Crime

EFCC Chief Expresses Shock Over Massive Stolen Funds in Nigeria

Published by Tope Fakinlede on July 3rd, 2024.

EFCC Chief Expresses Shock Over Massive Stolen Funds in Nigeria

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, expressed his astonishment on Tuesday at the staggering amounts of money stolen, questioning how Nigeria continues to survive despite these losses.

In a statement released by EFCC Head of Media and Publicity, Dele Oyewale, Olukoyede shared his concerns while hosting the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by its chairman, Mohammed Shehu.

“When I review some case files and see the enormous sums stolen, I wonder how we are still surviving. Some of these files would make you cry. The way unspent budget allocations are transferred to private accounts in commercial banks before the budget cycle ends is bewildering,” said Olukoyede.

He highlighted that public sector corruption is a major issue in Nigeria, arguing that eliminating it would significantly improve the country’s standing compared to many others.

“It is unacceptable for someone in a public office to refuse to account for their actions after years in a position of trust,” he emphasized. Olukoyede stressed the importance of embedding transparency and accountability in both the public and private sectors to foster national development.

He acknowledged the significant challenge posed by corruption but remained optimistic that the preventive measures implemented under his leadership would keep the commission ahead of corrupt practices, ensuring better governance for Nigerians.

“The preventive framework for tackling corruption is promising in terms of results and impact. The EFCC now includes a Department of Fraud Risk Assessment and Control,” he noted.

Olukoyede also pointed out the systemic issues in revenue generation, stating, “Our revenue system allows for leakages in the mobilisation and appropriation of funds. Without addressing these systemic flaws, we will be chasing shadows. By focusing on policy review and blocking these leakages, achieving 50% of capital project execution in Nigeria would make a significant difference.”

RMAFC Chairman Mohammed Shehu praised the ongoing collaboration between RMAFC and EFCC, emphasizing the need for enhanced cooperation to recover unremitted or lost government revenues.

“The collaboration between RMAFC and EFCC is crucial in addressing unremitted revenue challenges. We call for more collaboration, not only in enforcement but also in intelligence gathering and data sharing regarding government revenue from any source,” Shehu stated.

He also urged the EFCC to assist RMAFC in building the capacity of its staff in revenue monitoring.