We will no longer wait for money to be stolen – EFCC boss

From Sola Ojo, Abuja

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has announced that the EFCC will shift from recovering stolen public funds to preventing corruption.

Speaking during a courtesy visit by the Human and Environmental Development Agenda (HEDA), led by Chairman Olanrewaju Suraju, in Abuja on Thursday, May 1, Olukoyede outlined a proactive strategy focused on closing loopholes before funds are misappropriated.

“We are committed to preventing corruption and fraud from occurring in the first place. Instead of waiting for money to be stolen, we are focusing on creating systems that close the loopholes and reduce the chances of embezzlement,” Olukoyede said.

He emphasised monitoring the 2025 budget implementation by Ministries, Departments, and Agencies (MDAs) to ensure proper use of allocations. “If we can achieve just 50 percent of our capital budget implementation, Nigeria will see significant infrastructure improvements,” he added.

Central to this approach is the Fraud Risk Assessment and Control (FRAC) department. “Preventing corruption is always better than recovering stolen funds. This year, you will see a greater focus on preventing corruption, which means there will be less money to recover,” Olukoyede noted.

He highlighted 2024 as the EFCC’s most successful year, with record convictions and recoveries in its 22-year history.

Olukoyede also addressed environmental crimes tied to corruption in the extractive industry, pledging continued collaboration with the Ministry of Solid Minerals and the Nigerian Extractive Industries Transparency Initiative (NEITI) to tackle illegal mining and environmental degradation.

HEDA’s Suraju commended Olukoyede’s leadership, stating, “We are committed to supporting the EFCC in every way we can.”