4,111 convictions were secured by the Economic and Financial Crimes Commission in 2024.
The conviction rate was the greatest in any operating year since the commission’s establishing, it said.
Significant amounts were also recovered by the commission in a variety of currencies, including $214.5 million, N364.6 million, £54,318.00, €31,265.00, and other amounts.
This was contained in a document that was obtained on Sunday.
“In 2024, the commission secured 4,111 convictions. This is the highest number of convictions secured in any operational year from inception to date. This laudable achievement is attributable to the dedication of our officers and the enabling environment provided by the management and stakeholders of the commission.
“The commission remains committed to enhancing the knowledge and capacity of its prosecutors and the judiciary,” the document stated.
In addition to financial recoveries, the EFCC also seized substantial assets, such as 70 tonnes of unidentified solid minerals and a variety of cryptocurrencies, such as Ethereum, Tether coins, and Green Satoshi Tokens.
“$ 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.
“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 said that advance fee fraud, money laundering, and cybercrime were the most common crimes it looked into in 2024.
It further said that the large number of instances was caused by several socioeconomic reasons, such as growing unemployment, the desire for rapid wealth, and lax regulatory frameworks.
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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.
