By Abiola Olawale
The Economic and Financial Crimes Commission (EFCC) has announced a historic milestone in its fight against corruption, reportedly securing 4,111 convictions and recovering more than N364.5 billion in 2024.
The figures, revealed in a document released by the EFCC mark the highest number of convictions in the agency’s history.
The commission also reportedly recovered significant sums across multiple currencies, totalling $214.5m, N364.6m, £54,318, €31,265, and various other amounts in different currencies.
According to the EFCC, the recovered sum stems from cases involving fraud, money laundering, and other illicit activities.
The Commission also said its operatives seized assets ranging from luxury properties to cryptocurrencies. The EFCC attributed its success to improved investigative techniques, stronger collaboration with international partners, and a judiciary that is increasingly willing to deliver justice in high-profile cases.
Part of the document reads: “In 2024, the commission secured 4,111 convictions. This is the highest number of convictions secured in any operational year from inception to date. This laudable achievement is attributable to the dedication of our officers and the enabling environment provided by the management and stakeholders of the commission.
“The commission remains committed to enhancing the knowledge and capacity of its prosecutors and the judiciary.
“$ 214,513,439.55, N364,597,370,151.35; £54,318.64 ; €31,265.00; CAD $2,990.00; AUD $740.00; CFA 7,821,375.00; UAE DIRHAM 170.00 ; RIYALS 5,115.00 ; W 73,000.00 ; ¥ 105.00 ; GH¢ 225.00 and RAND 50.00 were recovered in 2024.
“Assets recovered are 70 tons of unidentified solid minerals; 40,844,094 units of shares worth about N1,055,190,044.55 and $4,414,801.76; 13.37BTC worth about $572,992.86, 5.97886094 ethereum worth $13,353.06, 298.4770071 green Satoshi token worth $6, 1,002.547631, ($1,002.22), sum of N2,699,233 and N9,477,977,318.78, $2,605,858.30 and GBP1,600, cash among others.
“Some of the monetary recoveries made by the commission have been reinvested by the Federal Government into initiatives that provide significant benefits to the Nigerian people.”
The EFCC further stated that the most prevalent cases investigated in 2024 involved advance fee fraud, money laundering, and cybercrime.
It added that several socio-economic factors, including rising unemployment, the pursuit of quick wealth, and weak regulatory frameworks, contributed to the high volume of cases.
The anti-graft agency said, “The commission is actively advancing its investigative efforts across all zonal directorates. In 2024, cases involving advance fee fraud, money laundering, and cybercrime were the most prevalent in our investigations.
“The high volume of these cases can be attributed to several factors, including rising unemployment, a desire for quick wealth among the youth, a large informal economy, and weak regulatory frameworks”
