The Economic and Financial Crimes Commission (EFCC) says it is shifting its anti-corruption strategy towards preventing financial crimes before public funds are stolen, rather than waiting to investigate the losses after they occur, Chairman Ola Olukoyede has said.
Olukoyede disclosed this in Abuja on Wednesday when he received a delegation of the Nigerian Bar Association (NBA), led by its President, Oyinkansola Badejo-Okusanya, SAN, at the EFCC’s corporate headquarters.
According to the EFCC chairman, the new approach is reflected in the establishment of the Fraud Risk Assessment and Control (FRAC) Department, which he said would enable the Commission to identify vulnerabilities and intervene before fraudulent activities result in the loss of funds.
“We are committed to this and this is why a whole Department, Fraud Risk Assessment and Control, FRAC, was established,” Olukoyede said.
He said the Commission’s operations would continue to be guided by the law and public accountability, stressing that one of his commitments to Nigerians was to ensure that EFCC investigations were conducted within the confines of its legal mandate.
“One promise I made to Nigerians is to use the instrumentality of this law to stimulate the economy and pledge to work within the confines of law. We are responsible to the public,” he said.
The EFCC boss also linked the preventive approach to broader efforts to strengthen Nigeria’s position within the international financial system, pointing to the country’s removal from the Financial Action Task Force (FATF) grey list as an important outcome of collaboration among the EFCC and other relevant agencies.
“Most of the works that led to Nigeria’s removal from the list were done by EFCC and in collaboration with all our sister agencies. Nigeria is now on a better footing in the world financial ecosystem,” he said.
The NBA President, while commending the EFCC’s activities, said the Association had monitored the Commission’s record on recoveries and convictions and acknowledged what she described as its impact in tackling economic and financial crimes.
Badejo-Okusanya also said Nigeria’s removal from the FATF grey list had implications for businesses and legal practitioners, including easier and less expensive cross-border transactions and increased confidence in the country’s financial system.
The NBA President pledged greater professional cooperation with the EFCC, particularly through knowledge sharing and legal expertise, while Olukoyede expressed readiness to deepen collaboration with the Association, including efforts aimed at strengthening the legal profession and the rule of law.
