ABUJA: The Economic and Financial Crimes Commission (EFCC) under the leadership of Chairman Ola Olukoyede has marked a successful year of intensified efforts against corruption in Nigeria. Appointed by President Bola Tinubu, Olukoyede’s tenure has seen a significant reduction in corrupt practices across the nation, bolstered by a series of high-profile investigations and prosecutions.
According to News Agency of Nigeria, the EFCC has made notable strides in combating corruption, including the recovery of assets and substantial financial gains. Among the achievements is the record-breaking recovery of a 150,500-square-meter estate in Abuja, as well as over N248 billion in various currencies. The commission, in its fight against graft, secured 3,455 convictions over the past year, showcasing its commitment to addressing corruption at all levels.
The EFCC’s efforts have been recognized both domestically and internationally, with increased confidence from foreign investors and hope within the local business community. The commission has recovered funds and properties amounting to millions of dollars and other currencies, illustrating its effectiveness in asset recovery and repatriation. Notably, the EFCC handed over assets recovered from fraudsters to the Royal Canadian Mounted Police, further highlighting its international cooperation.
The anti-corruption efforts have also led to the suspension of high-profile officials, including a serving Minister of Humanitarian Affairs, pending investigations. Several former governors and ministers are under prosecution for alleged fraudulent activities, underlining the EFCC’s impartiality in pursuing justice across various sectors of the government.
A new department, Fraud Risk Assessment and Control (FRAC), has been established to prevent corruption by identifying vulnerabilities within government operations. This proactive approach aims to address corruption at its roots, ensuring transparency in government contracts and procurement processes.
Despite facing resistance, including legal challenges aimed at dismantling the commission, the EFCC has maintained strong public support. This backing reflects the Nigerian populace’s rejection of corruption and their desire for transparent governance.
While the commission has achieved significant success, experts suggest further improvements in prosecution rates and addressing internal allegations of selective justice. Enhancing whistleblower protection and public engagement are also recommended to bolster the commission’s efforts.
Overall, the EFCC’s renewed focus and strategy have positioned it as a formidable force against corruption in Nigeria, with promising prospects for a more transparent future.