The Economic and Financial Crimes Commission (EFCC) has announced that it secured 4,111 convictions in 2024, marking the highest number recorded in any operational year since its establishment.
The commission also recovered substantial funds in various currencies, totaling €197.96 million, N364.6 billion, €64,732.85, €31,265, and other amounts in different denominations.
This information was contained in a document obtained by journalists 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,” the document stated.
Beyond monetary recoveries, the EFCC also confiscated significant assets, including 70 tons of unidentified solid minerals and various cryptocurrencies such as Ethereum, Green Satoshi Tokens, and Tether coins.
“€197,974,238.34, N364,597,370,151.35, €64,733.62, €31,265.00, CAD 2,759.47, AUD 682.95, CFA 7,821,375.00, UAE Dirham 170.00, Riyals 5,115.00, W 73,000.00, €0.66, GH¢ 225.00, and Rand 50.00 were recovered in 2024.
“Recovered assets also include 70 tons of unidentified solid minerals; 40,844,094 units of shares worth about N1,055,190,044.55 and €4,074,415.43; €1,015,062.17 worth about €528,814.54, 5.97886094 Ethereum worth €12,323.53, 298.4770071 Green Satoshi Tokens worth €5.54, 1,002.547631 Tether coins (€924.95), as well as N2,699,233 and N9,477,977,318.78 in cash, among other assets,” the commission disclosed.
The EFCC further stated that some of the recovered funds have been reinvested by the Federal Government into initiatives benefiting Nigerian citizens.
According to the commission, the most investigated crimes in 2024 included advance fee fraud, money laundering, and cybercrime. The high volume of these cases was attributed to factors such as rising unemployment, the desire for quick wealth, a large informal economy, and weak regulatory frameworks.
“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 EFCC stated.
The agency also raised concerns over the growing sophistication of cybercriminals, who are now employing artificial intelligence-driven fraud schemes.
“Additionally, cybercriminals are continuously evolving their tactics, incorporating innovations like AI-driven fraud, deepfakes, and advanced phishing schemes,” the statement warned.
The EFCC reaffirmed its commitment to tackling financial crimes, improving the capacity of its prosecutors, and working with the judiciary to enhance justice delivery.
