The Economic and Financial Crimes Commission (EFCC) has achieved a record-breaking 4,111 convictions in 2024, the highest number in its history. This remarkable feat, which underscores the dedication of the commission's officers, was made possible by the cooperation of stakeholders and a commitment to tackling corruption at all levels.
In addition to these convictions, the EFCC made significant financial recoveries, totaling $214.5 million, ₦364.6 million, and £54,318, along with €31,265, CAD $2,990, and AUD $740. The commission also seized substantial assets, including 70 tons of unidentified solid minerals and a range of cryptocurrencies like Ethereum, Green Satoshi Tokens, and Tether coins.
Some of the notable recoveries include:
- 40.8 million units of shares, valued at ₦1.05 billion and $4.41 million
- 13.37 BTC, valued at $572,992.86
- 5.97 ETH, worth $13,353.06
- Several other cryptocurrencies and foreign currencies
In addition, the EFCC used the recovered funds to support various public initiatives, aimed at benefiting Nigerians directly.
The commission reported that in 2024, the most prevalent cases investigated were advance fee fraud, money laundering, and cybercrime. These issues were exacerbated by socio-economic factors such as rising unemployment, the desire for quick wealth, a growing informal economy, and weak regulatory frameworks.
As cybercrime continues to evolve, the EFCC has raised concerns over the increasing use of AI-driven fraud, deepfakes, and advanced phishing schemes by cybercriminals.
Despite the challenges, the EFCC remains resolute in its mission to combat financial crimes across the country, continuing its efforts to restore integrity and transparency in Nigeria’s financial landscape.
