— Commission recovers ₦566bn, 1,502 properties in two years
The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects involved in investment and cryptocurrency-related fraud, as part of its intensified crackdown on cyber-enabled financial crimes across Nigeria.
The Chairman of the EFCC, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, disclosed this on Thursday in Abuja during a press briefing to mark his second anniversary in office.
Olukoyede revealed that the syndicate included 192 foreign nationals, who were arrested alongside their Nigerian accomplices and later prosecuted for cyberterrorism and cryptocurrency fraud.
“Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024.
The syndicate included 192 foreigners, who have since been prosecuted for cyberterrorism and cryptocurrency fraud and deported,” he stated.
The EFCC chairman emphasized that the development sends a strong signal to both local and international cybercriminals that Nigeria will not serve as a safe haven for financial crimes.
“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he added.
EFCC Performance Data
According to figures released by the anti-graft agency, between October 2023 and September 2025, the EFCC:
Received 19,318 petitions,
Conducted 29,240 investigations,
Filed 10,525 cases in court, and
Secured 7,503 convictions.
Olukoyede said these statistics demonstrate the Commission’s renewed focus on tackling complex financial crimes, including cyberfraud, money laundering, and investment scams.
Asset Forfeiture and Recoveries
The EFCC also secured the forfeiture of 1,502 real estate assets within the same period, comprising 402 in 2023, 975 in 2024, and 125 so far in 2025.
Among the major forfeited properties are 753 duplex units in Lokogoma, Abuja, and Nok University, which has since been renamed the Federal University of Applied Sciences, Kachia, in Kaduna State.
“The total forfeited real estate assets in two years is 1,502 properties. The recovered property includes two notable landmarks: the final forfeiture of 753 duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia,” Olukoyede stated.
In addition to asset forfeiture, the Commission recovered ₦566.3 billion and several foreign currencies during the two-year period.
Breakdown of the recovered funds includes:
₦566,319,820,343.40
$411,566,192.32
£71,306.25
€182,877.10
CAD $5,510.00
AUD $740.00
¥89,859.00
₹1,300.00
CFA 8,381,375.00
AED 70.00
SAR 310,265.00
GH₵ 225.00
R 50.00
₩73,000.00
Surge in Investment and Crypto Scams
Nigeria has witnessed a sharp rise in investment and cryptocurrency-related fraud over the past three years, with victims losing billions of naira to fake online trading platforms and digital asset schemes.
Most of these operations, disguised as legitimate investment opportunities, lure unsuspecting citizens with unrealistic profit promises and social media promotions, leading to devastating financial losses.
Olukoyede reaffirmed the EFCC’s commitment to curbing cyber-enabled crimes, recovering stolen assets, and restoring integrity to Nigeria’s financial system.
“Under my watch, the EFCC remains steadfast in the fight against economic and financial crimes. We are determined to recover stolen assets and strengthen public confidence in Nigeria’s financial institutions,” he said.