It is unsurprising to those familiar with the intricate, cutthroat dynamics of Nigerian politics that the Economic and Financial Crimes Commission (EFCC) is currently at the centre of discussions in Nigeria’s ongoing fight against pervasive corruption. For as long as I can remember, successive administrations have paid lip service to this fight, a commitment that could, quite absurdly, rank as the highest in the world. Throughout my adult life, no regime—whether military, civilian, or interim—was considered complete without outlining its mandate to wrestle corruption into submission. Yet, ironically, with each passing government, corruption continues to grow monstrously as top officials outmaneuver one another in this blind plunder of public wealth. It reached the point where one leader, in a moment of dark humour, remarked that there must be something special about Nigeria to survive such continuous looting without going financially comatose.
Described as a silent killer of national growth and development, it is astonishing that the country remains standing despite the ongoing assault on the national treasury by pretentious political and financial bandits across both national and sub-national sectors. Rather than focusing on the collective good, key players seem determined to amass as much illicit wealth as possible, to the detriment of the nation. This unchecked greed has stunted economic growth and further impoverished the people. Today, Nigeria is not just seen as a poor country but one suffering from multidimensional poverty—a tragedy that defies logic in a nation blessed with abundant resources, continually squandered by a gang of avaricious leaders.
Given this background, it is easy to understand why certain powerful forces within the system are now moving to weaken institutions like the EFCC, which, along with the Independent Corrupt Practices Commission (ICPC), has made spirited attempts to bring these corrupt elements to justice. Isn’t it ironic that those pushing to emasculate the EFCC are themselves under investigation by the agency for corruptly enriching themselves or their cronies? Cloaked in legal arguments, the suit challenging the constitutionality of the EFCC’s existence claims to avoid a constitutional crisis, as many of these agencies, they said, were established through convention rather than legislation. The proponents argue that these bodies should not operate at the state level, suggesting that state governments should not be subject to federal oversight or control. The underlying message is clear: state governors and their agencies should be free from EFCC scrutiny. Wow!!!
Of course, there is a limit to how one can interrogate this matter as it has reached an advanced stage at the court This is a challenging issue, especially as the Supreme Court has reserved judgment on the matter. When the time comes, we will dive deeper into the hidden motives behind this argument.
For now, the question arises: who is afraid of the EFCC? Certainly not someone like the former governor of Kano State, Senator Ibrahim Shekarau, who, while advocating reforms in how the EFCC operates, remains a staunch supporter of its existence. Why mention Shekarau? Because in a recent interview on Channels Television, he laid bare his thoughts on the matter. It is always heartening to hear people like Shekarau and former Cross River State Governor Donald Duke speak on issues with the calm and reasoned perspective of true statesmen. Having fully participated in the political system, they stand as rare exceptions—leaders who left office without being pursued by law enforcement agencies over allegations of mismanagement. Personally, as a consistent critic of the EFCC, I align with Shekarau’s argument that there is no need to throw out the baby with the bathwater. Although not a lawyer, Shekarau questioned the wisdom of asking the court to disband an agency established by an Act of Parliament, especially when the ulterior motive seems to be to shield those benefitting from the system’s dysfunction from accountability.
While acknowledging that the EFCC has, at times, opened itself to criticism—particularly regarding its heavy-handed approach to apprehending suspects—Shekarau argued that the agency should be supported to reform and adopt best practices, given that it has achieved more positives than negatives in the fight against corruption.
As I have often argued in this column, it is no surprise that those caught red-handed in the looting of our national wealth would call for the disbandment of an agency like the EFCC. This is, unfortunately, typical of our system. In the past, there have even been suggestions that states should establish their own anti-corruption bodies rather than allowing the federal government to empower the EFCC to extend its reach across the states. Critics claim this contravenes the spirit of federalism. I find this argument laughable. States cannot have their cake and eat it too. There is such a thing as responsibility—not just to the citizens of those states but to the Nigerian nation as a whole, represented by the federal government. Isn’t it absurd that the same state officials who go cap in hand to the Federal Capital Territory each month to receive financial allocations are leading the charge to weaken the EFCC’s powers, demanding unchecked freedom to manage these funds however they see fit? Haven’t we always known that even in Freetown, nothing is free? The EFCC is not asking for anything unreasonable—just probity and accountability as enshrined in its founding law. Why should this generate so much resistance, with over 16 state attorneys-general now in court challenging the agency’s constitutionality?
The larger question is: who benefits if the EFCC’s powers are curtailed? In a country where recovered billions have been re-looted in the past, does it make sense to leave such transactions in the hands of powerful state executives without the oversight of the EFCC? This is a recipe for disaster in a country already rife with financial malfeasance. Some argue that the EFCC’s current legal battles indicate it is doing something right. I tend to agree, especially when the Kogi State government has shown a particular interest in how the case plays out at the Supreme Court. Even if other states drop out, Kogi seems determined to see this matter through to the end. Why? Because the Yahaya Bello fraud case, in my opinion, is closely tied to this legal wrangling. But I digress. If the EFCC hadn’t treated the ex-governor with kid gloves, we might not be here, fighting to save the agency from itself.
Beyond occasional shows of raw power, it is fair to say that for many, the fear of the EFCC has been the beginning of wisdom. At least it cannot be said that Yahaya Bello is being targeted because of some personal vendetta. Former Kwara State Governor Abdulfatah Ahmed and his Taraba State counterpart, Darius Ishaku, wouldn’t be defending themselves if the EFCC had nothing against them. While they have faced interrogations and charges, Bello, with money laundering cases amounting to nearly N190 billion, continues to run from one court to another, seeking to block the EFCC from disrupting his peace of mind. What kind of delusional thinking is that? The Bible, in Genesis 4:7, says, “If you do what is right, will you not be accepted? But if you do not, sin is crouching at your door.” The Yoruba interpretation of this verse is even more poignant: ‘Bi iwo ba se rere, ara ki yio ha ya o?’ Those desperate to dismantle the EFCC wouldn’t be so eager if they had truly conducted themselves well or planned to be transparent in office. It’s even laughable that some state attorneys-general didn’t seek approval from their governors before rushing to court to join the suit. More ridiculous still is the argument from Nasarawa State’s counsel that the EFCC’s cash withdrawal limits would prevent the governor from distributing funds directly to vulnerable citizens. What logic! In this age, surely it is more transparent to disburse funds through bank transfers, ensuring accountability.
No matter how we examine the situation, the EFCC has secured significant victories while also bungling cases that could have enhanced its standing with critics. According to records available on its website, the agency is making strides that give hope for the future. Under Ola Olukoyede’s leadership, the EFCC has secured 3,455 convictions over the last year and recovered over N248 billion in naira, alongside substantial amounts in foreign currencies.
And that’s not all. The EFCC has also handed over $180,300 and 53 vehicles to the Royal Canadian Mounted Police, assets recovered for Canadian victims of Nigerian fraudsters. Similarly, on September 20, 2024, the EFCC returned €5,100 to the Spanish police, proceeds of a romance fraud recovered from a Nigerian scammer for a Spanish victim.
If an agency is making such headway, even beyond Nigeria’s borders, shouldn’t we encourage it to address its shortcomings rather than scrapping it entirely or reducing it to a toothless watchdog? Without the EFCC, would we even know how our leaders abuse the privileges of their offices for personal gain?
Those interested in the full list of names subjected to the EFCC’s scrutiny should visit the agency’s website for a humbling experience. Nigeria has come too far down the road of corruption to expect rapid change. Weakening the EFCC will only embolden the financial predators within the system, enabling them to inflict more pain on the nation’s collective well-being. Is that what we want? Should we throw out the baby with the bathwater? Certainly not! Given that the agency’s successes far outweigh its flaws, the sensible approach is to demand internal reforms that will strengthen it, making it an even more formidable foe against the enemies of Nigeria’s economic and financial progress. After all, hasn’t the EFCC undergone several reforms since its establishment during President Olusegun Obasanjo’s administration? Further reform can only help. On this one, these financial bandits cannot and should not have their way!!! Never!!!
