EFCC Chairman Olukoyede Laments Over Staggering Amounts of Stolen Money in Nigeria

 

Economic and Financial Crimes Commission Chairman, Ola Olukoyede

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, expressed deep concern over the staggering amounts of money stolen in Nigeria. On Tuesday, during a meeting with the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by its chairman Mohammed Shehu, Olukoyede shared his shock at the scale of corruption in the country.

Startling Revelations

Olukoyede revealed his astonishment at the massive sums involved in corruption cases, stating, "When I look at some case files and see the humongous amount of money stolen, I wonder how we are still surviving. If you see some case files, you will weep. The way they move unspent budget allocation to private accounts in commercial banks before midnight at the end of a budget cycle, you will wonder what kind of spirit drives us as Nigerians."

The Impact of Public Corruption

Highlighting the severity of the issue, Olukoyede emphasized that public corruption is the most significant contributor to the country's corruption problems. He noted, "A situation where somebody would hold a public office or position of trust for years and you call him to account and he says, no, he would not account, is not acceptable." He stressed the need for transparency and accountability in both public and private sectors to foster the country's development.

EFCC's Preventive Measures

Olukoyede expressed optimism about the EFCC's new preventive measures designed to combat corruption. He mentioned the establishment of the Department of Fraud Risk and Assessment and Control, aiming to stay ahead of corrupt practices. "The preventive framework for tackling corruption offers more prospects for results and impact," he stated.

He also highlighted the importance of addressing systemic issues in revenue generation, "If we don’t look at the system, we will continue to chase shadows. In this direction, we are not just going to investigate and recover; what we have decided to do in the EFCC is policy review. If we can block some of these leakages and have 50 per cent of capital project execution in Nigeria, the country would be fine."

Strengthening Collaboration

RMAFC Chairman Mohammed Shehu praised the longstanding collaboration between RMAFC and EFCC. He emphasized the need for increased cooperation to address unremitted or lost government revenues. "It is important to bring to the fore that the collaboration between RMAFC and EFCC is crucial in addressing the challenges of unremitted revenue to the Federation Account. On this note, we are calling on EFCC for more collaboration, not only in the area of enforcement but also intelligence gathering and data sharing as regards government revenue from any source," Shehu stated.

Shehu also called for the EFCC's assistance in capacity building for RMAFC staff on revenue monitoring.