Tag: Ola Olukoyede

  • There’s need to confront culture that glorifies corruption

    There’s need to confront culture that glorifies corruption

    Behaviours to make crime look acceptable should be discarded to effectively fight cyber crime, Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has said.

    According to him, economic and financial crimes do not flourish merely because laws are weak or institutions fail, but because society has, over time, tolerated ideas and narratives that portray wrongdoing as smart, profitable, and even admirable.

    Read Also: FG denies allegations of targeting opposition in anti-corruption drive

    Olukoyede said this in his Foreword to a new compelling and incisive book titled “Crime Is a Bad Market”. The book is written by a media entrepreneur, edutainment strategist and youth development advocate, Mr Tayo Folorunso.

    According to Olukoyede,  the message in the book aligns directly with the core mandate of the EFCC and reinforces the agency’s evolving approach to tackling corruption at its roots.

  • Stealing in advance

    Stealing in advance

    •It is disheartening that some public officers engage in anticipatory assets declaration to cover their tracks

    The revelation by chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, that some politically exposed persons engage in anticipatory declaration of assets to cover corrupt practices in the future should be fought vigorously.

    By such despicable conduct, public officers and politically exposed persons in anticipation of the money they will steal while in office, declare anticipatory assets in the declaration forms they are mandated to fill with the Code of Conduct Bureau (CCB), as provided by the 1999 constitution (as amended). 

    By the provision of Section 11 of the fifth schedule of the Constitution, every public officer is mandated to declare his/her assets. It says: “Subject to the provisions of this constitution, every public officer shall within three months after the coming into force of this Code of Conduct or immediately after taking office and thereafter: – at the end of every four years; and at the end of his term of office, submit to the Code of Conduct Bureau a written declaration of all his properties, assets, and liabilities and those of his unmarried children under the age of eighteen years.”

    To undermine that provision, public officials declare anticipatory assets. According to Mr Olukayode: “Now, they declare what they intend to acquire by the time they are in office before they are sworn in to office. It’s terrible. We saw that and we felt, no, this is pretty bad.”

    Speaking of an individual the commission investigated, he said “he was so devilishly smart that he had already registered the property that he didn’t own at the time at the land registry. He designed the mansion that he wanted to build there. So, in other words, before he was sworn in, he had started thinking about the money to steal and what to do with the money.”

    By the provision of the constitution, the CCB is supposed to investigate the declarations made in the form submitted. It is not supposed to be a mere routine, for the type of shenanigan discovered by the EFCC to happen.

    In the case referred to by Mr Olukayode, the politically exposed person declared an asset of N3 billion in advance of occupying the public office, which implies that he has already set for himself a high target of corrupt enrichment.

    Read Also: Nigeria police repatriate wanted Chinese gang kingpin

    The EFCC chairman spoke at the launch of a new product by the Technical Unit on Governance and Anti-Corruption Reforms of EFCC in collaboration with the CCB, geared to promote ethics, accountability, and exemplary governance in Nigeria’s public service. Collaborating the historic milestone, the Attorney-General of the Federation, Lateef Fagbemi, SAN, emphasised, “Today is a bold statement that we are dedicated to instilling integrity, transparency, and the highest form of accountability at the very heart of public service in our dear country.”

    He emphasised the constitutional role of the CCB, “It is the moral and ethical bedrock of the public service, setting the standards by which we are to conduct ourselves. We must adhere to them not only as public officers but as guardians of public trust and public integrity. It emphasises service over self and commitment to duty over privilege.”

    We commend the EFCC for its collaboration with the CCB and for the innovative programme of using technology to fight corruption.

    We recall the case of the former Senate President Bukola Saraki who was accused of anticipatory declaration at assumption of office and under- declaration of assets after leaving office as Governor of Kwara State; which was dismissed on technicalities. The claim by Mr Fagbemi that “This innovation will not only enhance awareness but will also promote preventive compliance, facilitate training, and serve as a resource for citizens, civil society, and oversight institutions,” is reassuring.

    The fight against the cankerworm of corruption must be fought by all to succeed.

  • EFCC chair to deliver keynote at policy dialogue on real estate sector

    EFCC chair to deliver keynote at policy dialogue on real estate sector

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, is to deliver the keynote address at the Policy dialogue on critical issues affecting Nigeria’s real estate ecosystem.

    The event, convened by Law Corridor, a leading Nigerian law firm, will take place on Wednesday, August 6, 2025, at the Abuja Continental Hotel, Abuja by 10 a.m.

    The flagship dialogue, part of Law Corridor’s quarterly policy engagements, will bring together key stakeholders from the public and private sectors to discuss fraudulent practices plaguing the real estate industry.

    Read Also: EFCC warns against suspicious foreign airlines ticket promos

    Discussions will focus on tackling illegal property sales, unlicensed agents, fake developers, compliance challenges, anti-money laundering measures, and access to legal remedies.

    Notable attendees include the acting Executive Secretary of the Federal Capital Development Authority (FCDA), Engr. Richard Yunana Dauda; Managing Partner of Omaplex Law Firm, Oyetola Muyiwa Atoyebi (SAN, FCIArb UK); Managing Partner of Afe Babalola & Co., Kehinde Ogunwumiju (OFR, SAN, FCIArb UK); and Director of the Special Control Unit Against Money Laundering (SCUML), Harry Erin, alongside other prominent industry players.

    Organisers say a policy brief capturing insights, stakeholder recommendations, and a roadmap for reform will be published after the event and presented to relevant government ministries and agencies for implementation.

  • Fraudulent politicians hiding loots in cryptocurrencies, says EFCC chair

    Fraudulent politicians hiding loots in cryptocurrencies, says EFCC chair

    Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede has said fraudulent politicians and other crooks now hide their loots in cryptocurrencies to evade anti-corruption investigators.

    Olukayode spoke at a public lecture, titled: Understanding Virtual Assets and Investment Scam, marking this year’s African Union Anti-Corruption Day, where he was represented by Daniel Isei (Ilorin Zonal Director), Bawa Usman Kaltungo (Acting Kaduna Zonal Director), and Hajiya Hauwa Garba Ringim (Acting Ibadan Zonal Director).

    “Virtual assets fraud is on the rise. Our findings showed that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies. 

    “Stolen funds and unexplained wealth are being warehoused in wallets and payments for services are being done through this window. Investment schemes are also being facilitated through it,” Olukoyede said.

    The EFCC chairman also warned about the growing trend of fraudulent investment schemes with the use of virtual assets to lure desperate investors with promises of quick returns.

    READ ALSO; Russia offers to increase scholarships for Nigerian students 

    He decried the growing threat of virtual asset and investment scams across Africa, warning that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors.

    Olukoyede noted that Africa’s fight against corruption was being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list.

    The EFCC chairman explained that virtual assets, including cryptocurrencies and digital tokens, are not inherently criminal but become dangerous tools in the hands of fraudsters.

    “Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them for money laundering and fraudulent investments,” he said.

    Highlighting the infamous CBEX scam, Olukoyede cited it as a case study of how ignorance and negligence among investors could fuel the success of fraudulent schemes.

    “The CBEX case showed how failure to conduct due diligence and report suspicious transactions on time can lead to devastating losses,” he said. “No investment scam can succeed without the negligence of the investing public.”

    Olukoyede assured the public that the EFCC remained a step ahead through proactive intelligence, training, and operational breakthroughs.

  • We won’t allow re-looting of recovered assets, says EFCC Chair

    We won’t allow re-looting of recovered assets, says EFCC Chair

    The Economic and Financial Crimes Commission (EFCC), has assured Nigerians that, it will never allow looted assets by corrupt individuals to be relooted.

    Chairman of the Commission, Ola Olukoyede gave the assurance in Kachia, Kaduna State yesterday during a visit to the main campus of the newly established Federal University of Applied Sciences, Kachia.

    The University’s facility was taken over by the Federal Government following a court order for the forfeiture of the privately-owned institution.

    Nok University was a privately owned institution founded in 2021 by Anthony Hassan, a former Director of Finance and Accounts at the Federal Ministry of Health. However, in June 2024, a Federal High Court in Abuja, led by Justice Joyce Abdulmalik, issued a final order of forfeiture, finding that Hassan used illicit public funds to acquire the university and related assets, including a water factory, hotel, and event center.

    Speaking during his visit, the EFCC Chairman said good governance is a possibility in Nigeria, and that, Nigerians must enjoy proceed of accountability.

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    He said: “This is a testimony that good governance is a possibility in Nigeria. President Bola Ahmed Tinubu has given us a marching order to go and ensure delivery of good governance and he has provided the leadership directly and indirectly, by actions and by words.

    “Never in the history of this country are we going to allow recovered assets to be re-looted again. So, this is a testimony of accountability, it is a testimony of transparency, it is a testimony of judicious use of recovered asset.

    “Nigerians deserve to enjoy the proceeds of accountability and that is why we decided to give this back to the people. After recovery, we feel the people of the immediate community must be the first beneficiaries. So, it is important for us to appreciate the leadership of Mr President because this has not been happening before.

    “Just yesterday, I was in Bayelsa State to commission some projects. That ordinarily was not supposed to be in the mandate of the EFCC, but because those projects were built with proceeds of crime; from the money recovered from Niger Delta Development Commission (NDDC) strictly. And that is what we would be doing going forward.

    “The President directed that we handover this project in Kachia to the Ministry of Education which we did openly at the Villa and I did promised at that event that, we will make sure that, the facility is used for what the President has directed. And that is why we are here today to show Nigerians that, Federal University of Applied Sciences, Kachia is a reality.

  • CBEX probe: Investors won’t get dollar refunds, says Olukoyede

    CBEX probe: Investors won’t get dollar refunds, says Olukoyede

    • EFCC recovers some money from embattled digital investment platform

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said the agency had recovered some money from crypto bridge exchange (CBEX), a failed digital investment and trading platform.

    In an interview on a national television programme, Olukoyede announced that the EFCC had made some arrests in connection with the CBEX fraud.

    The EFCC chairman said the commission had made significant progress in its investigation.

    “We have gone far with CBEX. We have been able to recover a reasonable amount of money. We have gone far. We have made a reasonable arrest.

    “We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.

    Olukoyede explained that investors may not get their money back in dollars because of the difficult process in converting the money, which was traded in cryptocurrency.

    Read Also: Alleged N1.3tr CBEX fraud: EFCC declares eight suspects wanted

    “Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he said.

    The EFCC chairman stressed that the investigation had been challenging because the fraudsters used “non-custodial wallets,” which means there was no identity attached to the accounts, making it harder to trace the criminals.

    “We are still investigating a lot of wallets and the wallets they created are called non-custodian wallets. In other words, no KYC. So, you can’t trace it to anybody,” Olukoyede said.

    “So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia, and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.

    “That is to the extent that we have gone. I even learnt that there are still some of these perpetrators, and Nigerians are still falling victim. I believe people should learn from this.”

  • ‘Ngerians embracing fight against corruption’

    ‘Ngerians embracing fight against corruption’

    Nigerians increasingly see the fight against corruption as a patriotic duty, says the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede.

    Olukoyede made the remark in Ikeja, Lagos, while receiving the “Courage in Justice and Transparency Award 2024” at a ceremony organised by the Nigerian Human Rights Community (NHRC), a coalition of civil society organisations.

    The EFCC chairman, who was represented by his Chief of Staff, Michael Nzekwe, expressed satisfaction at the growing national consciousness, noting that “every corrupt act diminishes us a little as Nigerians”.

    The EFCC boss said the award would boost the agency’s morale to do more in tackling economic crimes.

    Other recipients were also recognised for their integrity, contribution to development, and national security.

    Read Also: NNPC unfolds plan to attract $30b investment in 2027

    Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Regulatory Commission, was named the “Integrity Personality of the Year 2024.”

    Akintunde Sawyerr, CEO of the Nigeria Education Loan Fund (NERFUND), received the “Sustainable Development Person of the Year 2024.”

    Prince Benson Onuwaje, CEO of Emirates Logistics Nigeria Ltd, was honoured as the “Oil and Environmental Security Personality of the Year 2024.”

    Kumar Sanda, commander of the Lagos State chapter of the Civilian Joint Task Force (CJTF), received the “Lagos Best Security Group of the Year 2024” on behalf of the body.

    Komolafe said, “It is an honour and privilege for us to be recognised for what we are doing at NERFUND.”

    He described the recognition as a validation of NERFUND’s ongoing work.

    He added, “I have received so many awards, but this is very special and dear to my heart, especially coming from members of the civil society who have committed themselves to transparency in our nation. Without people like you, it would not augur well for our country.”

    Prince Onuwaje said his organisation has been working to ensure that the country earns more money from crude oil exports.

    He said Delta State became the number one oil-producing state because his organisation safeguarded the Trans-Forcados oil pipelines.

    He said involving people in host communities in protecting oil pipelines has empowered them through employment opportunities and the provision of social amenities like electricity.  

    NHRC executive, Adewale Adeoye, said the award is meant to encourage integrity, transparency, and hard work among Nigerians.   

  • Olukoyede’s mistake

    Olukoyede’s mistake

    The EFCC boss goofed by thinking Nigerians would shed tears over his disclosure on the national grid

    Last week, the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, threw two bombshells that should really keep us thinking as a nation. One, he said one of the reasons we have been having frequent grid collapses is because contractors supplying equipment and materials for the maintenance of the grid have largely been supplying poor and substandard ones.

    Two, that in the last 15 to 20 years, we have not achieved up to 20 per cent of our capital project implementation and execution.

    Olukoyede told members of the House of Representatives Committee on Anti-Corruption and Financial Crimes, who visited him at the headquarters of the commission in Abuja, last week, that Nigerians would weep if they know the extent of the rot that is throwing them into perpetual darkness.

    Let’s hear from the horse’s mouth: “As I am talking to you now, we are grappling with electricity. If you see some of the investigation we are carrying out within the power sector, you will shed tears”.

    Olukoyede added: “people who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 gauge, they will go and buy 5.0. So every time you see the thing tripping off, the thing gets burnt, and all of that. It falters, and it collapses. It’s part of our problems”, Olukoyede said.

    That is for the power sector.

    Then the second bombshell: “We discovered that in the last 15 to 20 years, we have not done up to 20% of our capital project implementation and execution. And if we don’t do that, how do you want to have infrastructural development.

    “How do you want to grow as a nation…”? “So, our mandate this year is to work with that directorate (Problem Risk Assessment and Control) and with the National Assembly to see if we can meet up to 50% of our execution of our capital project for the year.

    “If we do 50%, we will be fine as a nation. Lack of implementation of this capital project is one of our major problems in Nigeria. And if we are able to tackle that effectively, we will make progress as a nation.”

    Read Also; Inflation still biting hard

    I need somebody to help me here because the governments in power during the period were not giving us this ridiculously low performance figures. Although Olukoyede did not mention the specific time frame he was talking about, I doubt if any of the governments that could have fallen into the 15-20 years bracket ever said that was their best. Even then, we were saying the higher percentages they claimed were too low for a country that is thirsty for development. But we still celebrated the 50 or so percent average whenever any of them said they attained such.

    So, how come we are now hearing that we did not achieve up to 20 per cent in a stretch of 15-20 years? Were we conned by those administrations? Or is it Olukoyede that is not getting his facts right?

    The matter becomes particularly pathetic when we remember that some of these years in question were years of the locust when ministries, departments and agencies (MDAs) in the federal public service would make sure they exhaust their budget for every year so they could get more money the following year. What they did toward the end of the year was to award emergency contracts for all imaginary items that they actually had no need of. The idea was just to make sure they returned zero balance. So, what happened to the balance of their budgets if the country in the last 15 or so years did not achieve 20 per cent of capital projects? At least the released sums?

    The EFCC boss’s disclosure that the commission has established a directorate of Problem Risk Assessment and Control that is working with the Office of the Attorney-General of the Federation to look at releases against implementation of projects should have been a welcome one but for the fact that it is doubtful if the commission has the capacity for such extended responsibility.

    The truth is; in a seriously corrupt nation like ours, the EFCC has a lot on its sleeves to begin to add other responsibilities to its original mandate. Even concerning its core mandate, it is doubtful if the commission is adequately staffed or equipped.

    But, that is the problem with Nigeria. When an agency is not working, we simply shift its responsibility to others that are doing fairly well. Didn’t we have people who were supposed to certify the power sector materials and equipment as having been supplied to specification? Did we not have agencies that were supposed to monitor capital projects such that if we did not execute up to 20 per cent of them, the funds for the remaining 80 per cent (or whatever amount had been released in anticipation of a greater percentage of execution) was returned to government’s coffers? So, what is their role in all of these?

    One can only hope that this additional responsibility would not constitute an unnecessary distraction that would end up making the EFCC a jack of all trades, master of none; a thing which would not augur well for the anti-corruption war.

    As for the power sector, I want to believe that not many Nigerians would have been stunned by Olukoyede’s disclosure. After all, the power sector we have always known. Many Nigerians have had to suffer one way or the other from many of the corrupt officials in the sector, right from when it was still a government baby and, worse still, now that the sector has largely been privatised.

    Before the introduction of prepaid meters, many of the workers of the then National Electric Power Authority (NEPA), and the Power Holding Company of Nigeria (PHCN) who then carried ladders about, either to connect or disconnect electricity customers, were usually bribed by some customers who either did not have the money to pay or just did not think they should pay. Such customers would thereafter continue to enjoy power supply without paying a dime. Of course, someone must pay for every such bribe taken.

    That must be one of the reasons why the electricity distribution companies (DisCos) preferred giving estimated bills to customers instead of giving them prepaid meters, apart from the companies’ insatiable appetite to reap where they did not sow. Today, the issue of estimated billing remains contentious despite successive administrations’ resolve to abolish it, even years after the sector was privatised.

    Until now, we have always thought that the main reason we have been having persistent grid collapse is because the equipment are largely obsolete and weak and are therefore too fragile to carry the kind of load that they are now putting on it. Of course this makes sense. As we were taught in ‘O’ Level Economics, continual application of a factor of production to a fixed factor would, after some time begin to yield less than proportionate returns. If you keep adding load to a grid that has not been expanded for decades, the grid would keep rejecting such load at a point. Since this is logical, not many of us avert our minds to the kind of corruption that Olukoyede talked about concerning the grid. And even if we did, we never made it a perpetual point of reference as we do the factor of obsolete and weak equipment.

     Add this to the fact that one national grid is inadequate to serve a country of over 200 million people and you think you have good enough reasons why we could tolerate the 10 grid collapses we have had this year alone. Indeed, the ‘Nigerian wonder’ would be that the collapse is not higher, given this ‘latest’ revelation that poor and substandard equipment have been supplying the oxygen that is keeping the grid alive.

    Only last week on this page, I told Africans and other migrants in the United States who are sad that Donald Trump won the presidential election not to weep for America but they should weep for their own countries. Disclosures such as the ones made by the EFCC boss are enough to make us shed tears, as he said; but we seem immune to shock. Nothing worries us as a people, especially about our own country. Many Nigerians who are out of the country would probably have remained at home if only there is reliable power supply because power is pivotal to everything we do. If we get the power sector right, plants would hum at full capacity. Many artisans would be gainfully engaged; our hospitals would run more efficiently, and so on.

    But, how can we have light in a situation where contractors who supply electrical cables and other equipment for the power sector supply poor and substandard ones? It is these same people who would be telling us sweet tales about how constant power supply is in the United States and other places. Is that the way their counterparts who render the same services to the American power companies behave to their country?

    Unfortunately, we seem not perturbed as a people to insist that things must change in our own country. Most of us are like frogs that are looking for a cool place to live. We are looking for ‘Olorunsogo’ (places made by some other people even if with the help of God) as if the ‘Olorunsogo’ was made great by some benevolent spirits. Even though many of us won’t mind to live in Surulere (here in Lagos), meaning patience has its reward, we are not ready to be patient to give whatever it would take, to take the phrase ‘move the country forward’ from the lips of pretentious politicians and put meaning into it.

    How can Nigerians who did not shed tears when, sometimes in July 2018, the Transmission Company of Nigeria (TCN), told us that it had recovered more than 693 containers of power equipment abandoned at ports due to tariff, now shed tears because of the grid? Six hundred and ninety-three CONTAINERS, with some of them stranded at the ports for about 15 years!

    So, if Olukoyede expects anyone to be moved to tears by what he said, he would have to wait for Godot. As far as many, if not most Nigerians are concerned, they have since moved on, waiting for the next bombshell from heaven or the pit of hell. Nothing shocks us again as a people. And that is why we are where we are today.

    I hate the expression: ‘where we find ourselves’ because we brought ourselves here by our complacency; we didn’t just find ourselves here. This we all know. So, why pretend?

  • Corruption behind unstable electricity supply — Olukoyede

    Corruption behind unstable electricity supply — Olukoyede

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has blamed the country’s inconsistent power supply on corruption within the power sector.

    Olukoyede revealed that the findings from the commission’s investigations would deeply sadden Nigerians if made public.

    During a visit from the House Committee on Anti-Corruption and Financial Crimes in Abuja on Tuesday, Olukoyede expressed concern that contractors awarded projects to supply electrical equipment frequently choose substandard materials.

    He explained that this practice is a key contributor to frequent equipment breakdowns, power outages, and grid collapses.

    Olukoyede said: “As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears. People who were awarded contracts to supply electrical equipment, instead of using what they call 9.0 gauge, would go and buy 5.0.

    “So every time, you see it tripping off, getting burnt, and all of that. It falters, and it collapses. This is part of our problems.”

    Olukoyede also revealed that the commission’s investigations had uncovered that, over the past 20 years, the implementation and execution of capital projects in the country had not surpassed 20 percent.

    He emphasised that under such conditions, the country would be unable to achieve significant infrastructural or other forms of growth.

    Olukoyede said, “We discovered that in the last 15 to 20 years, we have not achieved up to 20% of our capital project implementation and execution. And if we don’t do that, how can we expect infrastructural development? How can we grow as a nation? So our mandate this year is to work with that directorate and with the National Assembly to see if we can reach 50% of capital project execution for the year.

    “If we achieve 50%, we will be fine as a nation. The lack of implementation of the capital budget is one of Nigeria’s major problems. And if we tackle that effectively, we will make progress as a nation. We are doing everything possible to prevent that, with your support.”

    The anti-graft chief stated that the commission had received more than 17,000 petitions and is currently investigating over 20,000 cases.

    He said: “We have several cases filed in court, apart from those with convictions, reaching thousands. In the last year, we have received over 17,000 petitions in the EFCC. And currently, as I am speaking, we are investigating over 20,000 cases.

    “Between last October and now, we have opened over 4,800 new cases. And what is our staff count? We are less than 5,000. Now, with the additional responsibility of over 700 MDAs, 36 states, 774 local governments, and all of that.”

    The Chairman of the committee, Obinna Onwusibe, urged the EFCC to work closely with the judiciary to speed up the trials of suspects and reduce the number of inmates awaiting trial.

    Onwusibe said: “Recently, during oversight visits to the maximum and minimum correctional centres in Kirikiri, Lagos State, numerous suspects have been awaiting trial for over a year, yet we are all familiar with the saying that justice delayed is justice denied.

    Read Also: EFCC chair Olukoyede flays suit seeking to declare commission illegal

    “It is on this note that we call on the EFCC, the Attorney General of the Federation, and the judiciary to collaborate and ensure the administration of criminal justice functions effectively and efficiently to deliver justice to victims and society.”

    He also called on the EFCC to uphold transparency and accountability in its operations, stressing the importance of maintaining public trust.

    “The negative narrative circulating in some quarters that the Agency is often used to settle political scores must be proven incorrect and inappropriate by the EFCC.”

  • EFCC chairman raises the alarm over cybercrime epidemic

    EFCC chairman raises the alarm over cybercrime epidemic

    The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, on Tuesday warned that cybercrime poses grave dangers globally and nationally, urging collective action.

    The EFCC boss made the call at the opening ceremony of the Commission’s National Cybercrime Summit at the State House Conference Centre, Abuja, emphasizing the devastating impact of cybercrime on Nigerian youth, eroding traditional values and promoting get-rich-quick mentality.

    Speaking at the summit with the theme: “Alternatives to cybercrime: Optimising cyber skills for National Development”, Olukoyede noted that global cybercrime losses have been projected to reach $10.5 trillion, ranking it the world’s third-largest economy, with approximately 2,328 daily cases. 

    He said Nigeria has suffered significantly, losing over $500 million to cybercrime in 2022, even as the EFCC recorded 3,455 convictions in the past year, with a substantial portion attributed to cybercrime. 

    He also said the commission recovered significant assets for local and foreign victims.

    Olukoyede addressed concerns about the EFCC’s focus on internet crimes, reaffirming cybercrime’s threat to Nigeria’s reputation, economic well-being and key assets.

    Read Also: Supreme Court reserves judgment in 19 States’ suit challenging constitutionality of EFCC, others.

    The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels.”This time around, we are not only interrogating the problems, we are aggregating workable solutions to it. What alternative do we have for our youth? And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub nationals will also have a role to play. 

    “The enormity of challenges posed to us as individuals and as a country by cyber crimes are grievous as individuals. Youth involvement in these crimes is distorting and corrupting acceptable family values. The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations. 

    “Projections by multiple sources show that the global loss to cyber crimes may reach a staggering $10.5 trillion, as a matter of fact, the research I did earlier this year confirmed that cyber crime has become the third largest GDP in the world, with approximately 2328 cases recorded daily. 

    “The implication of all this is that, if left unchecked, cyber crimes portend grave dangers to the entire world. 

    “Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cyber crimes. These are the realities stalking the Commission’s fight against these crimes. Cyber Crime accounts for a significant percentage of the 3455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC. 

    “A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cyber crimes by the Commission. We are not oblivious of insinuations and misconception in some quarters that the commission is concentrating its operational works on the fight against internet crimes. 

    “While this narrative is not really true, the fact remains that cyber crime threatens the nation’s most significant assets, its reputation and economic well being”, he said.

    More to come…