By Francis Wilfred
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Nigerians to embrace greater accountability in the fight against corruption, stressing that transparency in public and private resource management is critical to restoring stability and economic prosperity in the country.Olukoyede made the call while presenting a paper titled “Corruption, National Security and Economic Prosperity” at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honorary Members’ Forum in Lagos. According to a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, the EFCC Chairman delivered the lecture through the Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren. He observed that weak accountability frameworks in both the public and private sectors have deepened corruption, creating serious consequences for national security and economic development.
While acknowledging that religious extremism, ethnic tensions, and self-determination agitations are often blamed for insecurity in parts of Nigeria, Olukoyede noted that corruption remains the underlying driver of instability.“The real elephant in the room is corruption,” he said, explaining that insecurity thrives when funds meant for national defence and social development are stolen or diverted for personal enrichment.The EFCC Chairman criticized the abuse of security votes, describing them as opaque channels for siphoning public funds. He cited the ongoing prosecution of a former governor accused of misappropriating over ₦4 billion in security votes as a case in point.
Olukoyede stated that the EFCC contributes to counter-terrorism and the fight against violent extremism through non-kinetic approaches, particularly by disrupting illicit financial flows to criminal groups. He explained that the Commission monitors designated non-financial institutions and Bureau de Change operators to prevent money laundering and illicit financial transactions linked to insecurity. Other interventions include oversight of local and international non-governmental organizations operating in conflict-prone areas, especially the North-East, to ensure they are not used as fronts for subversive activities. The EFCC also collaborates with anti-corruption agencies across West Africa under the Network of Anti-Corruption Institutions in West Africa (NACIWA) to strengthen regional anti-money laundering frameworks and enforcement mechanisms.
Olukoyede further highlighted the Commission’s asset recovery efforts, noting that the recovery of substantial sums and properties has supported Nigeria’s economic recovery. He said the reinvestment of recovered assets into social intervention programmes, such as the students’ loan scheme and consumer credit initiatives, has the potential to lift many Nigerians out of poverty. According to him, the EFCC has also supported macroeconomic stability by combating currency racketeering, illegal foreign exchange trading, dollarization of the economy, and currency mutilation.He noted that enforcement actions against illegal forex dealers in major cities helped reduce pressure on the naira and contributed to relative exchange-rate stability.
Olukoyede revealed that upon assuming office, the Commission adopted a policy of not shutting down businesses under investigation, in order to preserve jobs and protect livelihoods during a period of severe economic challenges. He added that the EFCC promotes efficient resource utilization by tracking budget releases and expenditures in key ministries, departments, and agencies through its Department of Fraud Risk Assessment and Control.Speaking at the event, Chairman of NAFOM-HMF Ikeja, Dr. Goke T. Akinrogun, commended the EFCC Chairman for the insightful lecture, while the Chief Host, Air Commodore Ewejide Akintunde, praised the forum for sustaining meaningful policy discussions over the past six years.
