The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has identified corruption as the primary driver of insecurity in Nigeria, asserting that issues such as religion and ethnicity merely mask the deeper problem.
Olukoyede made the remarks while presenting a paper titled “Corruption, National Security and Economic Prosperity” at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum (NAFOM-HMF) in Lagos.
Speaking through the EFCC Director of Public Affairs, Commander CE Wilson Uwujaren, Olukoyede emphasised that poor accountability in the management of public and private resources has entrenched corruption across the country.
While acknowledging that religious extremism, ethnic rivalries and agitation for self-determination are often cited as causes of insecurity, he stressed that “the real elephant in the room is corruption.”
According to him, corruption exacerbates insecurity when funds intended for security operations are stolen or when resources meant for poverty reduction are diverted by members of the ruling elite. He specifically criticised the abuse of security votes, describing them as opaque channels for siphoning public funds, citing the prosecution of a former governor over the alleged diversion of more than ₦4 billion in security allocations.
Olukoyede highlighted the EFCC’s role in supporting the fight against terrorism and violent extremism through non-kinetic measures, including tracking illicit financial flows, monitoring designated non-financial institutions and Bureau De Change operators, and preventing money laundering.
He further stated that the Commission monitors local and international non-governmental organisations in the North-East to prevent them from being exploited as fronts for subversive activities. The EFCC also collaborates with anti-corruption agencies in West Africa under the Network of Anti-Corruption Institutions in West Africa (NACIWA).
The EFCC chairman noted that the Commission’s asset recovery efforts have contributed to Nigeria’s economic recovery, with portions of recovered funds channelled into social intervention programmes such as students’ loans and consumer credit schemes.
He added that the Commission has supported economic stability by combating currency racketeering, naira mutilation and illegal foreign exchange trading — measures that, he said, helped ease pressure on the national currency.
Olukoyede also disclosed that, upon assuming office, the EFCC adopted a policy of not shutting down businesses under investigation to preserve jobs and livelihoods amid economic turbulence.
The EFCC’s Head of Media and Publicity, Mr Dele Oyewale, stated on Monday that Dr Goke T. Akinrogun, Chairman of NAFOM-HMF, commended Olukoyede for the lecture, while the Chief Host, Air Commodore Ewejide Akintunde, praised the organisers for sustaining the annual forum.
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