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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has announced that the Commission is “re-strategizing” to tackle financial corruption and curb the illicit flow of dollars out of Nigeria.
Olukoyede made this statement on Monday during the opening of the 1st International Criminal Police Organization (INTERPOL)/Japan International Cooperation Agency (JICA) Workshop at the EFCC Academy in Karu, Abuja. The announcement comes in response to INTERPOL’s concerns about the illegal transfer of dollars from Nigeria to other countries.
INTERPOL’s Concerns on Dollar Laundering
In his address, INTERPOL Vice President for Africa, Garba Umar, emphasized the severe impact of money laundering on Nigeria’s financial system. “Evidence indicates that hundreds of thousands of dollars leave Nigeria every hour, laundered before they benefit the criminals. This not only damages our financial institutions but also increases crime rates, drug trafficking, fraud, corruption, and violence,” Umar stated, as reported by Channels Television.
He urged stakeholders to revisit the challenges of combating transnational crimes and to reassess the strategies of law enforcement agencies. Umar called for a united approach to enhance security and address these issues effectively. “Collaboration is key. We must work together, identify common problems, and develop coordinated solutions,” he added.
EFCC’s New Approach
Represented by Francis Usani, Director of Fraud Risk Assessment and Control at EFCC, Olukoyede acknowledged the complexities of fighting corruption both locally and globally. He highlighted the Commission’s commitment to improving its operations, focusing on prevention as a more cost-effective strategy than investigation and prosecution.
“Our record of convictions and recoveries is notable, but we are committed to further advancements. We are re-strategizing to prevent corruption proactively, recognizing that prevention is more efficient and economical than addressing it post-factum,” Usani remarked.
Workshop Details
The EFCC, a leading anti-graft agency in Nigeria, was selected to host the workshop in recognition of its collaboration with international law enforcement agencies. The event, jointly organized by INTERPOL’s Financial Crime and Anti-Corruption Centre (IFACC) and JICA, aims to bolster the capabilities of Nigerian law enforcement in combating financial crimes.
The workshop brought together participants from both international and local agencies, including the Nigeria Police Force, EFCC, and the Nigeria Financial Intelligence Unit (NFIU), highlighting the importance of global and local cooperation in the fight against financial corruption.
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