Olukoyede Calls for Enhanced Inter-agency Collaboration against Trans-border Crimes
 
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called for enhanced inter-agency collaboration in the fight against transnational crimes among the member states of West and Central African regions as well as adequate capacity building on the part of the personnel involved in the fight against such crimes.

He made the call on Tuesday, June 24, 2025, at a three-day Regional Basic Training Workshop with the theme, “Strengthening Capacity and Coordination against Transnational Regional Financial Crimes,” organized by Interpol and Japan International Cooperation Agency, JICA.

Commenting on the spate of crimes in the West and Central African regions and how criminal enterprises are funded, the EFCC boss noted that the security challenges in the regions are fueled by money laundering and illicit financial flows and pointed at a critical need for investment in training and capacity development of personnel in the fight against transnational crimes.
 
He stated that the poorly- regulated mining sector and largely cash-based economies of the West and Central African regions, coupled with increasing popularity  of a largely unregulated virtual assets ecosystem have compounded the regions’ vulnerability.

“Equally concerning are the evolving dynamics of organised cybercrime across our regions.  In Nigeria for instance, recent operations by the EFCC have revealed a notable shift, with an increasing number of syndicates involving foreign nationals, particularly from parts of the Southern Asian Continent.  Understanding how these groups work and are able to establish operational cells within our borders and effectively dismantling their global networks of collaborators necessitates a coordinated, multi-agency approach both locally and internationally.

“Doing this requires strengthening inter-agency coordination and enhancing the technical capabilities of law enforcement. There is a compelling need for collaboration by law enforcement organizations through intelligence sharing, joint tactical operations and training of the kind that we are having today to build capacity to deal with emerging typologies of cyber-criminality including cryptocurrency fraud and sextortion,” he said.

The EFCC Chairman added that through collaboration and coordination, law enforcement agencies can harness collective strength and resources in overcoming new challenges of criminality in the regions.

“As the president of NACIWA, my vision is to ensure sustenance of robust partnership by all the anti-corruption agencies in West Africa through training, joint operations and information sharing to make the region unsafe for money laundering and illicit financial flows. The EFCC believes strongly in capacity development and collaboration. The Commission maintains robust relationships with international and local law enforcement organizations,” he said.
The Chief Representative of JICA,  Susumu Yuzurio stated that JICA was implementing economic and social development projects in cooperation with partner countries around the world in areas of human security and contributing to achieve Sustainable Development Goals, SDGs.

“We are implementing economic and social development projects in cooperation with partner countries around the world, based on our guiding principle of human security. We aim at contributing to achieving the Sustainable Development Goals (SDGs), the international common goals to realize a world where no one is left behind,” he said.

Yuzurio noted that transnational financial crimes, especially money laundering remained a critical financial flow which posed serious risks to national and regional security, adding that the three day training workshop serves as an avenue to strengthen collective capacity to detect, prevent and disrupt financial crimes through regional cooperation, policy development and practical skills

Olukoyede Felicitates with Muslims at Salah

…… Calls for Keener Focus on Corruption-free Nigeria

The Executive Chairman, Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has called on muslims across the country to emulate the golden virtues of love, care, sacrifices, truth and integrity of Allah in all things, as they celebrate Eid al Adha.

He made the call in Abuja on Thursday, June 5, 2025 while felicitating with muslims on Salah celebrations.

He also called for keener and deeper commitment to the fight against corruption, stressing that Nigeria stands to gain immensely from a common resolve to tackle the monster.

“ As we celebrate Eid al Adha, let’s keep our focus keener on tackling corrupt practices in our land. We have all it takes to confront and conquer financial and economic crimes. Nigeria is awaiting our collective efforts to make her the greatest nation on earth”, he said.

The EFCC’s boss specifically enjoined muslims to use the occasion of Salah celebrations to reflect more on sound initiatives to move the nation forward, maintaining that “ as long as we keep thinking and considering effective initiatives to move our nation forward, progress is inevitable. Tackling corruption is an all-time imperative. We must not shy away from it”.

He expressed appreciation to President Bola Ahmed Tinubu for leading the way, walking the talk and offering the right environment for the anti-corruption fight. “ We owe the President this obligation of appreciating him for this. Without a political will, we cannot tackle corruption effectively”, he said.

PRESS RELEASE

Former EFCC chairman Abdulrasheed Bawa unveils explosive book on Nigeria’s fuel subsidy fraud

Abdulrasheed Bawa, the former chairman of the Economic and Financial Crimes Commission (EFCC), has released a groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria's Petroleum Subsidy Fraud’.

This powerful exposé provides the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, unraveling the inner workings of one of the country’s most pervasive financial crimes.

Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, Bawa reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments. His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.

In the book, published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa details multiple fraudulent strategies including:

Ghost importing and over-invoicing: Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.

Manipulation of bills of lading: By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies.

Round-tripping and double claims: Single shipments were often used to obtain multiple subsidy payments.

Diversion and smuggling: Subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.

These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.

“The Shadow of Loot & Losses is not just a chronicle of fraud,” says Bawa. “It is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”

Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.

The Shadow of Loot & Losses is essential reading for policymakers, civil society advocates, journalists, and citizens interested in understanding how systemic fraud undermines development and how it can be confronted.

The book is distributed nationwide by RovingHeights Bookstore.

SIGNED
Vic Akinrogunde
CableBooks, an imprint of Cable Media & Publishing Ltd.

JUST IN: Reps Propose ₦5M Fine or 7-Year Jail Term for Bribe Takers — “No More Business as Usual”


In a bold legislative move, the Nigerian House of Representatives is considering a bill that would slam anyone caught collecting bribes with a seven-year jail term or a ₦5 million fine. The proposed law, if passed, would mark one of the most aggressive anti-corruption penalties ever tabled in the country’s National Assembly.

What the Bill Proposes:
• A 7-year prison sentence OR
• A ₦5,000,000 fine (or both in some cases)
…for individuals convicted of soliciting or receiving bribes in any form—cash, gifts, or favors.


The proposal comes amid increasing frustration among Nigerians over the normalization of bribery across all sectors—from police checkpoints and hospitals to courts and public offices.

Many see corruption not as the exception but the rule, with even basic services often requiring “something for the boys.”

According to lawmakers backing the bill, the aim is not just punishment but deterrence.

“We want to send a strong message,” one lawmaker said during plenary. “Bribery is no longer business as usual.”


Reactions online have been swift and divided.

While many citizens welcomed the bill, saying it’s long overdue, others questioned its feasibility in a system where bribery is deeply rooted—and often protected by those in power.

“Nice law, but who go arrest the people collecting the bribe when the arresting officer sef dey collect him own?” a user tweeted.

Others argued that the bill should also aggressively go after those offering bribes—not just those receiving them.

Real Change or Political Posturing?
Analysts are skeptical about the practical enforcement of the bill, noting that similar anti-corruption laws exist but are rarely applied to the powerful. Without a strong and independent judiciary, many fear this new law could end up as another “paper tiger.”

Still, the symbolic weight of the bill sends a message: the National Assembly wants to be seen doing something about Nigeria’s corruption crisis.

⸻According to TrendingEx


#EndCorruption #BribeBill #NigeriaReps #AntiBriberyLaw #NaijaPolitics #7YearsForBribe

From Luxury to Affordable: FG to Sell Emefiele’s Properties to Ordinary Nigerians

The Federal Government has announced plans to sell properties seized from former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to low and middle-income Nigerians.

The move is part of a broader initiative to redistribute assets recovered through anti-corruption efforts, with a focus on addressing housing shortages and providing affordable real estate options for ordinary citizens. Government officials stated that the properties—mostly located in high-value urban areas—will be sold through a transparent, subsidized process aimed at empowering everyday Nigerians.

This development follows Emefiele’s ongoing prosecution over alleged financial misconduct during his tenure at the apex bank. The government emphasized that the proceeds from the sales will be reinvested into public infrastructure and social welfare projects.

The plan has drawn mixed reactions—while some have praised it as a bold step toward economic justice, others are calling for clarity on who qualifies and how the allocation will be managed.

#Emefiele #CBN #FederalGovernment #AffordableHousing #NigeriaRealEstate

Corrupt Individuals Must Not Benefit from the Proceeds of Their Crimes — Olukoyede

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has emphasized that the Commission’s ongoing efforts to trace and seize illicit assets are aimed at holding corrupt individuals accountable and ensuring restitution for victims of corruption.

Olukoyede made this statement on Tuesday, May 27, 2025, during a summit organized by the Ministry of Justice on asset recovery. The event, held at Continental Hotel Abuja, carried the theme: “Synergizing Towards an Effective Asset Recovery and Management and Unveiling of National Central Database of Forfeited Assets and Proceeds of Crime (POCA) Regulations 2024.”

“At the EFCC, our approach to asset tracing, recovery, and management is guided by the principle that those who accumulate wealth through corrupt means must be held responsible, and that victims deserve justice through the restitution of stolen assets. In a legal environment where corruption cases are often delayed, the recovery and seizure of illicit wealth serve as a powerful deterrent. Using both conviction and non-conviction strategies, the Commission recovers assets worth billions of Naira annually,” Olukoyede said.

He commended the summit for generating innovative ideas on asset recovery and management. He also highlighted the significance of the newly established National Central Database for forfeited assets and proceeds of crime, describing it as a vital tool that centralizes information from all anti-corruption agencies in Nigeria.

“Especially notable is the unveiling of two critical tools that reflect the Attorney General of the Federation’s understanding of the gaps in Nigeria’s asset recovery efforts: the National Central Database of Recovered Assets and the Proceeds of Crime (Standardized Assets Forfeiture Management System) Regulations, 2024. These initiatives are set to improve the integrity of data on recovered assets and represent a bold step toward digitizing an otherwise fragmented asset management system,” he added.

Olukoyede, represented by the EFCC’s Director of Proceeds of Crime Management, G.K. Latona, acknowledged ongoing challenges in asset recovery, tracing, and management despite improved legal and institutional frameworks, including the recent enactment of the Proceeds of Crime (Recovery and Management) Act, 2025.

“There remain challenges with asset valuation and preservation. The disposal process often faces criticism despite clear legal guidelines. It is crucial for agencies to collaborate, share experiences, and address obstacles encountered in implementing the Proceeds of Crime Act,” he explained.

He stressed the importance of synergy in asset tracking and recovery, particularly in a context where Nigeria’s incomplete national identity system complicates tracking stolen assets. “Recovery efforts depend heavily on cooperation among regulatory bodies, law enforcement, financial institutions, and even members of the public. These partnerships are essential to overcoming the complex legal and political barriers that hinder the repatriation of stolen wealth, especially from foreign jurisdictions,” Olukoyede concluded.

#Corruption #AssetRecovery #EFCC #Nigeria

EFCC and ICPC Recover Billions in Looted Funds, Says Attorney General

In a significant boost to Nigeria’s anti-corruption efforts, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) have recovered a staggering $967.5 billion and ₦277 billion in looted public funds. The announcement, made by the Attorney General of the Federation and Minister of Justice, Lateef Olasunkami Fagbemi, SAN, highlights the scope of financial recovery efforts over recent years.

According to Fagbemi, between 2017 and 2024 alone, $659 million and £6.4 million of recovered assets were channeled into critical national programs. These include Nigeria’s Conditional Cash Transfer scheme, aimed at supporting vulnerable households, and the funding of key infrastructure projects across the country.

The Attorney General emphasized the importance of transparency and accountability in utilizing recovered assets, noting that these funds are being reinvested to promote economic growth and improve public welfare.

The announcement reflects the Nigerian government’s ongoing resolve to combat corruption and ensure that stolen public wealth is returned and used to benefit citizens. It also renews calls from civil society for sustained oversight and stronger institutional reforms to prevent future misappropriation.