EFCC Achieves Historic 4,111 Convictions and Largest Asset Recovery in 22 Years

The Economic and Financial Crimes Commission (EFCC) has set a new record with 4,111 convictions in 2024, the highest in its 22-year history since its establishment in 2002.

In addition to the unprecedented number of convictions, the EFCC also recovered over N364 billion and millions of dollars in foreign currencies. The agency seized luxury properties, vehicles, cryptocurrencies, and other valuable assets from convicts, institutions, and their collaborators.

The EFCC’s detailed 2024 report, seen by LEADERSHIP, highlighted that the most prevalent crimes in the year were advance fee fraud (commonly known as ‘419’), money laundering, and cybercrime.

According to the report, the commission’s monetary recoveries included N364,597,370,151.35, $214,513,439.55, £54,318.64, and €31,265, along with smaller amounts in various currencies such as CFA7,821,375, UAE Dirham 170, Riyals 5,115, and several others.

Additionally, the EFCC reported the forfeiture of over 750 duplexes and other apartments to the Federal Government in late 2024, marking the largest asset recovery in the agency’s history. Other recovered assets included 173 vehicles, N9,477,977,318.78 in cash, $2,605,858.30, and cryptocurrencies like 13.37BTC, worth approximately $572,992.86, and 5.97886094 Ethereum valued at $13,353.06.

The Commission also reported the seizure of 298.4770071 Green Satoshi tokens, 1,002.547631 USDT, and Tether Coin (USDT TRC-20) valued at $1,0022.22, among other assets such as 378 electronics, one factory, one hotel, two gold chains, 14 parcels of land, petroleum products, and 70 tons of unidentified solid minerals.

In 2024, the EFCC received 15,724 petitions from Nigerians reporting suspected financial crimes. The agency investigated 12,928 cases through its zonal commands and filed 5,083 cases in courts across the country.

The EFCC’s zonal commands reported impressive successes, with Lagos—Nigeria’s commercial hub—leading with 685 convictions, reflecting the city’s rapid economy and high incidence of financial crimes. Enugu followed with 516 convictions, while Ibadan recorded 501.

Other key figures included Benin (412), the EFCC headquarters in Abuja (290), Kaduna (273), Ilorin (230), Uyo (220), Port Harcourt (185), Makurdi (161), Kano (236), Gombe (217), Sokoto (140), and Maiduguri (64). The convictions led to jail terms, fines, or asset forfeitures, sending a stern message to fraudsters and corrupt officials.

The EFCC further revealed that some of the recovered funds were reinvested by the Federal Government in national initiatives. For example, N50 billion was allocated to the Nigerian Education Loan Fund (NELFUND), established in 2024 to provide interest-free loans to students in tertiary institutions.

The report also noted that other recovered assets were being invested in critical infrastructure projects, such as roads, hospitals, and power supply, to drive Nigeria’s long-term development.

The EFCC attributed its historic success to the dedication of its officers, effective leadership, and collaborative efforts with local and international partners, including the FBI and Interpol, who assisted in tracing assets hidden abroad.

However, the Commission acknowledged that challenges remain, particularly with slow court processes, weak laws, and Nigeria’s cash-based economy. The EFCC stressed its ongoing efforts to address these issues by enhancing staff training, strengthening international partnerships, and advocating for faster court proceedings.

The report concluded with a commitment to sustaining momentum in the fight against financial crimes and corruption.