By Henry Ojelu

The year 2024 marked a significant period in Nigeria’s fight against economic and financial crimes. The country witnessed a record number of convictions, substantial asset recoveries, and strategic public engagement initiatives aimed at curbing corruption.

The Economic and Financial Crimes Commission, EFCC, intensified its efforts across all operational zones, making unprecedented strides in tackling financial crimes, cyber fraud, and money laundering.

In this report, Law and Human Rights  provides an in-depth analysis of EFCC’s 2024 activities, highlighting key statistics, challenges, and achievements in investigation, prosecution, asset forfeiture, and public sensitization.

Investigations: Surge in cybercrime and financial fraud cases

“The EFCC significantly expanded its investigative activities in 2024, handling a total of 15,724 petitions across all Zonal Directorates. Of these, 12,928 cases were investigated, with cybercrime, money laundering, and advance fee fraud emerging as the most prevalent offences.”

“Several factors contributed to this surge, including high youth unemployment, weak regulatory frameworks, and an increasingly digitalized economy that has allowed cybercriminals to deploy sophisticated fraud techniques. Criminals leveraged artificial intelligence (AI), deepfake technology, and advanced phishing schemes to defraud individuals and businesses.

“Recognizing the evolving nature of these crimes, the Commission has committed to enhancing its technological capabilities. It is integrating advanced forensic tools and collaborating with both local and international partners to combat financial crimes more effectively.”

Prosecution: A historic record of 4,111 convictions

“The EFCC’s prosecution efforts resulted in a historic 4,111 convictions in 2024—the highest number recorded in the agency’s history. This achievement underscores the dedication of EFCC officers and the judiciary’s increasing expertise in handling financial crime cases.

“To further strengthen legal proceedings, the Commission organised a Capacity Development Program for Judges and Justices in partnership with the National Judicial Institute. This initiative aimed to deepen the judiciary’s understanding of economic and financial crimes, leading to more effective prosecutions. The EFCC’s headquarters and zonal offices secured convictions across various regions. Lagos Zonal Directorate led with 685 convictions, followed by Ibadan with 501, Enugu with 516, and Benin with 412. These figures indicate a nationwide intensification of prosecution efforts, with Lagos, Ibadan, and Enugu leading in tackling economic crimes.”

Asset forfeiture, monetary recoveries: Over N364bn recovered

“In 2024, EFCC’s focus on asset recovery led to the retrieval of stolen public funds and properties. Total monetary recoveries amounted to N364.6 billion, alongside substantial foreign currency recoveries, including $214.5 million, £54,318.64, and €31,265.00.

“One of the most remarkable achievements in 2024 was the forfeiture of over 750 duplexes and other apartments to the Nigerian government— the largest single recovery in EFCC’s history. Additionally, a significant portion of recovered funds was reinvested into national development initiatives. Notably, the Federal Government allocated N50 billion to the Nigerian Education Loan Fund (NELFUND) from EFCC’s recoveries. This initiative provides financial support to students in higher education, enabling them to complete their studies and contribute meaningfully to the economy.

“The EFCC seized various categories of assets in 2024, including 223 automobiles, 975 real estate properties, 931.052 metric tons of petroleum products, and 40,844,094 units of shares worth over N1.05 billion and $4.41 million. Cash forfeitures included N10.9 billion and $7.3 million, while cryptocurrencies such as 13.37 Bitcoin and 5.97 Ethereum were also seized. These recoveries reflect the Commission’s aggressive stance against individuals and corporations who attempt to defraud the nation.

Prevention efforts: strengthening financial regulations,  public sensitization

“Beyond enforcement, the EFCC intensified preventive measures through compliance supervision, public engagement, and institutional collaborations. The Special Control Unit Against Money Laundering (SCUML) played a crucial role in ensuring the compliance of Designated Non-Financial Businesses and Professions (DNFBPs) with the Money Laundering (Prevention and Prohibition) Act, 2022.

In 2024, SCUML registered 26,047 DNFBPs, sensitized 15,947 entities, and processed 46,405 Cash Transaction Reports (CTR) from businesses in high-risk sectors such as real estate and casinos.

“Recognising the power of awareness in the fight against corruption, the EFCC leveraged various platforms to engage the public. Social media outreach saw X (formerly Twitter) reaching 2,205,979 followers, Facebook with 708,012 followers, and Instagram with 740,990 followers.

“Physical engagement initiatives included interactions with 136,750 National Youth Service Corps (NYSC) members, 31,854 participants in Civil Society Organisation workshops, and counselling sessions for 120 cybercrime suspects. Additional public sensitization efforts involved media engagements and community leader workshops.

“EFCC Radio also played a crucial role in educating the public on financial crimes, broadcasting 17 sensitization programs covering issues such as the role of parents in preventing cybercrime and the impact of corruption on national development.”

Strategic initiatives, international collaborations.

“To curb corruption within government agencies, the EFCC launched the Fraud Risk Assessment Project for Ministries, Departments, and Agencies (MDAs) in January 2024. This initiative aims to identify vulnerabilities and mitigate fraud risks in public institutions.

“On October 22, 2024, the EFCC convened the first-ever Regional Cybercrime Summit in West Africa. Held in collaboration with UNODC, ECOWAS, and Microsoft, the summit aimed to strengthen international cooperation in fighting cybercrime.

“The EFCC also organised and participated in several anti-corruption forums, including the 6th EFCC–NJI Capacity-Building Workshop for Justices and Judges, the 6th Annual General Meeting of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), and the United Nations World Anti-Corruption Day on December 6, 2024. These events provided a platform for experts to share best practices and strengthen regional unity in combating corruption.”

 Conclusion

“The year 2024 was a defining moment in Nigeria’s anti-corruption efforts. The EFCC’s record-breaking 4,111 convictions, over N364 billion in recoveries, and extensive public engagement campaigns illustrate the agency’s commitment to tackling financial crimes.

“Moving forward, the Commission aims to leverage technology, enhance judicial cooperation, and strengthen preventive measures to sustain these gains. However, addressing underlying factors such as unemployment and regulatory loopholes remains critical in ensuring long-term success. As Nigeria continues its fight against corruption, the lessons and achievements of 2024 serve as a blueprint for a more transparent, accountable, and economically secure future.