EFCC Secures 4,111 Convictions, Recovers N364.5bn in 2024

The Economic and Financial Crimes Commission (EFCC) recorded 4,111 convictions in 2024, marking the highest number of successful prosecutions in a single year since its establishment. This milestone reflects the agency’s intensified efforts to combat financial crimes in Nigeria.

According to a document obtained by The PUNCH on Sunday, the EFCC also recovered substantial financial assets across multiple currencies. The recovered funds include $214.5 million, N364.6 billion, £54,318, and €31,265. Additionally, other amounts were recovered in Canadian dollars, Australian dollars, CFA francs, UAE dirhams, Saudi riyals, South Korean won, Japanese yen, Ghanaian cedis, and South African rand.

Beyond monetary recoveries, the EFCC seized significant assets, including 70 tons of unidentified solid minerals. The commission also recovered shares worth over N1.05 billion, along with various cryptocurrencies such as Bitcoin, Ethereum, and Green Satoshi Tokens. These recoveries underscore the agency’s broader efforts to track and confiscate illicit wealth acquired through fraudulent means.

The commission noted that some of the recovered funds have been reinvested by the Federal Government into initiatives aimed at benefiting Nigerians. However, specific details on the allocation and utilization of these funds were not provided.

The EFCC identified advance fee fraud, money laundering, and cybercrime as the most prevalent offenses it tackled in 2024. The agency attributed the rise in financial crimes to several socio-economic factors, including rising unemployment, a growing informal economy, weak regulatory frameworks, and the pursuit of quick wealth, particularly among young Nigerians. These conditions have created an environment where financial crimes thrive, prompting the agency to intensify its enforcement measures.

One of the major concerns raised by the EFCC is the increasing sophistication of cybercriminals. The agency observed that many criminals now employ advanced technological tools, including AI-driven fraud, deep