His performance underlines his sense of duty and grasp of the demands of his role. From all indications, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, 56, came to office clearly understanding that it is counterproductive for the country to have an anti-corruption agency that lacks credibility.
Dramatically, the commission started the year with an announcement of housecleaning. “In its quest to enforce integrity and rid its fold of fraudulent elements,” it announced that 27 officers were dismissed from its workforce in 2024.
A group, Journalists Against Corruption, noted that it was “the first time” the commission had sacked 27 members of staff “in one fell swoop for fraudulent activities and misconduct” since it was established in 2002.
When President Bola Tinubu appointed Olukoyede as EFCC helmsman in October 2023, for a renewable term of four years, the administration described his role as an “important national assignment” towards “a newly invigorated war on corruption.”
A lawyer, before his appointment as the commission’s boss he had more than two decades of experience as a regulatory compliance consultant and specialist in fraud management and corporate intelligence. He also had extensive experience in the operations of the EFCC, having previously served as Chief of Staff to the Executive Chairman (2016-2018) and Secretary to the Commission (2018-2023). This background promised improved agency performance under him.
The EFCC’s mid-term report covering the two-year period from October 2023 to September 2025 under Olukoyede’s leadership is a testimony to his drive. The report released in October highlighted recoveries, convictions, economic impact, investment of recovered funds, high-profile prosecutions, and institutional reforms.
The commission recovered over ₦566.3 billion, $411.5 million, £71,306, and €182,877. It secured the final forfeiture of 1,502 real estate assets, including a large estate of 753 duplexes in Abuja and Nok University, which has since been converted to a federal university.
Also, the commission secured 7,503 convictions and filed 10,525 cases in court from over 19,000 petitions received and 29,000 cases investigated.
Its crackdown on currency racketeering, Naira abuse, and cryptocurrency fraud was a significant factor in reducing pressure on the national currency and supporting the stabilisation efforts of the Central Bank of Nigeria (CBN).
Additionally, ₦100 billion from the recovered funds was invested into the Federal Government’s Students Loan Scheme and Consumer Credit Scheme.
Public interest in the commission’s high-profile prosecutions grew as it revived and prosecuted several long-standing cases involving prominent Nigerians, including former governors Willie Obiano, Abdulfatah Ahmed, Darius Ishaku, Theodore Orji, Yahaya Bello, and former CBN Governor Godwin Emefiele.
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According to an investigative report published in October 2023, Olukoyede inherited “no fewer than 25 high-profile corruption cases involving former governors, ministers and senators.” The cases were said to involve “not less than N772.2bn and another $2.2bn, alleged to have gone missing through money laundering, fund diversion and misappropriation.”
The commission faced serious questions concerning its internal system, making internal cleansing inevitable. There was a need to provide answers to the questions. Internal reforms under Olukoyede included the dismissal of 55 staff for misconduct and the creation of new directorates for Fraud Risk Assessment and Control, Digital Transformation and Innovation, and International Asset Tracing and Recovery.
Apart from deepening ties with international bodies like the FBI, UK NCA, and INTERPOL, which aided in recovering assets abroad, the commission launched EFCC Radio 97.3 FM to raise public awareness about financial crimes and integrity.
This report is not only useful in assessing the EFCC’s performance in the Olukoyede era but also gives insight into the personal dynamism he has stamped on the commission.
There is no question that the commission had an image problem. Indeed, Olukoyede had observed that “Public opinions about the conduct of some of our investigators are adverse.” He warned the workforce: “The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue.” He added that the commission’s image was “too important” to be put on the line by any corrupt officer.
President Tinubu, in a congratulatory message on his birthday, October 14, said Olukoyede has demonstrated professionalism and courage in the discharge of his duties, reinforcing the EFCC’s mission to rid the nation of economic and financial crimes.
The President also acknowledged his commitment to the fight against corruption, transparency in governance, and institutional reforms within Nigeria’s anti-graft framework.
One of the greatest challenges to the commission’s independence and effectiveness is possible political meddling in its operations. There are allegations and reports suggesting that political interference often compromises the EFCC’s ability to operate without bias.
However, Olukoyede has publicly denied allegations of political targeting by the powers that be, asserting that the commission is operating without bias. He maintains that the agency is committed to upholding the rule of law and that statistics on prosecution include members of both the ruling party and the opposition.
Importantly, the mid-term report provided a context for further institutional reinvigoration. Olukoyede reasserted the EFCC’s commitment to transparency, maintaining that all its actions are aligned with the Tinubu administration’s “Renewed Hope Agenda.”
Under his leadership, the commission exhibits a renewed sense of responsibility that is self-reforming, even self-reinventing. He sets an exemplary standard for public service and institutional governance for social progress.
