Olukoyede Showcases EFCC Reforms, Urges Nigerians Abroad To Join Fight Against Illicit Funds

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed Nigeria’s determination to confront corruption head-on, while calling on Nigerians in the diaspora to become active partners in blocking the flow of illicit funds abroad.

Speaking at the Canada-Nigeria Legal Exchange Forum, organized by the Canadian Association of Nigerian Lawyers (CANL) at the Intercontinental Toronto Centre on Monday, November 3, 2025, Olukoyede outlined major reforms within the EFCC and the ongoing challenges in the global fight against corruption.

“Justice delayed is justice denied,” he declared. “Some trials drag on for years, while certain countries hesitate to return stolen assets. Even worse, some professionals assist corrupt individuals in concealing their wealth abroad.”

According to Olukoyede, these setbacks continue to erode Nigeria’s development and credibility. To address them, he has introduced sweeping institutional reforms aimed at strengthening transparency, accountability, and professionalism within the EFCC.

Among the key changes are the Gift Policy, Exhibit Room Security Policy, and Sting Operations Policy — designed to close loopholes that once allowed internal misconduct. The Commission has also upgraded its Zonal Commands in Lagos, Ekiti, Katsina, and Anambra States to full Zonal Directorates, expanding reach and improving career progression for staff.

In a symbolic gesture of leadership by example, Olukoyede declared his personal assets and directed all EFCC personnel to do the same. The Department of Internal Affairs was also restructured and renamed the Department of Ethics and Integrity, underscoring a zero-tolerance stance on corruption within the agency itself.

To tackle emerging forms of financial crime, new specialized units have been established — including the Department of Fraud Risk Assessment and Control (FRAC), Digital Transformation and Innovation Unit, International Asset Tracing and Recovery Unit, and the Visa and Migration Fraud Section, alongside task forces focused on currency abuse and other financial malpractices.

The results, Olukoyede noted, have been remarkable. Over the past two years, the EFCC has secured 7,503 convictions, recovered ?566 billion and $411 million, and seized 1,502 properties, among them 753 duplexes in Lokogoma, Abuja, and the Nok University campus in Kaduna State, now repurposed as the Federal University of Applied Sciences. Process reforms — including the overhaul of the bail system — have further improved the EFCC’s efficiency and respect for suspects’ rights.

Olukoyede also underscored the vital role of the Nigerian diaspora, particularly legal professionals in Canada, in combating money laundering. He urged them to remain alert to suspicious financial activities and collaborate with law enforcement agencies.

“With the growing migration of Nigerians to Canada, there’s an increased risk of illicit wealth finding its way here. Your vigilance and cooperation are essential to stop this,” he cautioned.

On the global front, Olukoyede highlighted new partnerships with international law enforcement bodies, including the Royal Canadian Mounted Police, Spanish Police, German Police, and Korean Police. These collaborations, he said, are helping to recover stolen assets and restore Nigeria’s standing in international anti-corruption efforts.

Recovered funds have been redirected into key social initiatives — including the Student Loan Scheme, Consumer Credit Scheme, and key agencies such as NDDC, AMCON, FIRS, and the National Health Insurance Authority (NHIA) — ensuring tangible benefits for citizens.

Olukoyede concluded by emphasizing that sustaining progress requires unity of purpose — both at home and abroad.

“The fight against corruption is a collective mission. By reinforcing our institutions and enlisting the vigilance of Nigerians everywhere, we can protect our national wealth and strengthen Nigeria’s global reputation. Together, we can build a nation that commands respect,” he said.