The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede, has called on members of the public to embrace greater accountability in the fight against corruption to ensure the speedy restoration of order and stability in Nigeria.
He appealed on Friday, December 19, 2025, while presenting a paper on Corruption, National Security and Economic Prosperity at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum in Lagos.
The EFCC boss,s who spoke through the EFCC’s Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren, observed that poor accountability in respect of management of resources in the public and private sectors is thickening the web of corruption across the country.
While noting that factors including religious extremism, ethnic rivalries and agitation for self-determination arising from real or perceived notions of marginalisation are frequently cited as reasons for widespread insecurity in parts of the country, he said “the real elephant in the room is corruption”.
Corruption, he said, promotes insecurity when resources meant for the security of the state are stolen or when resources that should have been invested to lift the vast majority of the poor out of poverty are diverted into the pockets of members of the ruling elite.
He criticised the abuse of security votes, describing them as an unaccountable channel for siphoning public funds, citing the example of a former governor who is being prosecuted for allegedly stealing over N4 billion security vote.
The EFCC Chairman said the Commission supports the fight against terrorism and violent extremism by using non-kinetic tools to prevent the flow of illicit resources to criminal actors in conflict regions and monitors the activities of designated non-financial institutions and Bureau De Change operators to prevent them from being used as conduits for money laundering and illicit financial flows.
Other interventions include monitoring the activities of International and local Non-Governmental Organisations in the Northeast to prevent themfrom being used as covers for subversive activities and coordination with anti-corruption agencies in West Africa under the auspices of the Network of Anti-Corruption Institutions in West Africa, NACIWA, to strengthen anti-money laundering frameworks and enforcement in the region.
He also pointed out that the Commission’s assets recovery efforts, which led to the recovery of various humongous sums and properties has helped the nation’s economic recovery process, while investment of part of the recovered funds in social investment programmes like the students’ loan scheme and the consumer credit scheme has the potential of lifting many out of poverty.
“Other deliberate interventions by the Commission to stimulate the economy include measures to support the Central Bank of Nigeria’s monetary policy through fighting currency racketeering and mutilation,n as well as the dollarisation of the economy. The enforcement action targeted at illegal forex dealers in major cities across the country helped to ease the pressure on the value of the naira and, by extension, ensured the prevailing stability.
“In addition, the Commission took a deliberate decision on the assumption of office of the Executive Chairman, Ola Olukoyede, not to shut down going concerns that are subject to investigation to preserve jobs and livelihood. While the impact of this decision is difficult to measure, it has made a difference in the lives of hundreds of households over the last two years of unprecedented economic turbulence.
“The Commission equally promotes efficiency in resource utilisation by tracking budget releases and utilisation in strategic ministries, departments and agencies through our Department of Fraud Risk Assessment and Control. Blocking avenues for the diversion of funds means more resources are available to the economy, which helps in building infrastructure to support both the real and informal sectors,” he said.
In his remarks, Dr Goke T. Akinrogun, Chairman of NAFOM-HMF, Ikeja, commended the EFCC Chairman for the insightful lecture. The Chief Host, Air Commodore Ewejide Akintunde, praised the organisers for sustaining meaningful discussions over the past six years.
