By Abigail Philip David
The Economic and Financial Crimes Commission (EFCC) now has access to the Integrated Personnel and Payroll Information System (IPPIS) to enhance monitoring of government disbursements, according to EFCC Chairman Ola Olukoyede. This move is expected to aid the EFCC in tracking public funds and ensuring their appropriate use.
Olukoyede, speaking during a visit from the Senate Committee on Anti-Corruption and Financial Crimes at the EFCC headquarters in Abuja, expressed the commission’s intent to monitor constituency projects, urging cooperation from the senators. “We now have a relationship with the Accountant General’s Office,” he stated. “We want to track where government funds are directed. We’ll also be monitoring the allocation for your constituency projects and hope for your support in this endeavor.”
Additionally, Olukoyede disclosed efforts to acquire software to monitor cryptocurrency transactions, a step he says is crucial as Nigeria loses billions to unregulated virtual currency trading. “We’re negotiating with SEC and CBN to monitor tax compliance within cryptocurrency trades, which could bring in about $5 billion in revenue annually,” he explained. The software, costing 3.4 billion naira, is necessary to track offshore transactions and ensure regulatory oversight.
Reflecting on past investigations, Olukoyede noted the link between corruption and insecurity, referencing the arms procurement scandal as an example of funds diverted from their intended purposes, leading to persistent security challenges. “Corruption remains a root cause of our issues,” he said. “We continue to face insecurity issues tied to misappropriated funds for critical infrastructure.”
Olukoyede also addressed public criticisms of the EFCC’s cybercrime investigations, citing that Nigeria loses around $500 million annually to internet fraud. “It’s disheartening when people critique us for pursuing cybercrime,” he remarked. “These losses tarnish our national image and impose financial harm. Tackling this is essential.”
Further, the EFCC chairman shared that the agency is intensifying efforts in the extractive industry, with arrests made and impending court charges. “We’re focused on the extractive sector as part of our commitment to address economic crimes,” he concluded.
