OLUKOYEDE AND FIGHT AGAINST FINANCIAL CRIMES
OLUKOYEDE AND FIGHT AGAINST FINANCIAL CRIMES
LEWIS CHUKWUMA argues that the EFCC under Olukoyede is not a tool deployed by the government against its opponents
Clearly, President Bola Ahmed Tinubu’s pick, the fifth Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede, whose appointment was subsequently confirmed by the Nigerian Senate on October 18, 2023, knew he wasn’t headed to a tea party as arrowhead of the nation’s lead anti-corruption agency.
His compelling managerial and professional background essentially denied him any illusions as to what the appointment meant, assuming he nursed any. Succinctly stated, the Commission’s mission is “To eradicate economic and financial crimes through prevention, enforcement and coordination.” In appointing Olukoyede, Mr. President of course did not take the decision lightly given the overarching vision he had enunciated for a new Nigerian state.
Towards achieving the Commissions crucial mandate, President Tinubu gave Olukoyede the requisite free hand to do his job, the best way he understands it. The EFCC Czar who hit the ground running has brought an evangelical fervour to the fight against economic and financial crimes. Many may not know that he is, by the way, is a Pastor in a Pentecostal Church.
But then, it was Nuhu Ribadu, first head of EFCC and currently the National Security Adviser (NSA), who gave an inkling into what tackling corruption in Nigeria really meant when he famously said that, “When you Fight Corruption, it Fights Back.” Ribadu was absolutely correct.
Recently, it has been observed with great concern, the malicious attacks and deliberate efforts to blackmail the lead anti-corruption agency, EFCC, through sponsored influencers, incentivised opinion publications in some national dailies, online and electronic platforms, all targeted at discouraging anti-corruption efforts and shielding kleptocrats from thorough investigation. The pattern is clear: there is an unfolding plot of surreptitious moves to backpedal on the progress made by the EFCC, especially under the leadership of Mr. Olanipekun Olukoyede.
It could be recalled that some reports had recently suggested that Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), was allegedly pressured into signing a resignation letter by EFCC and DSS operatives. But the EFCC stated clearly that if there was such a development, it was not part of it. The presidency had also denied the allegations and affirmed that Ojulari, appointed in April 2025 to lead reforms within the organization remains the organization’s substantive head.
The controversy flowed from allegations surrounding a $21 million (N34.65 billion) corruption scandal. Civil society groups, including OilWatch Nigeria and the Workers’ Rights Alliance, have called for Ojulari’s arrest and prosecution.
These groups referenced claims that Abdullahi Bashir Haske, a detained associate, allegedly confessed to holding the funds on Ojulari’s behalf. At a press conference on 31 July at EFCC headquarters, the coalition accused Ojulari of economic sabotage, citing the prolonged shutdown of Nigeria’s refineries and alleged plans to privatise NNPCL assets.
The coalition has launched a three-day protest, beginning 1 August, at the National Assembly, NNPCL headquarters, and EFCC offices, to press their demands. Additional allegations centre on a $21 million kickback scheme involving oil traders and pipeline contractors, reportedly uncovered after Ojulari reassigned fund collection responsibilities. This prompted a whistleblower to alert the EFCC, which subsequently froze the implicated account.
In May 2025, the Socio-Economic Rights and Accountability Project (SERAP) had urged both the EFCC and the Independent Corrupt Practices Commission (ICPC) to investigate claims that N500 billion was not remitted by NNPCL to the Federation Account between October and December 2024.
Of course, if there are established grounds to go after the head of any governmental organization, it is within the mandated purview of the EFCC to act. The current leadership of the Commission under Olukoyede brooks no breaches of its clearly stated mandate, no matter whose ox is gored.
So, it is with great concern that the increasing attacks and deliberate efforts to blackmail the lead anti-corruption agency, EFCC, should be resisted. If mere speculations that the EFCC is after its NNPCL top hierarchy had sparked a ridiculous, groundless fightback, endangering the extensive gains recorded by the EFCC in recent times, this must be appropriately countered and neutralised.
Today, the nation’s refineries are in tatters despite tales of multi-billion dollars TAMs. That should grip the attention of the top hierarchy of NNPCL, and certainly not spending energy funding ridiculous witch hunts.
Further key focus should also rather be directed at the budgetary allocations to the EFCC and other anti-corruption institutions which are inadequate, and certainly not counterproductive attacks. Poor resource allocation will gradually push the EFCC and other kindred agencies towards extinction. By limiting their resources, the government is unwittingly crippling their abilities to function effectively and independently.
To truly establish a flourishing democracy, transparency and accountability must be strictly adhered to in governance. Strengthening institutions that combat corruption is crucial.
Recently, the EFCC Chair painted a picture of the achievements of the EFCC under his watch, denying any charge of impunity. To be fair, there has been relatively less hysteria in Olukoyede’s campaign against corruption as he demonstrably regards the battle as a collective responsibility and wants an all-of society-approach.
It will be recalled that he is the first EFCC Chairman to admit publicly that there is corruption even within the EFCC. In 2024, Olukoyede sacked 27 of his own men for misconduct and fraudulent activities. He also ordered a probe into an alleged fraud of $400,000 linked to a sectional head of the EFCC. But perhaps what is more remarkable about the EFCC these days, is that there have been no serious allegations that the agency is being used for political vendetta.
It is encouraging that the EFCC is making good progress in fighting cybercrimes. Assets are being recovered from yahoo guys and restituted to the victims. These criminals are hurting genuine international transactions.
The biggest traditional criticism of the EFCC is that it is a political tool deployed by the federal government against its opponents. This has certainly died down under the Olukoyede era. Also, Nigerians often complain about the EFCC’s heavy-handedness in its operations, such as storming hostels and hotels in the dead of the night and turning things upside down. The current EFCC boss has effectively changed that narrative.
Olukoyede has also demonstrated an inclination to do things in a civil way, a far departure from the past hostile engagement template. He should upscale his commission’s public sensitisation campaign. And this should not be confused with media relations. This will definitely secure the buy-in of Nigerians.
President Tinubu’s appointment of Mr. Olanipekun Olukoyede as the fifth Executive Chairman of EFCC was confirmed by the Nigerian Senate on October 18, 2023. Mr. President did not take the decision lightly given the overarching vision he had enunciated for a new, corruption-free Nigeria state.
A legal practitioner and Certified Fraud Examiner, (CFE), Olukoyede is a regulatory compliance consultant with specialty in compliance management, corporate intelligence and fraud management. He has considerable insight and experience in the investigation and civil litigation of fraud and financial crimes.
The EFCC Chairman is also a consultant on manpower development who has undertaken several anti-corruption surveys and reviews for a number of law enforcement agencies, government institutions and corporate organizations both locally and internationally. His forte also include anti-corruption research and analysis, corporate and business intelligence.
In the course of his career, the 5th EFCC Executive Chairman has had the privilege to participate in very important national and international committees, including membership of the Fraud Advisory Panel (UK) and the Federal Government Technical Committee on the Repositioning of the Nigerian Financial Intelligence Unit (NFIU).
A prolific scholar, his publications include Anti-corruption and Fraud Systems Study and Review in Organizations; Nigerian Banking and Insurance Law Reports; Corporate Law Review; Contract and Procurement Fraud Analysis, 2007; Fraud Risk Analysis & Management; Corporate Fraud Investigation Management; Employment & Employee’s Fraud and Managing Fraud Investigation.
Against this background, it’s then not surprising that the EFCC boss has emerged a quiet pillar and efficient sheriff as the Commission continues to prove to Nigerians that there is no political vendetta in its game plan.
Chukwuma writes from Abuja
The post OLUKOYEDE AND FIGHT AGAINST FINANCIAL CRIMES appeared first on THISDAYLIVE.
LEWIS CHUKWUMA argues that the EFCC under Olukoyede is not a tool deployed by the government against its opponents Clearly, President Bola Ahmed Tinubu’s pick, the fifth Executive Chairman of the
The post OLUKOYEDE AND FIGHT AGAINST FINANCIAL CRIMES appeared first on THISDAYLIVE.
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