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EFCC Chairman Turned Down Gifts Worth ₦500 Million During Mother’s Funeral

Published by Tope Fakinlede on February 28th, 2025.

EFCC Chairman Turned Down Gifts Worth ₦500 Million During Mother’s Funeral

The Chairman of the Economic and Financial Crimes Commission (EFCC) has revealed that he once rejected gifts worth ₦500 million during his mother’s funeral. He shared the story of how, throughout his tenure as the Secretary of the EFCC, he consistently adhered to strict ethical standards, especially in matters that could lead to conflicts of interest.

He recalled instances where both his brother-in-law, an international auctioneer, and his elder brother sought to participate in a government auction of forfeited assets. Despite the familial connections, Olukoyede stood firm on the rules, rejecting their requests.

“We had agreed to form a committee for asset forfeiture. This committee, which I chaired, was made up of six directors and several staff members. We called for applications from auctioneers and received submissions from 11 firms. My brother-in-law, being an international auctioneer, submitted an application. When it came across my desk, I immediately shredded it. My personal assistant, who knew him, contacted him to let him know what had happened. He didn’t speak to me for six months,” Olukoyede explained.

He also recounted a conversation with his elder brother, who requested to participate in the auction for a truck for his business. “I told him to review the published guidelines, which clearly stated that no EFCC staff or immediate family members were allowed to participate due to conflict-of-interest concerns. He suggested using another name, but I refused. I made it clear that I had no interest in such arrangements.”

Several months later, an investigative panel was set up to probe the activities of the EFCC, leading to Olukoyede and his chairman being suspended. The investigation focused on various operations, including the auction held in Port Harcourt. “Had my brother-in-law’s name appeared among the auctioneers, the consequences could have been severe, and I might have ended up in prison,” Olukoyede said.