EFCC Chairman Sounds Alarm on Corruption, Calls for Collective Action

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has emphasized the need for increased collaboration among all stakeholders in the fight against corruption. This call was made during a familiarization visit by the Old Students Association of Federal Government College Ikom, Abuja Chapter, to the EFCC headquarters on Tuesday, July 23, 2024. The visit and subsequent statements were documented on the Commission’s official X (formerly Twitter) account.

Speaking through Dele Oyewale, the Head of the Media and Publicity Unit and EFCC Spokesperson, Mr. Olukoyede underscored the importance of a multi-stakeholder approach to combat corruption effectively, including enhanced whistleblowing efforts. “The fight against corruption needs collaborative synergy, collaborative whistleblowing, collaborative building, and collaborative integrity. Corruption is happening in our immediate environment. It is in the best interest of all of us to expose it when we see it happening. Collectively, the power of collaborative engagement is crucial in the anti-corruption fight,” he stated.

Highlighting the severe economic impact of corruption, Olukoyede cited alarming statistics from the Centre for the Study of Economies of Africa (CSEA) and the National Bureau of Statistics. “Nigeria is losing $18 billion annually to corruption. The African continent loses $88.6 billion to illicit financial flows. Specifically, we are losing a minimum of $500 million annually to internet fraud. In 2023 alone, N700 million was lost to bribery. These statistics should compel us to be more determined, challenged, and focused on the fight against corruption. The need for collaborative efforts is not an emotional appeal or vain talk; it is essential for taking our destiny into our own hands for the nation’s overall interest.”

Mr. Wilson Uwujaren, Director of Public Affairs at EFCC, remarked on the significance of old student associations in the anti-corruption fight. “Your association is a bridge between the past, present, and future. This enlightenment and sensitization visit will inspire current students at Federal Government College, Ikom, to embrace anti-corruption values in their present and future endeavors. Associations like yours play vital roles in the fight against corruption, particularly given the involvement of the younger generation in cybercrime. As mentors, you are in a prime position to inspire students to become responsible citizens and avoid criminal activities.”

Chief Superintendent of the EFCC (CSE) Abdullahi Mamman from the Advance Fee Fraud Unit delivered a presentation on “Shielding against ATM Fraud: Proactive Strategies and Prevention Measures in the Nigerian Context.” He emphasized the need for comprehensive and proactive approaches, including technological insights, customer education, and regulatory compliance to protect against ATM fraud.

CSE Michael Adukwu of the Capital Market and Insurance Fraud Section discussed “Exposing Investment Fraud Tactics: Safeguarding Personal and Institutional Finance.” He advised vigilance, due diligence, and seeking professional assistance before making investments, warning against following unclear investment paths.

CSE Nwaka Daniel’s presentation on “Navigating the Cybercrime Landscape: Strengthening Defences against Digital Threats” focused on maintaining healthy cyber hygiene. He recommended regularly changing passwords, reading terms and conditions, and avoiding indiscriminate transferring and sharing of content to strengthen defenses against digital threats.

Through these discussions, the EFCC highlighted the critical role of collective effort and informed strategies in combating corruption and financial crimes in Nigeria.