s casework and enforcement activities formed part of that collective effort.’