EFCC boss Olukoyede calls for policy review to block revenue leakages

• EFCC Chairman Ola Olukoyede decries the massive scale of corruption in Nigeria, wondering how the country still exists despite huge sums stolen
• Olukoyede identifies public corruption as the biggest cause of corruption in Nigeria, emphasizing the need for transparency and accountability
• The EFCC and RMAFC pledge to strengthen collaboration to tackle corruption, recover lost revenues, and promote good governance in Nigeria

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over the massive scale of corruption in Nigeria, stating that the country's survival is a wonder given the enormity of stolen funds.

Olukoyede made this statement while receiving the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by its Chairman, Mohammed Shehu.

EFCC chairman bemoans the rate at which public money is being embezzled. Image: X/EFCC
Source: Twitter

According to Olukoyede, public corruption is the most significant cause of corruption in Nigeria, and if addressed, the country would fare better than many others globally.

He emphasised the need for transparency and accountability in both the public and private sectors for optimal development.

EFCC exposes corruption tactics

The EFCC chairman lamented that corrupt individuals move unspent budget allocations to private accounts in commercial banks before midnight at the end of a budget cycle, highlighting the need for a preventive framework to tackle corruption.

To achieve this, the EFCC has established a Department of Fraud Risk and Assessment and Control. Olukoyede stressed the importance of reviewing policies to block revenue leakages and ensure effective capital project execution.

He expressed optimism that the commission's prevention mechanisms would stay ahead of corrupt devices, ensuring good governance for Nigerians.

The RMAFC chairman, Mohammed Shehu, commended the longstanding collaboration between the two agencies and sought to explore further areas of collaboration, particularly in recovering unremitted or lost government revenues.

Tragedy as EFCC officer takes his own life in Abuja residence

Legit.ng had earlier reported that an officer of the Economic and Financial Crime Commission took the ultimate step in his residence at the Federal Capital Territory, Abuja.

The officer, whose name and other biodata are purposefully withheld till the authorities find out what prompted him to pass away by his own hand, was a member of Course 5 of the anti-graft agency’s academy.

Source: Legit.ng