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    Home - EFCC Sets Historic Record With 4,111 Convictions, Biggest Asset Recovery In 2024

    EFCC Sets Historic Record With 4,111 Convictions, Biggest Asset Recovery In 2024

    By Binta KabirMarch 10, 2025
    New EFCC Boss Olukoyede

    THE Economic and Financial Crimes Commission has secured a total of 4,111 convictions in 2024.

    According to the commission, the conviction was the highest number in any operational year since its inception.

    The commission also recovered significant sums across multiple currencies, totaling $214.5m, N364.6m, £54,318, €31,265, and various other amounts in different currencies.

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    This was contained in a document obtained by The PUNCH on Sunday.

    “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.

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    “The commission remains committed to enhancing the knowledge and capacity of its prosecutors and the judiciary,” the document stated.

    Beyond monetary recoveries, the EFCC also seized significant assets, including 70 tons of unidentified solid minerals and various cryptocurrencies, including Ethereum, Green Satoshi Tokens, and Tether coins, among others.

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    “$ 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.

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    “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 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 the cases.

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    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”

    The commission also raised the alarm that cybercriminals are constantly evolving their tactics, utilising AI-driven fraud.

    “Additionally, cybercriminals are continuously evolving their tactics, incorporating innovations like AI-driven fraud, deepfakes, and advanced phishing schemes,” it stated.

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