The Economic and Financial Crimes Commission (EFCC) has announced a significant investment drive in digital forensics, capacity building, and public education as part of its strategy to aggressively tackle emerging financial crime challenges, including cybercrime, cryptocurrency fraud, and illicit trade financing, reports ITREALMS.
Represented by Mr. Adeniran Adebayo, Chief Superintendent of the EFCC, Mr. Olukoyede stressed the need for continuous innovation, stating: “We are aware that corruption is adaptive; it evolves with new technologies and economic models.”
The Commission's heavy investment is particularly aimed at empowering young entrepreneurs, who represent the future of Nigeria’s economy, with knowledge to protect themselves. He emphasized that modern challenges like cybercrime, crypto-fraud, and illicit trade financing require continuous innovation in both enforcement and preventive strategies.
Mr. Olukoyede described corruption as an “indisputable fact” that it is not merely a moral or legal issue, but an "economic albatross that undermines productivity, discourages investment, and erodes public trust in institutions.”
He quantified the damage, noting: “Every Naira lost to corruption translates to fewer schools, fewer hospitals, less infrastructure, and ultimately, fewer productive jobs.” He added that globally, investors avoid perceived corruption-filled environments because it distorts competition, increases the cost of doing business, and ultimately causes productivity to decline.
The EFCC boss stated that tackling corruption must extend beyond law enforcement to “creating a fair, transparent, and efficient economic ecosystem where legitimate enterprise can thrive.”
The Chairman outlined the EFCC’s key anti-corruption initiatives, asserting they have significantly enhanced entrepreneurship and positively impacted Nigeria's business climate:
- Operational Restructuring: The EFCC has restructured its operations to focus equally on Prevention, Investigation, and Prosecution.
- Business Compliance: Developing anti-corruption compliance frameworks for businesses.
- Strategic Partnerships: Collaboration with the Presidential Enabling Business Environment Council (PEBEC) and strengthening international partnerships.
- Technology Deployment: Increased use of Technology and Data Analytics in investigations.
- Asset Recovery: Heightened focus on Asset Recovery and Restitution.
Mr. Olukoyede affirmed that the EFCC is not an “enemy of business; rather, it is your partner in progress,” working to ensure that ethical business practices are the foundation of sustainable prosperity.
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However, he cautioned that the EFCC cannot win the battle alone, requiring every sector of society to play a vital role. “Integrity must become a national culture. When businesses refuse to pay bribes, when public servants reject inducements, and when citizens insist on accountability, we can collectively build a Nigeria where productivity thrives and poverty declines,” he concluded.
He summarized the agency’s goal: “At the EFCC, our vision is simple yet powerful: to make corruption unprofitable and integrity rewarding.”
The summit, held at the Nigerian Exchange in Lagos, also featured addresses from Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BoI), and Dr Abidemi Adegboye, Ph.D (Economics), Lecturer at the University of Lagos.
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However, he cautioned that the EFCC cannot win the battle alone, requiring every sector of society to play a vital role. “Integrity must become a national culture. When businesses refuse to pay bribes, when public servants reject inducements, and when citizens insist on accountability, we can collectively build a Nigeria where productivity thrives and poverty declines,” he concluded.
He summarized the agency’s goal: “At the EFCC, our vision is simple yet powerful: to make corruption unprofitable and integrity rewarding.”
The summit, held at the Nigerian Exchange in Lagos, also featured addresses from Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BoI), and Dr Abidemi Adegboye, Ph.D (Economics), Lecturer at the University of Lagos.
Chuks Egbune/DoP
The EFCC’s commitment to combating corruption and cybercrime through digital forensics and public education is commendable. Their efforts to foster transparency and ethical business practices are vital for Nigeria’s growth. Experience the thrill of motorcycle stunts with [Soflo Wheelie Life](https://www.soflo-wheelie-life.io/).
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