The Economic and Financial Crimes Commission has dismissed more than 40 of its personnel over alleged corruption and financial malpractice since Ola Olukoyede became chairman of the anti-graft agency.
Olukoyede disclosed this on Monday during a media briefing in Abuja where he reviewed the activities, reforms and achievements of the commission under his leadership.
The EFCC chairman said the affected personnel were removed after being found to have engaged in acts inconsistent with the standards expected of officers responsible for investigating financial crimes.
He also revealed that more than five of the dismissed officers were already facing prosecution, while the commission was preparing case files against others for possible prosecution.
“In the past two and a half years or three years of my service, I have asked them to dismiss over 40 staff on account of corruption and financial malpractice. More than five of them are being prosecuted at the moment,” he said.
Olukoyede explained that dismissal alone would not be enough where an officer had committed an offence that could also attract criminal prosecution.
He said the EFCC would not protect its own personnel from the law when they were accused of engaging in the same practices for which the commission investigates members of the public.
“Because if that is what people do in other agencies and I arrest them, I investigate them, I prosecute them, why must I just dismiss you if you do it within our own system and I’m not prosecuting you?” he asked.
According to him, some of the cases involving the affected personnel are already before the courts and can be followed by members of the public.
“You can follow those cases in court; they are public knowledge,” he added.
Olukoyede said officers working in the commission must be able to explain their conduct, sources of income and standard of living.
“You must be sure that your hands are clean. You can’t be fighting corruption when your hands are soiled with corrupt practices,” he said.
EFCC Introduces Gift Policy
The EFCC chairman also disclosed a new measure aimed at regulating gifts received by personnel of the commission.
Under the proposed policy, officers will be required to declare gifts above a specified value. The requirement will also cover gifts received from relatives and other persons living outside Nigeria.
The commission is expected to determine the categories and values of gifts that personnel may receive without violating its rules.
Olukoyede said the policy was necessary because unexplained gifts could create questions about the financial interests and conduct of officers.
The move is also expected to make it easier for the commission to monitor whether the lifestyle of its personnel corresponds with their legitimate income.
The chairman said the agency could not demand accountability from members of the public while allowing questionable practices among its own personnel.
As part of the internal reforms, the EFCC has also changed the name of its former Department of Internal Affairs to the Department of Ethics and Integrity.
Olukoyede said the new name was part of the commission’s wider drive for what he described as “internal cleansing”.
The restructuring places greater emphasis on ethical behaviour and accountability within the agency.
EFCC Recovers N1.23 Trillion, $684.48 Million
The disclosure on the dismissed personnel was made as Olukoyede presented a broader account of the commission’s performance since he assumed office.
During the period under review, the EFCC recovered N1.23 trillion and $684.48 million in proceeds of crime between October 2023 and July 2026.
The commission said the exact naira recovery stood at N1,233,612,040,411.11, while dollar recoveries amounted to $684,478,457.32.
Olukoyede said N397.26 billion of the recovered naira was recovered directly for the Federal Government.
The remaining N836.35 billion went to individuals, companies, government agencies and other beneficiaries through various recovery and restitution channels.
The recoveries were made in 16 currencies across five continents, showing the international nature of some of the financial crimes investigated by the commission.
Other currencies recovered included the British pound, euro, CFA franc and Saudi riyal.
The EFCC also reported significant recoveries for beneficiaries during the period.
A total of N661.32 billion and $492.37 million had been released to beneficiaries through restitution and other recovery arrangements.
Another N71.01 billion and $18.29 million remained in recovery accounts or with exhibit keepers pending the identification and verification of rightful owners.
State internal revenue services were among the beneficiaries of the recoveries.
The Internal Revenue Services of Edo, Kwara, Oyo and Sokoto states received N97.98 billion, while total tax recoveries attributed to state revenue authorities stood at N114.9 billion.
Federal ministries, departments and agencies also received N257.2 billion and $126.4 million.
The commission said public corporate bodies received N2.49 billion, while private companies and individuals also benefited from recoveries made in relevant cases.
10,872 Convictions Secured
The EFCC also recorded a significant number of convictions during the period.
The commission received 49,673 petitions and investigated 39,615 of them.
A total of 14,476 cases were taken to court, resulting in 10,872 convictions.
The figures cover a wide range of financial crimes, including advance-fee fraud, cybercrime, money laundering, bank fraud, procurement fraud, tax fraud and other economic offences.
Advance-fee fraud remained one of the most common offences recorded by the commission.
The agency recorded 20,726 cases of advance-fee fraud during the period, while cybercrime accounted for 8,222 cases.
Money laundering followed with 5,620 cases.
Bank fraud accounted for 3,328 cases, while economic governance fraud stood at 3,167.
The commission also recorded 2,464 cases involving land and property fraud.
Other offences investigated included procurement fraud, extractive industry-related offences and tax fraud.
The EFCC recorded 9,015 offences in 2023. The figure increased to 20,640 in 2024 before dropping to 16,633 in 2025.
Over 10,000 Assets Under Forfeiture Orders
Beyond cash recoveries, the EFCC secured interim and final forfeiture orders covering 10,053 assets during the period.
The assets included 8,198 electronic devices, 1,177 real estate properties, 370 automobiles and 251 plots of land.
The commission also obtained forfeiture orders involving 32 schools, factories, hotels and shops.
Other assets included 25 oil rigs, barges and machinery, as well as 102 tonnes of solid minerals.
The EFCC further listed a N450 million insurance policy, N250 million in Treasury Bills and more than 40 million shares among assets affected by forfeiture proceedings.
The shares were valued at about N1.05 billion and $4.4 million.
The commission also handled 920 specialised cases involving areas such as money laundering, Bureau de Change operations, illegal mining, virtual assets and terrorist financing.
Of those cases, 680 remained active, while 212 had resulted in convictions.
