The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has asserted that financial crimes and corruption are undermining Nigeria’s development, noting that if these issues are effectively addressed, Nigerians will remember both the commission and the National Assembly.
Olukoyede made this assertion today while receiving members of the House of Representatives Committee on Financial Crimes during an oversight visit to the commission’s headquarters in Jabi, Abuja.
According to him, both the committee members and the EFCC are mandated to tackle the menace of financial crimes and corruption, with the goal of advancing the country.
He emphasized the need for effective collaboration between the lawmakers and the commission in achieving this mandate.
“The mandate before you, which is also before us, if managed effectively and efficiently, will be remembered by Nigerians in the long term.
“This is one of the major challenges undermining our development in Nigeria. Tackling financial crimes and corruption effectively is a responsibility before you as well as the EFCC. It is therefore appropriate for us to work together,” Olukoyede said.
He added that since October 2023, the EFCC has been operating with three key policy objectives: stimulating the Nigerian economy, adhering strictly to the law, and improving the country’s image both domestically and internationally.
Though the commission operates within legal confines, as a law enforcement agency, the EFCC is permitted by law to take specific actions within its mandate.
“If you don’t operate within these parameters, you cannot fulfill your mandate,” he stated.
Olukoyede attributed the commission’s achievements over the past year under his leadership to a new approach of asset tracing and recovery.
“If you understand the intricacies of financial crime investigation and prosecution, you would realize that recovering N1 billion is a challenge.
“I tell my team that as soon as we start an investigation, we begin asset tracing. Asset tracing and recovery are powerful tools for any anti-corruption agency. Allowing suspects or persons under investigation to access their assets enables them to resist our efforts. By depriving them of these assets, we weaken their influence. This simultaneous strategy has transformed our approach,” he told the committee members.
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He also highlighted the importance of prevention in the commission’s operations, noting that preventing corruption is more effective than simply enforcing the law.
“In addition to enforcement, our mandate includes prevention. Over the past year, we have emphasized prevention like never before.
“For every 10 Naira recovered, perhaps 30 or 40 Naira may have been stolen. If we recover about 440 billion Naira and several billions of dollars in a year, imagine the total amount siphoned from our system. That’s the unfortunate reality.
“Thus, we are focusing on prevention. Over the last year, we have established a new directorate for risk assessment and control.
“To recover 10 Naira, you may spend between 4 and 5 Naira. But to prevent 10 Naira from being stolen, you spend less than 1 Naira, based on our research and experience. Prevention is, therefore, the more effective way to combat corruption,” he explained.
He also called for improved welfare for EFCC staff, noting that they are underpaid, and emphasized that the commission requires additional resources to carry out its mandate effectively.
Earlier, the chairman of the committee, Honourable Ginger Onwusibe, explained that the members were at the commission as part of their oversight functions, aimed at monitoring the performance of ministries, departments, and agencies.
He expressed the committee’s readiness to assist the EFCC through legislation and budget allocations, and urged the commission to enhance its operational skills, ensure accountability, address challenges, and work closely with other agencies, donors, and development partners.
